Art eXposed

The blank canvas is the bane of artists since the number of options seems limitless, but worse is to come on completing the work. After putting the final touches to your work, you are presented with the equally open ended problem of what price to give it. For the inexperienced artist it can seem impossible to fix a price, so they ending up making wild guesses (almost always too high) and then wonder why their art is not selling.

The first thing to understand is that the price of art is simply the highest amount that someone is willing to pay for it. However, the second thing to understand is that only people who see it can pay for it. The price is circumscribed by the wallets of those who view it, hence the importance of having your work seen by as many people as possible.

Why price at all?

Many artists refuse to put fixed prices on their art, but they lose sales because of it. If you keep an open studio where people can enter and browse your work it is imperative that every piece hanging on the walls has a price tag on it.

People hate to talk about money, especially where art is concerned, so many buyers will choose to walk out rather than face the indignity of asking how much a piece costs. If they do have the courage to ask and the price is not written somewhere, they will assume you are making it up based on how rich they look.

Creating a baseline

So where do you begin in setting a price? The first step is to work out what your minimum monthly income is. Be realistic about this and always estimate high. Keep this figure in mind at all times as it will act as a deterrent for unrealistically low prices.

A preliminary price

Next, add up the cost of producing the art work you’re trying to price, including all expenses. Then add up the total amount of time spent on the work and multiply it by a sensible hourly rate – 20dollars an hour should be a minimum. Simply adding these two figures together will give you a fairly sensible estimate for a price. Dividing your minimum monthly income by the price of this work will tell you how many pieces you should be aiming to produce a month to keep you going.

Better methods

The best way to price work is to base it upon previous sales, hence the importance of keeping the catalogue of your work we discussed last month. The more you sell, the more you will get a feel for what your work is worth. You should compare your prices with those of other local artists and those on the Art eXposed website, but remember to take into account their experience and reputation.

Another method is to talk to art consultants and galleries. Galleries will not display your work at unrealistic prices, but keep in mind that visiting them without any idea as to the value of your work will mark you out as an amateur.

Maintaining and raising prices

Always maintain consistent prices. Inconsistency shows you are unsure of the value of your work. If you cannot bear to part with a work for a low price then keep it hanging in your studio without a price tag, and if anyone asks about it let them make you an offer. On the whole, larger works should be valued higher than smaller ones. This may seem arbitrary, but it is the law of the market.

You should only consider raising the prices of your work: after you have achieved respectable sales in your current price range for at least six months; if a gallery tells you that your prices are too low; or if you have changed your output significantly to justify such a change.

Final tip

Make sure to keep track of your sales in your catalogue, and always keep some cheaper works on hand for any impulse buyers you happen to meet.

Setting a price

It’s always hard for new artists to part with their work. But, if you want to make a living creating art, you must learn to let go and sell your work. You will always have the photographs to admire when the sale is complete and then the satisfaction that someone else appreciates and enjoys what you have done.

Some steps you can take and things to consider when determining a good selling price to your artwork.

What have they sold for in the past?
What are other artworks similar in size and style selling for?
- Scour the internet for similar art, see what artists are getting.
- Note, well known artists will command higher prices.

Once you set a price you can always go up, but you never want to go down (i.e., discount your work). You always want to show your patrons that you are improving on their investment in you and the artwork they purchased from you.

As you start selling more and more art, you can begin increasing your prices. You want to be at a price where you have a low inventory and people are waiting for your next piece.

If you really love a piece that you have done, do not price it higher than other works of similar size and style. Some artists will double and triple the price of these pieces, which is a mistake. If you love the work that much, then keep the work, but keep your prices consistent.

Regards prices (Price points)

A great way to keep a large group of varied buyers is to have wide-ranging prices. If you can have works in all price points described below, then you will have a diverse group of patrons and a steady flow of income.

Under $75 – Impulse sales, customers will buy with no thought at this price. Once you make a sale at this price you may have just found a future collector. Get details of these buyers and put them on your mailing list.

What to sell at this price: 5×7 originals, signed prints, posters, small sculptures, smaller giclees, and nick knacks that represent your brand, including postcards and other promotional items.

$75 – $800 – Pieces in this price range will sell at art shows, via the web, and through interior designers. New collectors can be found at this level. New young collectors are the best to have; their income grows as your reputation grows. A match made in heaven.

What to sell at this price:

New Artists: Before you have a following, your work should fit into this price point. Larger giclees, limited addition giclees, and limited additions print if your originals are on the high end or out of this range.

Established Artists: limited issue giclees and prints, miniature sculptures, as well pre-framed prints and giclees.

Over $800 – At this range you are willing to accept gallery commissions. Before this price range, gallery commissions could cut into your profits or heavily impact your profits on an item. In this range you should have a following and a large e-mail list. You should now be attracting patrons that do not care about the price of the item; they are looking at status, enjoyment of their success, and hope for a return on their investment.

For artwork over $5000 collectors are buying you and your brand, and hoping to follow your rise to fame. At this level, you could be seeing sales in the secondary market, which can even take you higher.

In the beginning your goal is to build a list of patrons that will stay with you as you grow as an artist. To do this you must set your price point correctly, when it’s hard to keep an inventory you know it’s time to move up the price, and bring on more collectors as you become more established as an artist. Also, don’t forget as you go to keep items in the lower price point to retain your original patrons who cannot YET afford your new higher priced offerings in the mix.

If you keep these price points in mind, then you will always have artwork priced for all your patrons to enjoy!

Other References on Art Pricing:

Sylia White: Pricing Your Art

Art Business: Price your art realistically

EBSQ Art: The Lighter Side at Pricing Your Art