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| "Rooster" 8 x 10 acrylic painting by Mark Phillips |
I had so many plans last week. I was going to spend some time in my studio and finish some work for the upcoming exhibition at the Caribbean Gallery of Art as well as put some finishing touches on some pieces for the Little Gem Show at the Barbados Arts Council Gallery.
I am only about half way there! Oh for the day when I can spend all day, every day in my studio!
I had a conversation with an accountant this week with regards to another of my business ventures and the conversation got around to my Art and the "unscientific" way that I arrived at my pricing.
Now, before I go on let me tell you what I think about accountants and running a small business.
They shouldn't!
In the early nineties, I incorporated my first business, an alarm company, with a friend of mine from high school. I was the alarm technician, had trained with Ademco in New York and had completed a number of other technical courses across the USA. Tony was a Certified Public Accountant and the Financial Controller at a well recognised financial institution in Barbados. I was good at what I did and he was good with the numbers but it was not long before I realised that being good with numbers is absolutely useless if the only major numbers that you are generating is debt! I was aware that I knew next to nothing about running a business but I had wrongfully assumed that an accountant would!
Fast forward 15 years. I was approached by, you guessed it, an accountant and another entrepreneur to form yet another security company. To make a not so long story short, this company was incorporated in 2010 with what I thought should have been adequate funding, but within 2 years it was bankrupt. Again, despite my better judgement, I left financial decisions to the accountant. In 2012, I salvaged what customers remained, formed a new company, (alone), and for the last 6 years, the business is growing, has no debt and is making a profit.
In my opinion, if a business is not grossing over 7 figures a year it does not need the regular input of an accountant. A decent accounts clerk and reputable software will get the job done.
So you can see the reason that I was sceptical when an accountant sought to give me advice on running a small business.
However, there was some merit to what he said. He pointed out that my prices should reflect the time and the skill that was used in producing the piece. I had explained to him that this piece of Leacock's Variety in Speightown has taken over 60hrs work already and yet it was not completely finished. I also told him that I would sell it for around $900.00.
His argument was that I was charging $15.00 per hour for my work. About the same as an inexperienced tradesman on a construction site. The skills required to transform a flat 2-dimensional canvas into a scene that creates the illusion of solidity and depth to the extent that the viewer feels that they are standing in person across the street looking up the road must be worth more than $15.00 per hour.
I, of course, argued that there is no way that the market in Barbados would be able to support art prices that reflect the true value of an artist's skill. However, as I was saying it I realised that I was not truly believing what I was saying. I charge $80.00 an hour as a security technician and no one complains. As a locksmith, I once charged what equated to over $1000.00 an hour to open a safe with a damaged combination for a business and they thanked me for it. Why should the skill and experience of an artist be so devalued?
So, I am going to carry out a little experiment. The painting of the rooster above is a unique piece of original art. It is painted in acrylic paint on an 8 x 10 stretched canvas. The materials used cost about $20.00 and it took me about 12 hours to complete.
What do you think I should charge for it?
No, I think the better question is...
What would you offer me for it? And why do you think it is worth that amount?
The person, in my opinion, with the most compelling reason for the offered price, will be allowed to purchase the piece at that price. You may make your offer in the comments section below or on my facebook page.
I really look forward to hearing your opinions.
As always, thank you for reading. I appreciate the comments and the kind words of encouragement. Until next time when I will share some more of my work and a little about what makes me tick, please leave a comment. And, I will really appreciate if you share this post with your friends. To make sure that you don't miss any future posts, Please enter your email address in the subscribe by email box on the right.
Mark Phillips
Mark Phillips
