Art Pricing Masterclass with Tim J. Smith, PhD

Pricing art is too often treated as guesswork—an emotional act disconnected from any rational method. This seminar shows that primary-market art pricing follows discoverable patterns and proven practices. Drawing on sociological studies of galleries, hedonic price data, and decades of pricing strategy, we translate how art markets actually set prices into concrete tactics that artists, gallery owners, and dealers can apply the very next day. You will leave with a repeatable framework for setting list prices, managing discounts and negotiations, and structuring commissions—so you can price with confidence and protect the long-term value of the work.

Learning Objectives – attendees will be able to:

1. Set defensible list prices using market comparables, size-based pricing (price per square inch), and the one-way ratchet that protects collectors’ investments.

2. Manage negotiations with a List–Walkaway–Expected price structure, applying discounts and surcharges without eroding brand value.

3. Explain why pricing and marketing art differ from most goods and services—positional markets, the Veblen effect, and value that quality metrics alone fail to capture.

4. Navigate the structure of the art market—primary versus secondary sales, galleries versus auctions, and the roles that shape how prices
are set.

Who Should Attend:

Emerging and established artists, gallery owners, dealers, art advisors, and collectors —anyone who is interested in art pricing.

Instructor:

Tim J. Smith, Ph.D., CPP, an Adjunct Professor of Economics and Marketing at DePaul University, the founder and CEO of Wiglaf LLC, the author of Pricing Done Right and Pricing Strategy, and the Academic Advisor to the Professional Pricing Society’s Certified Pricing Professional program. He holds a BS in Physics and Chemistry and a BA in Mathematics from Southern Methodist University, a Ph.D. in Physical Chemistry from the University of Chicago, and an MBA with high honors from Chicago Booth.

When and Where:

Sunday, November 15
2-5 PM

ALMA Gallery
3636 S. Iron Street Chicago IL, 60609

Refreshments will be available

Price: $30 per person

Timeline:

2:00 – 3:00 Session 1

3:00 – 3:15 Break

3:15 – 4:15 Session 2

4:15 - 4:30 Q&A

4:30 – 5:00 Networking and informal discussions