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What is an Artist's Proof? According to the UK Fine Art Guild:
The initials ‘AP’ instead of a number at the bottom of an image means ‘artists’ proof’. With artists’ prints, these are a necessary part of the production process, where proofs are taken until the artist is happy with the print. In the case of reproductions, artists’ proofs are a marketing device produced to satisfy demand from buyers who collect this type of print. In fact, the first proofs are identical to the rest of a run of reproductions.
My AP Editions are numbered out of 5 for each size. Of those 5, I make 3 available for purchase. These are never offered again, and as such are the rarest and most valuable of prints.
Open vs. Limited Edition Prints
Prints are produced in series called editions. Every edition contains a number of prints made from a single plate in a single run. Unlike unlimited edition prints (also known as open editions), that can be reproduced an infinite number of times, limited editions are (as their name suggests) made in limited amounts. Limited editions can contain anywhere between 2 and several thousand prints, depending on the technique used and intent of the artist. Prints from small editions retain exclusivity and reach higher prices than large edition prints. The original article can be found here.