Pricing Your Art Correctly

The art of selling art is difficult enough, but the art of pricing your art correctly is a topic with a myriad of passionate opinions. Should your art be priced low so it sells or should your art be priced high to avoid giving the impression that your art is undervalued?

While there is a plethora of differentiating opinions there is a consensus that there are 10 valid points that need to be considered when pricing your art correctly. Keep in mind that depending on where you are in your career as an artist will influence the price that you will be selling your art for. If you consider yourself to be an artist starting of on your career, then do not expect to ask premium prices for your art you will also need to be realistic about the price of your art.

  1. The first step is off-course to do your research. The internet is a fantastic medium for this. Check out artists who are at a similar place I their Artistic journey and see what prices they are charging. Check out as many similar artists as you can who are preferably working on a similar medium and size and determine an average price. This will be your starting point.
  2. Whilst setting the price of your art, you need to be careful you are not selling your art to cheap. Keep a track of the time you are spending on the Artwork in relation to the size of the Art and then work out the Rate you are getting per hour based on price divided by hours. This will be your hourly rate. If it comes to say $2, then you know that you effectively paying yourself $2 per hour and you may need to increase your Art price or take less time to prepare the Art price. Your task then is to increase your rate per hour.
  3. Once you have your starting point, then identify a formula for increasing the value of your art. This can be a combination of factors such as, number of people buying your art, interest in your art, media exposure, critical acclaim, your growing clientele base, auctions etc.
  4. Unless you’re trying to hide something you should publish your prices. Be open and honest about what you’re asking for your art, and don’t be ashamed if others think that the price is too high.
  5. As your career develops try and regularly increase your prices a little at a time. This will help previous buyers with their investment and will benefit you by providing larger profits as the time taken to produce the Art does not increase.
  6. You should never be tempted to lower your prices once you have set the price.
  7. Be consistent in your pricing. Do not offer a discount to one individual over another. When selling art, it is important to be consistent. Potential buyers may talk to each other and if you’ve offered one a better deal than the other you could lose the sale.
  8. Try to avoid pricing your art by your talents or the time taken to create the art. You should focus on selling your art, by the size.
  9. There may come a time when you feel that you need to discount your prices. This should be in extreme circumstances only and not an easy option for you to make.
  10. When selling art, it’s often easy to let the agents and dealers take control. Avoid this at all costs. It is your art and your business so stay involved.

These are 10 principles that artist’s who are selling art need to consider carefully and applying in their everyday business practice. Being creative and creating art is only 50% of a successful artistic business