Colorado Real Estate Journal -
Artwork may be the last thing installed in your building, but it should not be the last thing you budget for. To truly maximize the value of your building and eliminate extra costs associated with change orders, your art plan should be discussed during schematic design and when building budgets are being established. Early planning allows you to allocate the necessary funds to build the art program that best completes the vision for your space. Art budgets typically include artwork, framing, installation and art consulting. However, artwork and framing account for nearly all of the variability used to calculate such a budget. Installation costs are based on a fixed hourly rate that is unaffected by the cost of the artwork. Art consulting fees are rolled into the regular retail price of artwork. It is standard practice for art consultants to receive a dealer discount off of the retail price as their fee. This means that you pay the same price for art in a gallery regardless of whether you retain the services of an art consultant. So, when you are calculating your art budget, focus on the artwork. The two most common methods used to calculate an art budget are based on square footage and the type of artwork you want to purchase. Calculations by square footage. A formula using your square footage helps you determine your budget if you are looking to purchase an entire collection or are unsure how many pieces you need. Your variable cost is the type of artwork you want. There are three different types of artwork to consider. The first is reproduction art, which includes posters and giclées. This is the most economical choice. The second is a combination of reproductions and original pieces. The third is all original works. Using all reproductions will put your budget at $1.50 per square foot. A combination of reproductions and originals is $2.50 per sf. A project with all originals starts at $3.50 per sf. All of these budgets include costs for artwork, framing, installation, and art consultant fees. Calculations by type of artwork. If you are looking to add a piece or two to your existing collection or know exactly the number of pieces you need, a formula based on the type of artwork being purchased would be more accurate. There is a range in price for artwork and often your budget informs what type of artwork you are looking to purchase. Within the broader categories of reproductions and originals, there are five subcategories. The costs below include artwork, framing and art consultant fees. Installation is not included. 1. Posters: $350-$450 per piece. Posters are copies of original works. They are printed in mass quantities, which permits a lower price point. There is limited flexibility in regard to color and sizing. 2. Giclées: $450-$1,000 per piece. Giclées also are copies of original works, but they are printed at a higher quality and in limited editions. As they are often printed on demand, there is more flexibility in regard to colors and sizing. Many artists offer giclées of their original works as a more affordable option. 3. Originals by emerging artists: $1,200-$3,200 per piece. Artists just beginning their careers often are the most affordable because they do not have the resumés to demand high price points. Often these artists are young and possibly still in school or recently graduated. They are looking to build their resumés and are eager to sell. 4. Originals by midcareer artists: $3,000-$15,000 per piece. Midcareer artists have received regional or national recognition through publication or exhibition outside of their local community. They have had a significant number of solo exhibitions at significant galleries and museums. 5. Originals by blue-chip artists: $3,500-$65,000 or more per piece. Blue-chip artists have a national/international reputation. These pieces are sound investments supported with auction records, museum acquisitions, and an established value in the secondary art market.