How To Price Your Art
Knowing how
to price your art, is for some artists, like wrestling a big ugly
gorilla. It's something they know they have to get their head
around, but don't really want the responsibility that is
involved.
The first
thing you MUST do when you begin to price your art, is to lose any
potential "emotional" attachment you may have with
each piece.
The reason
why you need to remove the emotional factor in order to price your
art successfully, is because many artists get caught up in
attaching a price that is directly associated to the
"sentimental value" they have for the piece.
If a piece of
work means that MUCH to you, then don't sell it. It's that
simple. Don't aggravate yourself trying to fix a price… just
pack it away in the "I'm NOT selling this one" pile.
Don't ever let the "creative purist" side of you get
into an argument with the "capitalist business"
person.
If you
produced a painting based on the heartbreak of losing a loved
one, you'll naturally associate a HUGE emotional value to the
piece and perhaps a price tag to suit. A collector may not make
the same association.
So
therefore…price your art with consistency. By that I
don't mean you should have the same fixed price for every piece.
But price your art at different price levels with consistency,
so you have an entry level for everyone who really appreciates
your work.
How To Find
Your Art Price Guide
Your art
actually has a market value – regardless if you have a
reputation in the art scene or whether you're a complete
unknown; there is still a market value for your work.
Your job is
to assess where you fit in, in regards to this market value.
We artists can quite often justify the importance behind a piece based
on our creative and emotional input. But, can we also translate
that into a dollar amount without being ridiculously over
priced?
In order to
price your art properly, you have to get down to some real
basic fundamentals.
In the real
estate world they use "sales comparisons" to justify
the starting price a home seller should use to sell their home.
So essentially, this means the home seller will see the median
price range that other houses have been selling for in the
surrounding neighbourhoods.
If the home
seller thinks, "Hey, no way, my home is worth $50,000 more
than all of the homes sold," and her decision is based on
the emotional significance the home has for her family - she
could well be in for long wait, as her home may not sell for a
very long time.
People
looking to buy a house in the area will know there is no track
record of houses selling within that price range. As a result
they will be weary.
The smart art
collector works in much the same mind set. They are just as
concerned about how they spend their money. Their purchase
decision will be based on the "sales comparisons" of artists selling their work in your community or geographical
area.
Capitalist
Versus Purist
I was once in
a conversation with a gentleman who was viewing my work at an
exhibit. He had come to the assumption that my art looked as
though it had been painted with quite a bit of emotional
input.
However... he
really felt that I was very business orientated when
it came to exhibiting my work.
He went on to
mention that I do not come across as the "purist" artist that he
could see in my work.
My reply was
this...
"I once thought to myself;
I could either live a
life as a purist artist, and never sell my art to anyone.
Therefore, I would have a storage house filled with my work
until I died.
But then I
realised something.
When I die, my work would more than likely
be discovered and sold, donated or dumped.
So based
on that realisation I decided I would much rather
have my work sold, donated and dumped while I am still alive – and
I convinced myself a long time ago that I was just the man for the
job".
Did he end up
buying a piece of my work?
Yes (for
which I am very grateful)
Beginners
Tip On How To Price Your Art
If you are
just starting out and have no idea where to begin, then here is
a quick summary of how to go about knowing what price tag you
should put on your art.
First, you
have to consider the cost of your materials. Second you have to
calculate the cost of your labor (your time and energy).
Whatever it
cost you in terms of paints, canvas, thinners, brushes or
whatever you require to produce a piece of work; you must
calculate the cost of these materials.
Only you can
really calculate your cost of labor. You must be able to
calculate a value for your time invested in each piece that you
create.
The next
thing you have to do is compare what you are doing with other
pieces of work selling in your community, online, at local art
shows and festivals. Compare the sizes, the styles and subject
matter. You'll get a good idea on how to price your work if you
follow this procedure.
You also need
to keep in mind that there is a retail price and wholesale price
for your work. You are essentially the manufacturer of your work
so you will need to establish retail and wholesale prices.
For example -
Retail price is the price that you sell your work to the
consumer (and/or collector) and the wholesale price is the
lowest price you are prepared to go for a gallery or a retail
store selling your work for you.
Simple Art
Selling Tip
When I first
began to exhibit my work, I would walk around and visit other
artists exhibiting and selling their work. I make a note of
their prices. Then I organised to participate in the next exhibit with
slightly lower prices that the other artists had attached to
their work. For the most part this worked well, and I always
made sales.
In order to
price your art appropriately, you have to do a little research
to determine where the market value for your art is situated.
When you have
determined your price range, only begin to raise your prices
when you begin to experience consistent sales success.
Price
Your Art Appropriately
Try not to
make the mistake of blowing your prices too high too early,
because you will be stuck with the challenge of not selling much
of your work, and the challenge of not being able to bring your
prices back down again.
So… never
raise your prices based on the idea that you feel your technique
is advancing. Determine a price raise on your work from a
business point of view.
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