" another intersting thread may be how these editions are arrived at... and another thought, many artist's lithographs/prints (picasso, miro, barcelo etc.) were/are editioned in hundreds... "
But, like those folks who mentioned digital printing via inkjet, lightjet, chromira, etc, the artists you mention above were printing their prints via a mechanical reproduction process. The reason those prints were limited was twofold.
A: to drive the price in a gallery - an original Picasso drawing/painting/sculpture would go for tens or even hundreds of thousands in his lifetime - a 300 piece limited edition lithograph would go for a few thousand. That made owning a Picasso affordable for patrons who admired his work but couldn't afford an "original".
B: lithography plates, and most other traditional printing plates (copper etching, woodcut, etc), degrade with use, so by the time you have printed umpty-dozen prints, the last one will not look as good as the first. You have to decide then at what point does the quality loss outweigh the artistic content from a marketability perspective?
I think over time, even a very careful photographer will run into this problem with his or her negatives - You handle a negative 500 times, or even 100, and you will eventually get a scratch or a nick on it somewhere... then you have to spend that much more time retouching the negative, or spotting/bleaching the print. Also, unlike a painter or other graphic 2-d artist, the editioned print IS our original work, so we don't have a "master" object that sells to a higher-budget crowd, and then a "mass" reproduction to sell to more budget-constrained customers.
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