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? |
