How to Sell Contemporary Art For Thousands: Market Mastery Secrets

 

The art world can be a mystery to many, with prices often reaching into the millions for works of art that, to the untrained eye, may not look like much. However, contemporary art has become increasingly popular in recent years, and many people are willing to pay thousands, or even tens of thousands, of dollars for a piece of art that speaks to them.

So, how do we sell contemporary art for thousands of dollars?

In this blog post, we'll explore some of the key factors that contribute to the high prices of contemporary art and look at some examples of works that have sold for large sums of money.

 

 

 

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The Artist's Reputation

 

One of the most important factors in the price of contemporary art is the reputation of the artist. Established artists with a strong track record of success and critical acclaim can command much higher prices for their work than emerging artists. The reason for this is simple: collectors and art buyers are willing to pay more for art by artists who are widely recognized as important and influential in the art world.

 

For example, Jeff Koons is one of the most famous contemporary artists in the world, and his works regularly sell for millions of dollars. Koons' work is highly sought after because he has a long history of success, and his work is considered to be groundbreaking and influential. In 2019, Koons' "Rabbit" sculpture sold for $91.1 million, making it the most expensive work by a living artist ever sold at auction.

 

 

 

 

The Quality of the Artwork

 

Of course, the quality of the artwork itself is also a significant factor in the price. Art buyers are looking for pieces that are not only aesthetically pleasing but also have a strong conceptual or intellectual component. In other words, they want works of art that are not just pretty, but that also have something to say.

 

Another example, in 2018, David Hockney's painting "Portrait of an Artist (Pool with Two Figures)" sold for $90.3 million at auction, breaking the record for the highest price paid for a work by a living artist at the time. The painting is a masterful example of Hockney's ability to capture the essence of a moment, in this case, a swimmer and his lover in a pool. The painting's bright colors, intricate composition, and layered meanings all contributed to its high price.

 

 

 

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The Rarity of the Artwork

 

Another important factor in the price of contemporary art is the rarity of the artwork. Collectors are willing to pay more for works that are one-of-a-kind or part of a limited edition because they are seen as more valuable and exclusive. In other words, if everyone could own a copy of the same artwork, it wouldn't be as valuable as a unique work.

 

Yayoi Kusama's "Infinity Mirror Room - Phalli's Field" is a room-sized installation made up of hundreds of soft-sculpture phalluses covered in red polka dots. The installation is part of Kusama's ongoing series of infinity mirror rooms, which are immersive experiences that play with ideas of infinity, self-reflection, and sensory overload. The installation is incredibly rare, as it was created in 1965 and has not been exhibited since 1966. When it went up for auction in 2016, it sold for $7.1 million, far exceeding its pre-sale estimate of $1.5 million to $2 million.

 

 

 

 

 

The Historical Significance of the Artwork

 

In some cases, the historical significance of a work of art can also contribute to its high price. Art collectors and buyers are often interested in pieces that represent a significant moment in art history or that were created by artists who were part of a particular movement or group.

 

To name another great artist and example, Jean-Michel Basquiat was a key figure in the New York City art scene in the 1980s. His work was part of the Neo-Expressionist movement, which rejected the minimalism of the 1960s and 70s in favor of a more emotional and expressive approach to art.

Basquiat's paintings often incorporated elements of street art, including graffiti and text, and explored themes of race, identity, and power. In 2017, his painting "Untitled" sold for $110.5 million, setting a new record for the highest price paid for an American artist at auction.

 

 

 Mardi Gras by Marisol, 2022. Spain

 

 

 

 

Tips for Emerging Artists

 

 

While established artists like Koons, Hockney, Kusama, and Basquiat can command high prices for their work due to their reputation, quality, rarity, and historical significance, emerging artists who are just starting out in their careers can take steps to increase their chances of selling their work for thousands of dollars.

 

 

Develop a Strong Body of Work: Emerging artists should focus on developing a body of work that is cohesive and reflects their unique artistic vision. It's important to have a signature style that sets your work apart from others, and to explore ideas and themes that are meaningful to you.

 

 

Build a Network: Networking is essential in the art world, so emerging artists should make an effort to connect with other artists, curators, gallerists, and collectors. Attend art events and exhibitions, join artist groups and organizations, and use social media to promote your work and connect with others in the industry.

 

 

Enter Competitions and Exhibitions: Entering art competitions and exhibitions can be a great way to get exposure and build your resume. Winning awards or being selected for a juried exhibition can help to establish your credibility as an artist and increase your visibility.

 

 

Work with Galleries: Working with galleries can be a great way to get your work in front of collectors and art buyers. Research galleries that specialize in your type of art and submit your work for consideration. Once you've found a gallery that is interested in representing you, be sure to communicate clearly and professionally with the gallery staff and be responsive to their needs.

 

 

Price Your Work Appropriately: Pricing your work can be a tricky task, but it's important to find a balance between undervaluing your work and pricing it too high. Research the prices of similar works by artists at a similar stage in their career and consider factors like materials, size, and time spent creating the work.

 

 

Build an Online Presence: In today's digital age, having a strong online presence is crucial for any artist. Create a website to showcase your work and make it easy for potential buyers to contact you. Use social media platforms like Instagram and Facebook to promote your work, connect with other artists and industry professionals, and build a following.

 

 

 

 

 

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Final thoughts

 

Selling contemporary art for thousands is not an easy feat, but it is possible for both established and emerging artists. The reputation of the artist, the quality and rarity of the artwork, and the historical significance of the piece all play a role in determining its value. Emerging artists can increase their chances of selling their work for high prices by developing a strong body of work, networking, entering competitions and exhibitions, working with galleries, pricing their work appropriately, and building a strong online presence.

 

Ultimately, the most important factor in selling contemporary art for thousands is creating work that speaks to people on a deep level. Art buyers are looking for pieces that are not only aesthetically pleasing but also have a strong conceptual or intellectual component. By focusing on creating work that is meaningful and engaging, artists can increase their chances of success in the art world. 

 

Good Luck!

Marisol