Can you actually afford an MFA grad’s work?

June is only three months away and that means degree show season is fast approaching.

I’m not sure what’s scarier: how fast the months are disappearing, or the price of the wet painting by that new artist you love that would be perfect above your… wait… that’s a couple more zeros than you expected. Never mind…

Degree show pricing is a minefield. For the prospective collector, it can fluctuate between bargain-spotting and dodging eye-watering price tags. For artists, it involves navigating the sale of something inherently priceless whilst preparing to take the terrifying step into the ‘real world’ and the ‘art world’ simultaneously. All of this against a backdrop of recent phenomena in the emerging art market and flipping paintings at auction makes for turbulent conditions in which to launch a career.

Jadé Fadojutimi’s Typhoon, for example, was included in her BFA degree show at the Slade in 2015. In December 2021, it hammered at Phillips London for £126k, over six times its high estimate. I shudder to think how many multiples this resale had on the young artist’s original agreement. Similarly, Rachel Jones’ Spliced Structure (7) from 2019, the same year she graduated from the Royal Academy Schools, shot up from its £40k estimate to the record price of £910k (including premium) when resold at Bonhams London in March 2022.

“Over the last few years we have seen a substantial rise in pricing for emerging art, with blue-chip galleries retailing paintings by artists in their twenties at £100k,” explains Martin Schlombs of independent advisory Fine Art Group, who recommends £6k as a maximum price for student work. “This has perhaps inspired recent graduates, who are not yet represented by a gallery, to adjust their prices a bit accordingly.”

But the winds may be shifting. “I suspect that there is a time-lag between the market and artist expectations with the emerging sector having slowed-down at auction in the last two years,” Schlombs continues. “I suspect that degree show prices will (or at least should) come down as well. I think most young artists will adapt to this naturally as, in my experience, many do not have too firm expectations about pricing and are receptive to feedback.”

To get to the bottom of this pricing dilemma, I contacted art schools across London, requesting information on how their programmes help students price work ahead of their degree shows, and whether such advice is built into their curriculums. In doing so, I learned that most universities have press offices (I don’t know why I was surprised) and that they are happy to ignore your requests if they presumably don’t like the subject.

One top art university failed to respond after inquiring about the angle of the piece. Others simply did not reply at all, despite the opportunity to promote the professional development they apparently offer students before they set out in such a precarious field.

To Goldsmiths’ credit, their spokesperson kindly apologised that they could not be of much help, as “advice on how to price work does not form part of art courses”. They did mention that the university has an Exhibition Hub to help students and alumni prepare shows, although support for selling exhibitions is not included on their list of services. They also emphasised that Goldsmiths degree show work is not for sale and any subsequent transactions are separate from the university.

The Royal Academy Schools shed more light on the issue. Curator and Director Eliza Bonham Carter confirmed that pricing is not built into the curriculum due to the RA’s emphasis on critical inquiry over commercial interests. However, “conversations ensue” as students prepare their graduation exhibition and ask for support pricing.

Her own advice? “Keep your prices low, better to have the work seen and appreciated by someone than in storage in the studio.” Nevertheless, Bonham Carter also revealed that the price range at degree shows has widened significantly in the last few years, with base figures stable but reaching up to £20k as some galleries sign student artists and push up their prices.

Some students have looked to curators for pricing support. Current Royal College of Art postgraduate student Natalia Baranowska noted that Hannah Nashman provided “invaluable expertise” on this daunting task when she curated the artist’s debut solo show.

“There is some mixed guidance circulating among university educators, which may contribute to wide disparities in pricing, with some works priced very high while others are almost underpriced,” observes Nashman. “Emerging artists now seem to have higher expectations regarding how much they can sell their work for, though the range of pricing can still be quite varied.” Nashman recommends pricing work slightly lower initially to allow for growth and to avoid correlating price with university prestige.

Curator Jo McLaughlin suggests a formula to calculate pricing: “Give yourself an hourly rate and track how long it takes you to complete something. Use this, plus your materials cost, to calculate a base rate for your work. Once you have this, multiply it by three. This will cover additional costs that sit hand in hand with making, such as studio costs and taxes, and provide a small profit.”

Some artists are skeptical of formulas, such as Central Saint Martins alum René Lazový. He emphasises that “your prices are your own” and cautioned against “treat[ing] the graduation show like an art fair”. Rather, he suggests focusing on the connections you can make during degree shows.

Reflecting on his experiences, Lazový says, “It’s part of the university’s role to ‘hype up’ students, making them feel like they’ll be the next big thing. As a result, many students expect to start selling their work straight from the graduation show—and for significant sums. But the reality is often distorted by the excitement surrounding these exhibitions and by stories of past successes.”

Fortunately, all of the artists I interviewed praised their universities for helping prepare them for the art world. Lazový mentions that CSM regularly brought in professionals to speak to their cohort, including gallerist Domo Baal to specifically discuss pricing.

RCA graduate Rita Fernández confirmed that pricing was part of the MA Painting curriculum, with tutors providing guidance “not just for the degree show but in case we were approached by someone interested in buying work prior to the show.” Their guidelines focussed on material elements, such as measurements and medium. But their key sales advice was not about price but collectors, advising Fernández and her coursemates to really consider the potential buyer and beware of possible flippers.

Meanwhile, Paula Parole and Alexandra Hochguertel of Filthy Fox Auction Club have helped artists take auctions into their own hands, collaborating with recent graduates to sell their work. They note the “insecurity” some investment-minded collectors feel around spending larger sums on recent graduates who do not have a gallery or other institution behind them to “seemingly provide a sense of vetted validation”.

There is a benefit to not having gallery representation at this stage, though. Gallerist Catherine Sweet emphasises that student artists should take into account that they will keep all proceeds, considering gallery commissions are often set at 50%.

Overall, increased prices may simply be down to inflation, as materials and other art expenses have increased. As much as we bemoan the commercialisation that grips the art world, artists need to make a living if they want to continue creating, and this usually requires selling work. Otherwise the next generation of artists will only be those that can afford not to worry about income; some say we’re at that point already.

RA graduate Fischer Mustin’s advice may therefore be the most pertinent: “Make sure the price of your work can cover your rent for long enough until you sell the next one.”