The art of pricing

The Getty exhibit, which runs until June 13, showcases some of history's most influential dealers, including 20th-century connoisseurs such as Leo Castelli, Peggy Guggenheim, and Joseph Duveen.

The prize for sheer marketing chutzpah goes without question to Duveen, a Briton, who specialized in decorating the homes of America's wealthy (and culturally insecure) with Old Masters and complementary antiques.

The curators point out that Duveen helped shape some of the great private collections and art markets of this past century, often with the help of a vast network of spies who infiltrated homes of the wealthy to pick up information on artworks that might become available for sale as well as the personal tastes and buying potential of possible clients.

But all these shenanigans question the definition of real worth, according to collector and artist Joel Gilman, who says he never buys art purely as a financial investment.

"Without question, I buy art based on how I feel about the artist; my gut reaction to the work," says the collector, whose Beverly Hills home brims with acquisitions in every room. He often buys from young, untested artists - sometimes providing them with their first sale.

Mr. Gilman advises neophytes to be prepared to cut their prices if an important collector shows interest. He sees the discount as an investment because it will bring other buyers to the artist, explaining that the goal is to be in the best company possible. Value breeds value.

"The most important thing you can do is get your work into serious collections where it will be seen by other serious collectors," he says. "It's almost worth it to give it to them."

Gilman's guidelines for anyone interested in buying the young and untested is similar. "Buy what you love and trust your taste," he says. With new talent, don't expect investment art, he says, adding that he has his own rule of thumb for what constitutes a fair price.

"If I really love a piece of art and it's a young artist, I'll pay anything under $750 without a question. You can look at it and evaluate it almost as a piece of decorative art," he says with a small laugh.

In the end, regardless of where the work is sold - directly from the artist, at auction or from a dealer - the price is determined by what the market will bear, says Los Angeles dealer Gloria Delson.

A smart buyer will do his homework, she says. That way one can account for where the artist has exhibited his art, where he went to school, and who else has bought his work. And with today's proliferation of art fairs and the blurring of the line between fine art and the crafts world, Ms. Delson says buyers must do such research if they truly want to get a fair price, real value, and an enduring work of art.

"It makes it harder than ever for the insecure buyer," she adds.

Not to mention the artist testing new waters, according to Candice Gawne. She and her husband finally settled on prices that range from $1,500 to $10,000, depending on size and materials.

The artist points out, for example, that the exotically colored gasses, the necessary glass tubing, and power sources are very expensive.

Even so, customers at early exhibitions at her home studio marveled that the prices for the pieces were very reasonable.

"That means they're probably too cheap," laughs Gawne.

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