What Are Some Factors to Consider When Pricing Art?
Photo past Thomas Galvez , Creative CommonsAttribution ii.0
Whether it'southward your showtime piece of art or your 100th, pricing your work properly tin be an extremely challenging task.
Set the toll too low and you could exit money on the table, fix the price too high and your artwork could start stacking upwardly in your studio.
How do you lot find that center basis, that sweet spot? We've compiled 5 important do's and don'ts for pricing your fine art to assistance ensure your work finds a deserving dwelling—and you get the salary you deserve!
Practise: Research the Prices of Comparable Artists
How much do similar artists accuse for their work? Thoroughly researching your market volition give you a better idea of how to toll your art. Consider other artists' work that is comparable in way, medium, color, size, etc. Also look at those artists' accomplishments, experience, geographic location, and production rate.
And then search online, or visit galleries and open studios and see their art in person. Learn what those artists charge and why - as well as what toll sells and what doesn't. This information can be an excellent gauge to aid ensure your pricing is in the right ballpark.
DON'T: Undersell Your Work or Yourself
Creating art is time consuming and many materials tin can exist expensive. Think most a reasonable hourly wage and the toll of materials when pricing your fine art - that includes framing and shipping, if applicable. The US Dept. of Labor lists the boilerplate hourly wage for a fine creative person as $24.58—use this to help yous estimate. Your price should reverberate the money and time you lot put into creating your art.
Art biz whiz, Cory Huff of The Abundant Artist, uses this fob: "if my prices don't brand me feel at to the lowest degree a lilliputian uncomfortable that I'1000 charging too much, I'm probably undercharging!" Charge what you lot're worth (within reason).
DO: Keep the Same Cost For Your Studio and Galleries
If you're thinking of selling work from your studio at lower prices than your gallery, retrieve once more. Galleries put time and free energy into their sales and by and large aren't happy to learn you've been selling piece of work for a lot less. Take information technology from art business organisation coach Alyson Stanfield, they volition driblet you lot like a hot frying pan.
What's more, other galleries could learn most this and be less inclined to work with y'all. Make sure you lot have set prices that are generally the same for your studio and your galleries. That fashion people can buy your beautiful work from either place, and you can maintain a positive relationship with your galleries.
DON'T: Let Emotions Become in the Way
This is tough, we know. With all the time, creative effort and emotion you invest in your work, it'south piece of cake to get fastened. Beingness proud of your work is wonderful, letting emotion affect your pricing is not. Pricing your work needs to be predominantly based on its concrete attributes and non on personal value. Subjective qualities like emotional attachment are difficult to explain to buyers. If there's a piece or 2 that are especially meaningful to you, consider keeping that piece of work off the marketplace and in your private drove.
Do: Have Confidence and Stand By Your Price
Whether you lot sell a lot of work or are new to the space, have confidence in yourself and your prices. If you don't, buyers will figure information technology out quickly. State your price firmly and let the heir-apparent respond—and ignore any nagging inner thoughts most lowering information technology. When you take the time to properly and realistically price your work, y'all tin can stand up behind the cost. If the buyer wants to become below that, you'll be fix to justify your price. Conviction does wonders and will help you come habitation with the coin you deserve.
Desire more help pricing your art? Consider i of these 3 straightforward formulas for pricing your work.
Source: https://www.artworkarchive.com/blog/do-s-and-don-ts-of-pricing-your-artwork
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