Conversation about collecting,PSI, price per square inch?

Conversation about collecting.

I want to discuss this view that paintings should be priced by the square inch.

I was asked about this subject a few days ago and the person in question was quite upset with me for not agreeing with them, as they put it, “ This is how we do it here” and who am I, an intruder to come out against the standard practice in this Art community.

The fantasy.

I am one of those who does not subscribe to fantasy of PSI, price per square inch of a painting by an Artist, no matter what the quality of the painting is like. This is just the hype of the Artpreneurs who have a vested interest in getting the highest price possible, no matter what the quality of the painting is like by a particular Artist.

I do not believe every painting by an Artist is his best.

Artists like all of us have good days and bad days.

Tiger Woods the greatest golfer of all time has bad days.

It is part of being human and Artists are not exempt from this particular human frailty.

I know of a champion sportsman who after he retired wanted to become a dealer in Impressionist art, he bought many pieces by Monet and Renoir believing that any painting with their signature on it would be valuable and they were sold to him priced per square inch. He bought the paintings believing the fantasy to be true and sadly these were not A list paintings and he got stung badly.

Needless to say he is no longer an art dealer.

Conversation about collecting.

I would like to continue our discussion about the pricing method of price per square inch.

Why do I bring this PSI, price per square inch subject up?

Because I was challenged about it and told I was wrong and my view was unwanted and uncalled for.

So I will again say my thoughts about this pricing method.

I must reiterate, every painting by a great Artist or any Artist is not his best and collectors need to resist this cash grab and begin to say no.

I understand that many practising artists value their paintings by the square inch and I do understand why they do it, my problem with it is that is fine for the good paintings but what about the not so good and the bad paintings?

Are they all of the same quality and value?

Are they all equal?

No, I do not think so?

It is amazing when young artists come along and show their work, they will even say that this is their best work but they feel others are not so good. Very honest in there own assessment of their work, unsure of themselves you may say, but 20years later all their paintings are now of equal quality and all demand to be priced the same at so much per square inch?

What happened to some are very good and some not so?

Why then do so many artists discount their work when asked to by a buyer, if the work is really priced by the square inch and it is all of equal quality and equal value?

I am sometimes left quite perplexed by what happens, the price is set at so much per square inch and the collector then wants a discount and the artist caves in, I thought the price was set?

Conversation about collecting.

I want to continue to discuss the view that why should paintings be priced by the square inch?

Collectors it would be fine if every painting was of the same quality and they are not.

It would be fine if that was a stable price but I know if discount is asked for it will be reduced in price, thereby saying that PSI is not a firm and fast rule but it is the first price before we give discount.

Auction prices prove that this is a fantasy.

I looked at the paintings sold in the last couple of years in Auctions by a National Artist to see if the selling price achieved by the Artist could be calculated at PSI and I was amazed to see the wide gap between the highest and lowest PSI value, as much as PHP10,000.PSI.

This does show me that collectors on the whole do distinguish between the good paintings and the not so good paintings by the same artist, they demonstrate this by the prices paid.

If an Artist is one of the Art World stars then they may be able to price PSI and get away with because of their popularity and demand, but be careful make sure they are all their best work.

Collectors let me know your thoughts about this very interesting subject.

Happy collecting.

Mark Shellshear and Team Galeria de las Islas.