7 Tips On Pricing Your Artwork
Creating a piece of art is no child’s play. It is an underrated talent that requires a lot of effort and therefore deserves the best outcome. After the artwork is complete, one of the artists’ biggest tasks is to price their art. It is not complicated at all. All you need to do is research and then strategize based on a price formula for the apt price of your art. A few questions that an artist needs to ask themselves are: How are the other artists with the same experience as me pricing their work? Which market should I target?
Once you have a fair idea of how artists with comparable art are pricing their work, you need to apply the following seven tips to price your work.
1. Choose The Right Formula.
One of the key steps in how to price your art is choosing the right formula to do so. The standard pricing formula is the linear inch or square inch pricing. As per this pricing formula, you can charge a set dollar amount per square inch. This implies the length times the width of your piece of art. Similarly, it is essential to note that there is no right or wrong method to price your art. It would help if you also trusted your instinct and set up some straightforward prices. However, keep in mind to keep your costs mostly constant.
2. Research Well.
Researching is the key to pricing your art well. It would help if you observed the work and pricing techniques used by the artists who have similar pieces. A few questions which you must ask yourself are: Are these artists following a particular pricing pattern? What is the average cost of their piece of work, and so on? It would be best if you were extremely honest with yourself while drawing these comparisons and evaluations.
Always keep in mind that you compare and research with those artists who are selling in and around your target market, similar demography, medium, and working style. You can also interview some of these artists to get a better peek into your work’s expected price range. Discussions and interactions, along with research, are the key to being the most productive.
1. Be Consistent and Don’t Fluctuate Prices.
Consistency is the key. One essential thing you must keep in mind is keeping the prices of your work consistent both online and in the offline store/ gallery where you are selling your paintings. Regular prices are seen as a trait of professionalism, whereas those artists who keep fluctuating the cost of their work are not considered to be confident about their product. Remember to maintain your prices until you do not wish to raise them for good and forever. You will seem unprofessional if you keep lowering and increasing the rates.
2. Don’t Underestimate & Undercharge.
This one is primarily for the artists who are new in the business. One of the most crucial things you must keep in your mind is not underestimating your talent and thereby not undercharge your effort. Similarly, when the demand for your work keeps increasing, keep in mind raising your prices and not shy away from doing so.
Have A Price Range Catering To All.
Like any other business, keep in mind while offering a price range that caters to all segments of the society, including the rich, young, middle-class, and the not-so well-off. It is imperative to understand everyone’s purchasing capacity before you price each of your pieces to make your art reach a more significant number of clients.
A perfect combination would be to have art and paintings which can be afforded and bought by almost everyone. Prints are an excellent way to make your art reach multiple houses. While it is not an original, they are very much your piece of work. Easy to carry and much affordable, prints are among the best ways to spread word of mouth. It would be best if you priced them way lower as compared to the original piece of work
Gain Perspective Before You Price.
This is for those who feel incredibly emotional about a particular piece. If you feel exceptionally sentimental about work, then you need to gain perspective about the same. It is not advisable to set a price as per how you think about it. The pricing for your work should always be based on your work’s physical attributes and not on personal value.
2. Use Evidence To Justify Price.
Most often, artists are asked as to why they’ve priced the piece of work so exorbitantly. As an artist, you should be ready to answer this question. If somebody asks you why your painting is so expensive, you must show the customer the evidence that you’ve been selling similarly priced pieces and that this is your average price range.
This will make the customer feel confident about your work, and you actually might have a shot at getting that piece sold. Your job here is to make them feel comfortable by showing that your previous customers have valued your similarly priced purchases. Therefore, even before pricing your work, it is crucial to keep a justification planted in your mind regarding the labeled price.
Building an art business of your own is no easy task. It requires labor and effort. At the same time, pricing is a crucial part of it, which also requires a tremendous amount of contemplating before settling for one specific price. Therefore, you must keep these seven tips in mind while pricing your art to profit from your talent in the best way possible. After all, you’re worth every penny that comes out of it.