How Pricing Art is Not Appraising Art
One of the most common questions I hear, especially from artists, is “What is my art worth?” While this is a completely valid question, it’s important to understand that the answer depends entirely on the context. There is a big difference between pricing art and appraising art, and knowing which is appropriate can save a lot of confusion and lead to better decisions for everyone involved. As a USPAP-compliant, ISA-accredited appraiser, I want to help clarify the distinction.
Appraising Art: What I Do
Appraisal is not guesswork, nor is it about setting a retail price. It’s a professional discipline grounded in objective analysis, research, and ethical standards. When I appraise artwork, I’m developing a value opinion based on clearly defined market data and purpose-driven methodology.
Appraisals are conducted for a variety of needs: insurance coverage, estate planning, charitable donation, equitable distribution, damage/loss claims, or legal proceedings. Each use has a corresponding type of value—fair market value, replacement value, marketable cash value, etc. which determines how I conduct research and select comparables.
When there is an established market for an artist’s work (i.e., it has sold consistently through reputable galleries, auction houses, or dealers), I can base my valuation on actual sales data. If no direct market exists, I draw on comparable markets, evaluating works of artists with similar styles, materials, reputations, exhibition histories, and price points. It’s analytical, not speculative. I don’t set prices, I document existing market behaviour to produce a supportable valuation.
Pricing Art: What Artists (and Dealers) Do
Pricing art is a very different process. When artists (or their galleries or agents) set prices, they’re establishing what they hope the market will bear. This is inherently more subjective and depends on a range of personal and professional considerations:
Cost of materials and time spent
Artist’s reputation and career trajectory
Comparable pricing among peers
Supply and demand
Target market or clientele
Sales venues (online, fairs, galleries, etc.)
It’s a dynamic and experimental process. A price is essentially a proposal: “This is what I believe this work is worth, do you agree?” If the market says yes, the price may hold or rise. If not, it may need to be adjusted.
A great resource on this topic is The Art of Buying Art by Alan Bamberger, particularly the chapter that critiques the use of the “price-per-square-inch” method. While tempting for its simplicity, this formula fails to account for artistic merit, technique, subject matter, and market demand—and can lead to wildly inconsistent or misleading pricing. Pricing should reflect both artistic integrity and marketplace reality, not just surface dimensions.
Understand that pricing is about testing the market. Appraising is about interpreting the market.
Why Artists Shouldn’t Ask Appraisers to Price Their Work
As much as I love working with artists, it's important to note: appraisers are not necessarily pricing consultants. Many accredited appraisers only appraise, only some offer other services such as art advisory and consultations. If you're an artist wondering how to price your work, your best partners are experienced dealers, gallerists, or arts consultants who understand your niche and audience.
An appraiser steps in once there is a market to analyze. That means past sales, resale data, or comparable activity among similar artists. That said, understanding how appraisals work can help artists long-term. As your market matures, your sales become data points that appraisers can reference. This can be especially important when collectors insure your work, donate it to institutions, or include it in estate plans.
When Appraisers Do Work with Artists
While appraisers don’t set prices for new works, we do work directly with artists in specific contexts. Such as when valuing artworks that were sold through non-traditional channels (ie. as studio sales or public art commissions).
In these cases, particularly when dealing with site-specific or commissioned works (like public sculptures, murals, or architectural installations), the artist is often the most reliable source for historical sales data. We may ask the artist to provide documentation such as:
Invoices for past commissions
Breakdowns of materials and fabrication costs
Contracts with public or private institutions
Details about edition sizes or unique works
This information helps us establish a valuation based on actual market behavior, even if the sales didn’t occur through a gallery or auction house. It’s a collaborative, fact-finding process and not a pricing consultation.
So yes, artists do have a role in appraisal assignments sometimes, but typically after the works have entered the market and there is a record of actual sales. Our goal is to translate that information into a credible, objective value opinion that can support insurance coverage, tax filings, or legal documentation.
For Collectors, Estate Planners, and Legal Professionals: Why This Matters
Understanding the difference between pricing and appraising is also vital for those purchasing, managing, or evaluating art collections. If you need to establish the value of an artwork for insurance, probate, litigation, or charitable donation, make sure you’re working with a qualified appraiser—not someone just offering a price opinion.
Conversely, if you’re helping an artist determine where to position their work in the marketplace, direct them toward gallerists or consultants who specialize in pricing strategy.
Two Different Lenses, One Shared Goal
Ultimately, both pricing and appraising aim to answer the same question: What is this art worth? But the path to that answer depends on the context.
Appraisers interpret value based on evidence and purpose.
Artists and dealers set prices based on experience, strategy, and market response.
Understanding this distinction protects artists, empowers collectors, and strengthens trust within the art ecosystem. If you have questions about an artwork’s value, I’m here to help with professional, ethical, and well-documented appraisal services.