Yesterday I submitted my piece for the America SCORES Milwaukee Inspired Art Project. I put a lot of time and effort into making it look as professional as I would for any other art show that I participate in. Now, seeing that this piece will be used in a silent auction to benefit the organization, what is fair way to value your work and set a minimum bid (keeping in mind I chose to receive 20% commission)? Do you value your work just the same and set a minimum bid at 1/3 of the value or do you value your work higher as a way to increase the bids? But, if the minimum bid is too high you risk the chance of no one bidding despite how much effort and thought you put into the piece.
This is a bit ironic after having read the chapter on a Christie's auction in Seven Days in the Art World. Here, some pieces sell for one million dollars easily and all that money is headed straight to the pocket of the artist (well, after the dealer has been paid).
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