If you are thinking to start a photography collection of fine arts, it is a good time now to start with it as an investment. Though most of the fine arts are facing price plunges, photography is growing rapidly among the investors and art collectors.
The Guardian, has reported a fall of 6.2% in the prices of fine arts during last year. The art of 19th century is sold at an auction at a price 40% less as it was before 2007-2008 which is well known for the financial crises that time. Also the impressionist art has fallen down by 12% since 2007.
The Coutts which is a leading firm in wealth management and a private bank, has declared that photography is emerging from all types of arts as the hottest target to hit now a days.
Last year a photo of 1990 given by Thomas Struth, was sold at a whooping price of nearly 777,000$ which is many times larger than its original worth which was between 132000$ to 198000$. The photograph contained museum goers to the Chicago Arts institute.
There were other photos as well which were sold as very higher prices than they actually were. Like the photos of Andreas Gurksy, Robert Mapplethorpe and Gilbert & George were sold above 400,00$ each, according to the Guardian.
Brandei Estes, the Sotheby’s auctioneer told the Guardian that photography was one of their fastest developing categories. The nature of work in art forms is democratic and due to its accessible prices, it has emerged out as the most attractive category of the middle market.
So if there is enough money with you and you have a passion for collecting artistic things, have a look over photography.
How to fix price of your art work
It is the hardest thing in photography to fix the price of your work, especially when dealing in your personal work rather than the client’s work. Photo District News has given guidelines regarding hoe to price your work.
Demand and supply are the two market forces that will affect the selling process of a business. It is advised to not to over price the goods in the beginning. It is better to begin with low prices range. And start raising the prices gradually to give an impression that the value of your work is increasing day by day. Lowering the price afterwards will give an impression that the value of yor work is decreasing.
Also the best thing you can do is to go to the comparable works of different artists to get an actual idea of your product.
Also never release your prints on the whole at once. Divide the whole work into smaller editions. Your first edition should be of 3 to 5 prints, or maximum to 10. And is essentially true when you are new to this industry, your name is not popular and so it natural that your work will be considered as rare.