An artwork may draw viewers in with its beauty, evoke a certain emotion or prompt them to question aspects of society. But once an artwork enters the market, the question usually shifts from what it means to what it is worth.
The answer is rarely as simple as the cost of the canvas, paint or other materials used to make it. The value of an artwork can be shaped by several factors, including the artist’s reputation, exhibition history, gallery representation, demand, material and the time taken to create it. At the same time, collectors and artists point out that monetary value is not the only way to judge an artwork.
Artist Murari Jha notes that pricing begins with the artist but is often discussed with the gallery. The cost of materials, the time spent on a project and the nature of the medium can all influence the initial price. For a sculptor, for instance, expensive materials can have a significant impact on the final cost.
However, the price is also linked to an artist’s growing reputation. Jha explains that once an artist begins working with a gallery, the gallery’s reputation can also become connected to that artist’s work. This can influence how the work is priced in the market.
He also stressed the importance of maintaining consistency in prices. If a similar artwork is sold to different buyers at very different prices, it can affect the trust between the artist and collectors. ‘Value’ in the art market, therefore, is also connected to the reputation an artist builds over time.
Price reasons
According to Sarah Malik, curator at Gallery XXL, pricing an artwork involves looking at several points. An artist’s previous prices, exhibition history, residencies, participation in art fairs and festivals, and the length of their practice can all influence the price. The material and the time required to make a work also matter. “It (pricing) also depends on the medium. For instance, watercolours are highly influenced by weather conditions. During winter, the drying time slows down the production process,” she says.
Seniority also matters. An artist who has been working for 20 or 30 years and has built a strong exhibition history will generally occupy a different price range from an emerging artist.
Market demand can further push prices upwards. Malik notes that exclusive works can command higher prices when more people are willing to buy them. Reproducible works such as prints and photographs can also follow a different pricing model from unique paintings. Editions may begin at a lower price and increase as the available number of works becomes limited.
Relationship with the collector
According to art curator and collector Uma Nair, the value of an artwork can also change with time. She pointed to artists such as Paresh Maity, whose work has seen a major rise in value over the years.
A high commanding price does not also necessarily mean that an artwork is better. Nair believes that the answer lies partly in the quality of the work and the relationship a collector develops with it. In 1996, Nair had bought a small painting of Anjolie Ela Menon for ₹36,000 after negotiating a payment plan. The painting remains with Nair to this day, and she considers it immensely valuable. “You look at a work of art and you consider it worthy,” Nair says, adding that people collect art because they love it, while some may also see it as an investment.
Collector Prachi Popat said she does not believe collecting art has to be driven by investment, returns or gallery representation. She looks for works with unusual stories. One recent acquisition was by artist Kamlakar Gavankar from Panvel, who worked as a security guard for most of his life before being encouraged to make art while working at a gallery. Popat says the story behind the artist and the unexpected journey towards art makes the work meaningful and worth collecting.
The accessibility factor
The question of affordability is also being considered by galleries. Malik says galleries have an important role in making art accessible, especially in a sector that has traditionally been seen as exclusive and associated with luxury.
At Gallery XXL, for instance, a recent show ‘Paper and Play’ offered works ranging from ₹100 to ₹2 lakh. Malik points that the idea was to reach people who may appreciate art but have never considered themselves art buyers. Art enthusiasts do not necessarily have to be wealthy collectors, she explained. People may simply want to surround themselves with works they love, and lower price points can allow a wider audience to participate in the art world.
Founder and director of the Gurugram-based gallery, Art Incept, Gayatri Singh also believes that pricing emerging artists requires a balance between the present and the future. For young artists, she believes the price should reflect where they are in their journey without becoming driven by speculation.
On young artists
“For emerging artists, chasing market signals too early can distort a practice while they are still building their practice. We'd rather build genuine appreciation and let demand follow from that. That said, if an artist's work is resonating strongly with the audience, it's only fair to acknowledge that in how it's valued,” she adds.
This also raises a question about unknown artists. Can an artist without a major exhibition history command a high price? Singh believes being “unknown” does not necessarily mean being less worthy. What matters is the distinctiveness and integrity of the work. A gallery can help by providing context about an artist’s story, ideas and process, allowing collectors to understand what they are buying.
At the same time, she says, accessibility is not only about lowering prices. It is also about making people feel welcome in galleries and helping those unfamiliar with the art world understand how to engage with it.