Pricing Your Art Work
SUMMARY: Whether you're just starting to sell your
art or have been for some time, it's always good to evaluate your
pricing and make sure it's working for you, your customers, and
the overall supply and demand of the market. Having a clear price
structure that customers can understand is essential to not only
that first sale, but also repeat business. There's several ways
artists go about determining the price of their work, however you
decide to do it, make sure that you're consistent about it and the
prices you charge make you feel good about selling your work.
Based on past sales
For established artists or emerging artists with a consistent sales
streak, the best way to price your work is based on past sales.
Providing documentation that you've been selling comparable (similar
medium, size, or subject matter) work consistently for the amount
you're currently asking is not only a good way to justify your price,
but it also builds instant credibility. This is how the galleries
base their prices and the sooner you can get to using this model,
the less you'll have to worry about justifying your prices in the
future.
Using the real estate model
Another way to determine price for your artwork is to compare to
similar pieces on the market. Look at what other artists are charging
in the same geographical location (if you're in California, it's
probably best not to compare yourself to someone in New York), are
using the same medium, are selling via similar venues, or are focusing
on similar subject matters. You might also look at artists whose
resume and reputation is comparable to your own. See what they're
charging (or what they're actually getting) for their work.
Labor and materials
Another option that works well, especially if you're just starting
out, is basing your prices on your time/labor and materials. Keep
track of the costs of materials (i.e. mat board, poly bags, frames,
etc.) as well as how long you work on each particular piece. Pay
yourself a respectable hourly wage, add on the cost of materials,
and there's the price of your work. For example if your materials
for a particular piece cost $15, and you worked on it for five hours,
at $20 an hour, that's a total price of $115. Although the price
you ultimately charge should always cover the cost of materials,
never itemize or add on a separate "materials fee" to any item you
sell.
Size of the work
A clear and objective way to price your work is based on size. You
might charge a set rate for works of the same size, and go up in
increments. Say 5x7s would be $10, 8x10s, $20, and 11x17s, $40 and
so forth. You could also base your prices on per square inch. For
example, a 5x7 would be 35 square inches. At 25 cents per square
inch, that's $8.75. An 11x17, at 187 square inches, also at 25 cents
per square inch would be $46.75. Consider using different grid pricing
for different mediums, say canvas, paper, cardboard, etc., to make
sure you're covering your materials and labor. Always make sure
that you can clearly justify the difference in price of two works
the same size, say by subject matter, a medium, or process.
If still in doubt...
If you're still not sure how to price your work, or if you've hit
a slow streak, you might be as bold as to ask those interested in
your art how much they'd spend on it. This should give you a clear
indication of how your prices compare to others.
What not to do
And, although it's been known to happen, try not to price your work
based on personal attachment. If there's a piece that for whatever
reason you'd have a hard time seeing go or you're heavily emotionally
invested in, it's probably better to keep it off the market. The
tendency would be to overprice it, which could possibly devalue
the rest of your work. Pay attention to what messages you could
be sending by how you price your work. If someone doesn't share
the same passion as you do for a certain piece, they may wonder
why the prices for your other work are so low.
Other parting tips
It's a good idea to offer your art in a lot of price ranges, so
that most everyone who falls in love with your work and can afford
it and take a piece of it home-you never know what they might come
back and buy next. And, although it's best to be consistent as possible
with your prices, don't be afraid to adjust as you go to keep up
with supply and demand. If you find yourself selling faster than
you can create, raise your prices. If you're selling too little,
try lowering them. After all, you'd rather your work be out there
for people to enjoy than gathering dust in your garage, right?
Back to Article index
|
