This is some straight talk from a 40 year professional in the arts.
This is a simple explanation of the monetary value of my artwork just assessing the inflation rate and young artist vs mature artist.
Using the Inflation Calculator based on the US Bureau of Statistics at: http://usinflationcalculator.com/
The very first painting I sold at the Grand Central Art Galleries in 1982 sold for $600 $1/sq, if you were able to buy a 20x30 for the same price today would cost you $1585
that was a beginner's price so I wouldn't sell a 20x30 for that $1 /sq in price any longer. $8- 12/sq in would be more accurate selling price of top professionals without a commission back then or $7200, it would be $11,127 - 19, 337 in today's dollars.
A 24x42 painting sold at the Greenwich Workshop Galleries in 1984 for $2500 just with the inflation rate would equal $6,151. Again a beginner's price so with an $8-12 sq in price.
With $8- 12/sq in would be more accurate pricing of a top professionals work at $8,064 -$12,094 back then which would be $19,842-$29,758 in today's dollars.
so by 1987 I was selling 24x42s at $7000 out of my studio without a gallery. A significant discount from those of my peers never the less I wasn't paying a commission so.... it worked. a 24x42 with just the inflation rate would be $15,753 for that same size piece
So consequently 24x36 oil today a priced based on a combination of the devaluation of the dollar or inflation rate and the accomplishments in my career.
It also account for the peers sales on the marketplace
- According to the US Bureau of Labor Statistics see table it takes $2.57 to buy $1 buying power in 1984.
- The historic annual inflation rate is 3.5%
In the Marine Art market now, a Mature artist’s work, such as myself, is going for $35,000 for a large pieces in a gallery. Young artists are now selling in regional markets at $15,000 for a large works.
I have valued these works based on what I would sell them for now out of my studio, based on size, original price, young artist versus mature artist, and counting for the inflation rate and weak dollar. It averages 6.4% increase in price per year - the 3.5% inflation rate devaluing the dollar = 2.9% gain in price based on experience and resume.