Let me attempt a definition. Price is a negotiated determination of "value" for an entity that fulfills another person needs, and for which the latter is willing to give money. In other words, it is largely a matter of how the other person perceives the value that s/he receives in return for the money that s/he is willing to pay. That's why you have wrist watches that tell time - being priced from a handful of dollars to obscenely high prices, even running into a few thousands.

Nowhere is this more readily seen than in sale of paintings, or auction of celebrity artefacts. There is no rational explanation for someone paying $45000 for the underwear Marilyn Monroe wore for the iconic 1954 movie "River of no return" or 4,800,000 (4.8 million, no less) for a dress she wore.

So, likewise in painting there is no right price. The value is entirely in the eyes of the beholder. I recently attended an art fair called Chitra Santhe at Bangalore. Therein, over 450,000 visitors were setting a price for the workmanship of over 1500 artistes, who showcased their work. Imagine in such a situation, the agony you may face, in setting a price for your painting, over which you might have toiled for days on end. That aside, it was a delightful experience to see the amount of enthusiasm and bonhomie that was on display there. Every budding artist should visit the place at least once in his/her lifetime.

More later.

P N Krishnan