Artwork Pricing

Artwork Pricing

See creating a new artwork for details on pricing artworks when creating a new record.

  1. These icons indicate a log is kept on this field. Use the icon to access details.
  2. Retail Price: The price a client will pay for this artwork including tax where indicated.
  3. Details such as what tax is included in an amount can be accessed from the Price Screen.
  4. Access the Price Screen using this button.
  5. Inventory Price: For galleries and collectors this is the value of the artwork for inventory purposes. This will initially be the same as the amount you paid for the artwork, the purchase price, but over time will rise and fall with the art market. For artists using Tessera to run their collection also enter the current value of the artwork. This is the amount used for calculating the value of your artworks when running inventory reports.
  6. Purchase Price: If you have purchased and own the artwork then enter the Purchase Price. (If artworks have multiple items of stock then the most recent amount paid for the artwork is displayed). This field not required for artists but used by galleries for artworks they have purchased outright and for collectors as a record of capital outlay.
  7. If there is an Payable Amount to an artist or owner on sale of this artwork then this will be shown here. (See below for more details on how to edit amounts payable).
  8. Valuations can be added to artworks by collectors and the most recent valuation is shown here.

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The Artwork Pricing Screen

Overview

From here you specify with, greater detail, the amounts related to the current artwork. Making alterations here has no effect on exiting invoices.

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Purchase Price

When you create a new record artwork you have the option to enter the amount you paid for the artwork, the Purchase Price. Subsequent to the creation of the artwork you amend the Purchase Price from the Stock Management Screen.

  1. Use this button to move to the Stock Management Screen.

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The Stock Management Screen

Use of the Purchase Price field

For Collectors: Enter the amount paid for this artwork as a reference.

For Artists: Unlikely to require this feature unless you also collect artworks and use Tessera to manage your collection.

For Galleries: Enter the amount paid for artworks added to your gallery. If you buy more than one item, for example if you buy several editions of the same artwork, enter additional line items to keep track of amounts spent. Reports can be generated from the Home screen to keep track of total amounts spent for specified date ranges. See help pages on managing editions for an understanding of how to manage stock levels for editions.

  1. The Stock Management is where you manage all the stock entries for an artwork and the Purchase Price amounts.
  2. When the artwork was created at least one stock item will have been entered. You can amend the stock level for an individual entry or add addition entries. (See the editions section for information on managing multiple editions). Differing purchase price amounts can be recorded for each time you purchase items. The purchase price displayed in Tessera will be the most recent among paid. Reports can be run from the Home Screen for specific date ranges allowing you to see what you’ve paid for purchasing artworks.
  3. Use this button to make additional stock entries.
  4. To quickly amend stock levels use this button, enter the new stock level, and Tessera will make an entry for you.
  5. Use the View all by this artist to review all artworks and stock for the current artwork.
  6. Tabs showing sales and artworks on consignment are included allowing the user to understand the current stock level.

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Inventory Price 

This amount is used when conducting inventory reports to give an accurate report on the value of your artwork collection.

Inventory Price and Collectors: Initially this will be the price you paid to purchase this artwork. Over time adjust this value to match the current valuation of the artwork.

Inventory Price and Galleries: Enter the amount you purchased the artwork for from the artist. Over time adjust this value to match the current valuation of the artwork.

Inventory Price and Artists: Consider this your “wholesale” price. The base amount for your artwork. The amount you are likely to want to receive from your gallery on sale of the artwork. Include an amount so that you can run inventory reports for valuation purposes.

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>Valuations

For collectors the valuation feature lets you keep track of the changing value of your artworks over time. Add any number of valuations and specify the valuer, the data and add comments where appropriate.

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Use this feature to add any number of artwork expenses to the current artwork record. Document each item with the features available and where required choose to export expenses for further analysis in a spreadsheet.

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Current Stock Levels

For reference stock levels are included on the Price Settings screen. Move directly to the Stock Management screen using the buttons provided.NewImage

Retail Price

Set the default retail price for the current artwork. Once this artwork has been added to an invoice you can alter the amount. This amount will remain with the artwork and will be used again if there are multiples of this artwork. (For example if this entry is a multiple edition).

  1. Changes to retail price are automatically recorded to this log.
  2. Tax is applicable then ensure the tax rate is entered correctly. (Tax rates are automatically entered when the artwork is created depending on your settings in Preferences).
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Amount Payable

If you sell artworks on behalf of artists or owners then use this feature to record the amount payable once the artwork has sold.

  1. Use this button to specify that one or more amounts are payable on sale of the current artwork.
  2. Amount Payable To: Tessera defaults to paying the amount due to the owner you selected for this artwork. When the artwork has been sold, by adding it onto an invoice, you can alter to whom the amount is payable and adjust the amount payable. An artwork may have more than one person who may need to be paid on sale of an artwork. (As well as the artist there may be an owner to be paid or a royalty payment that needs to be made). Once the artwork has been entered on an invoice you can add additional payees. See the invoice help section for details.
  3. Specify whether a percentage of the retail price or a fixed amount is to be paid.
  4. The amount payable may or may not include tax. Use this setting to adjust the payment accordingly.

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Amounts Payable: FAQ

What happens when I want to pay someone other than the Owner?

Once entered onto an invoice the person payable can be altered.

What happens when I need to make payments to more than one person?

Once the artwork has been entered onto an invoice any number of payees can be added.

What happens if I alter these settings once the artwork has been added to the invoice?

Nothing. Once on an invoice the individual artwork entry on the invoice controls all settings.

What if this is an edition and there are several artworks to sell over time using these settings?

The invoice will look to and use the artwork price setiings available at the time of the sale.

If I add a discount to the invoice won’t it mean the person payable will no longer receive what I promised?

Switch from paying them from a percentage to a fixed amount or alter the percentage.

2016-12-04T23:31:15+00:00