What Does Minimum Price Mean?

It has happened again!
Even after all my years of experience and  advocacy for artists &makers, vague terminology has caused a rift and something akin to gut wrenching experience. My reputation is on the line. Months of work may vaporize. And all because of vague terminology.  

While I can't reveal much about a volatile situation at this point, I have a question for everyone.

What does the term minimum price mean to you?


Here is an example text providing context:

"As in past years, the artist will keep 50% of the proceeds with the other 50% serving as a fundraiser.  The artist is responsible for setting a minimum price for the artwork."

My question for today is what would you consider a "minimum price"? 

Does minimum price mean:

• wholesale
• below wholesale
• retail
• below retail

What would be your assumption?

How do you define the term minimum price in this context? Please leave your response or opinion in the comments below.

More questions soon.

WARNING:
Never accept an invitation, contract or agree to participate in a show/exhibition when all the terms are not clearly defined.

Harriete Estel Berman

The PROFESSIONAL GUIDELINES has four documents about Fundraising Auctions:

Fundraising Auctions: Issues and Checklist for Artists

Fundraising Auctions: Issues and Recommendations for Collectors 

Fundraising Auctions: Issues and Impact on Galleries

Fundraising Auctions: Issues and Alternatives for Art Organizations

 

Without Photos, Does My Art Even Exist?

Recently I unpacked an old piece of work knowing it had never been photographed.  Beautiful work that I loved -- and had shown in my own living room.  But the work was never photographed ... and usually sat in it's box in a closet.  

To my dismay and a wrenching insight, I realized that without photos, how would a collector, gallery, or exhibition ever know of their existence.  In effect, outside my own memory, the work did not exist.  

If an artwork isn't photographed nor documented, and no one sees it, does it exist in the age of information?  

With no photos the work can't be shown on my website. I can't sell the work or tempt a collector without photos.

Without photos, if damaged, I can't even make an insurance claim.  I am usually so cautious that even if work is being photographed for an exhibition, I have photos taken before it is shipped.

It turns my world upside down to think that for 11 years, these chocolate cups just sat in a box.

Then one step further.  Professional quality photographs are necessary, if you want the photos to represent the quality of your work. 

If you have not documented the work with your Inventory Record, then it is not part of your oeuvre. Yet, we want to be remembered for our work! 

Documentation is everything in the age of information.

Chocolate Cups—Whitman’s & Godiva © 2003 Harriete Estel Berman
Two chocolate cups constructed using recycled tin cans from chocolate candy products. The cups are filled with luscious "hot chocolate" made from polyester resin. Additional materials include:  10k gold and aluminum rivets, brass and stainless steel screws.

Whitman’s Chocolate Cup: 6” height x 4.5” diameter base x 4.75” width at top
Godiva Chocolate Cup: 6” height x 5 5/8” diameter base x 3.75” width at top

Retail Price for each cup: $985
Photo Credit: Philip Cohen 2015

 

RESOURCES from the Professional Guidelines: 

Guide to Quality Photographic Images

Inventory Record: Documentation and Provenance  

Working with Digital Images Effectively