If you hope to make a living as an artist, or even if you are just doing it to earn a little extra money on the side, one of your biggest challenges is learning how to price your art appropriately. If you price your artwork too low, you could be selling yourself short and your buyers may not value your work as much.
Conversely, if you price your work too high you could end up not making any sales. There are many important factors to consider when pricing your artwork so it is not something you should rush. Below you will receive some helpful tips to price your artwork so it sells.
Things to Consider When Pricing Art
When setting the selling price for your artwork you shouldn’t just pull a number out of thin air – there are many factors to consider when pricing your work. The most important thing to consider is the amount of time and effort you put into the piece. A piece that took you two hours and a minimal amount of equipment to complete should be priced much lower than a large piece that took multiple days to complete.
It is important to factor in your actual costs as well – the cost of canvas, paint, framing and shipping (in some cases). Combining your actual costs with the time involved in creating the piece is a good place to start when pricing your artwork but there is still more to consider.
In choosing how to price your work you want to think not only about the details of the specific piece, but you also need to think about your target audience and the type of art you create. For example, if you only sell your artwork online your pricing might be different than if you sold your work only in a local gallery.
Pay attention to the pricing other artists use in a situation similar to yours so you have some point of comparison. It will also be helpful for you to research other artists who have a similar style and process to yours so you can use their pricing as a starting estimate for yours.
Choosing a Price Range
Once you’ve established some points of comparison and have thought about the actual cost to produce each piece you can start to narrow down your target price range.
Using the research you did regarding similar artists, take a closer look at the pricing of the artwork that actually sells. For example, an artist might offer prices ranging from $3,000 to $30,000 but the only sales he typically makes are in the $3,000 to $10,000 price range. This range, then, is a good place to start your own pricing if you want to be competitive. It doesn’t hurt to have a few pieces in a much higher price range, either – you can use those more expensive pieces to make your smaller and less expensive pieces more attractive to potential buyers.
When choosing a price range for your own art, it is important to remember that you are in competition with other artists to make a sell. Each piece that someone buys from you is one less piece that they will be buying from another artist so you should do whatever it takes to make that sale.
In some cases, this might mean pricing your work at the lower end of the market. Don’t undercut other artists too much, but price your pieces in a way that makes buyers feel as if they are getting good value for the work. For example, if a buyer decides to budget $4,000 for a new piece of art and they like three pieces priced at $3,500, $3,800 and $4,000 which option do you think that buyer is going to choose?
Though you should always price your art in a way to maximize your profits, you do need to remember that some of the people who like your art will not be able to afford those high-priced pieces. This is why it never hurts to offer some affordable prints or drawings in addition to your larger and more expensive pieces. The more you sell, the larger your audience will become so if you have to make some accommodations to accomplish that goal, it may well be worth it.