{"id":27325,"date":"2023-05-02T17:54:42","date_gmt":"2023-05-02T14:54:42","guid":{"rendered":"https:\/\/www.arthipo.com\/artblog\/?p=27325"},"modified":"2023-05-02T18:56:55","modified_gmt":"2023-05-02T15:56:55","slug":"seven-rules-for-pricing-your-artwork","status":"publish","type":"post","link":"https:\/\/www.arthipo.com\/artblog\/en\/actual-art\/seven-rules-for-pricing-your-artwork.html","title":{"rendered":"Seven Rules for Pricing Your Artwork"},"content":{"rendered":"

Seven Rules for Pricing Your Artwork<\/h1>\n

Seven Rules for Pricing Your Artwork article provides 7 fundamental rules to help artists determine the ideal pricing strategies. Learn tips for creating a successful business model and recommendations for optimizing market value.<\/p>\n

There’s a famous quote by Oscar Wilde: “When bankers get together for dinner, they discuss art. When artists get together for dinner, they discuss money.”<\/p>\n

As an artist, you know the production side of your work like the back of your hand. You can probably paint with your eyes closed and find a piece that looks decent. You’ve spent thousands of hours mastering your craft. What we often struggle with is the part that comes after putting the finishing touch on an artwork \u2013 pricing.<\/p>\n

Pricing is strange. Putting a price on something that is extremely personal and has no specific market value is even stranger.<\/p>\n

Especially at the beginning of your career or without a reliable nest, you want (and need) to make sales, but you don’t want to undersell yourself.<\/p>\n

So, how do you start determining the prices of your artwork to earn the salary you deserve? If you have no consistent history of selling your art within a specific price range or market, follow these Seven Rules for Pricing Your Artwork to get started.<\/p>\n

\"\"

Andy Warhol, Dollar Sign<\/a><\/p><\/div>\n

Research Comparable Artworks<\/h3>\n

Thanks to the internet, we now have access to a wealth of data that makes it a little easier to determine our prices. Put on your research hat and start looking for artists with work similar to what you’re currently producing.<\/p>\n

How much do these artists charge for their work? Is there a pattern in this pricing?<\/p>\n

Searching for artists with similar work will give you a better idea of what you can and should charge. Make sure you evaluate your work honestly and then compare it to artists with a similar style, working in a similar medium, with a similar amount of experience, and selling in the same geographic region.<\/p>\n

Next time you’re at a dinner party with artist friends, lean into the money-talking artist clich\u00e9 and pick the brains of your successful peers. Ask them how much they sell their work for and why. Open and honest discussions about money will guide you and ensure pricing goes smoothly.<\/p>\n

Pay Yourself a Livable Wage<\/h3>\n

There’s no quicker way to overwork and undervalue yourself.<\/p>\n

Producing artwork is not cheap. There are expensive materials, equipment, and studio space to consider.<\/p>\n

Of course, when you’re just starting out, something may take you much longer than a master in your field. On the other hand, once you’ve mastered a discipline, it may take you much less time to complete a job and you can demand a much higher price for it.<\/p>\n

In short, this is not a foolproof method, but it’s a good way to start measuring the value of your work.<\/p>\n

Be Consistent Once You Agree on a Price<\/h3>\n

If you’re not currently working with a gallery, make sure you compare your work to artwork sold directly by the artist.<\/p>\n

Galleries invest time and energy in sales and generally aren’t happy to learn that you’re selling work much cheaper.<\/p>\n

Furthermore, other galleries may find out and be less inclined to work with you.\u00a0Make sure you set the same prices for your studio and your galleries.\u00a0This way, people can buy your work from your studio or gallery and maintain a positive relationship with your galleries.<\/p>\n

However, with more and more people buying artwork online and directly from artists, you may not need to take this commission into account if you’re breaking into the online sales market.<\/p>\n

Separate Emotions from Facts<\/h3>\n

This is a difficult thing. However, it’s not easy to justify your prices to a potential buyer by simply saying that you really like it. If there is a specific piece that you feel really strongly about, especially one that has a personal meaning or emotional value for you, consider keeping those pieces for yourself.<\/p>\n

It’s easy to connect with the time, creative effort, and emotion you’ve invested in your work. Take a step back from your work to gain perspective after finishing it. Then, approach your pricing as you would with other products. Some artists like to use a sizing formula. The pricing of your work should be based primarily on its physical properties, not its personal value.<\/p>\n

Work at Multiple Price Points<\/h3>\n

Some new customers may be hesitant to buy higher-priced art pieces. Smaller, cheaper pieces are more accessible. They are also more accessible for buyers who can’t afford the more costly works. For example, a young buyer may not have the money for a $3,000 painting but can afford a $300 painting. They still get a piece of your artwork, and they fall in love with your work. When they have a higher art budget in the future, your art will already be on their minds.<\/p>\n

The more people who buy your art, the more exposure it gets. More people will see it, talk about it, and want to learn more about you. This means there is a higher chance that more people will want to buy your work. A good range of prices can encourage goodwill – people will be happy to bring home one of your art pieces, and sales will come back to you.<\/p>\n

Be Transparent About Your Prices<\/h3>\n

Asking for a price is an automatic red flag in collectors’ minds. It signals alarms that you may be changing your prices depending on who’s asking, perceived interest level, and perceived wealth level. Having your prices available, current, and ready on your sales platforms shows your honesty.<\/p>\n

Additionally, if you hate talking about money, it helps you avoid many potentially uncomfortable conversations. Putting this information upfront allows the buyer to do all the heavy lifting of decision-making. It gives them time to decide which piece fits their budget, and they can then approach you for an easy transaction.<\/p>\n

An easy way to showcase your work and instill confidence in your buyers is through Arthipo’s public portfolio page. It allows you to control what information you make public, connect with your most up-to-date inventory<\/a>, and offer potential buyers direct communication options with you.<\/p>\n

\"\"

Jean-Michel Basquiat, and Andy Warhol, Win $1000000<\/a><\/p><\/div>\n

Stand Behind Your Prices with Evidence<\/h3>\n

Whether you sell a lot of work or are just starting out, have confidence in yourself and your prices. If you don’t, buyers will quickly pick up on it.<\/p>\n

The next time someone asks you why a piece is so expensive (which they always will), have a ready answer. Show them that you regularly sell similar art pieces for the same amount. Talk about or print out records of similar sales you’ve made from galleries, dealers, and your studio. People want to justify their purchases with cold, hard evidence. They want to know they’re spending their money wisely.<\/p>\n

Reassure them by showing that others have made similar purchases, that your work is valuable, and that your pricing method is methodical and based on facts.<\/p>\n

When you’ve taken the time to price your work accurately and realistically, you can stand behind the price. If the buyer wants to go lower, you’ll be prepared to justify your price. Confidence works wonders and helps you bring home the money you deserve.<\/p>\n","protected":false},"excerpt":{"rendered":"

Seven Rules for Pricing Your Artwork Seven Rules for Pricing Your Artwork article provides 7 fundamental rules to help artists determine the ideal pricing strategies. Learn tips for creating a successful business model and recommendations for optimizing market value. There’s a famous quote by Oscar Wilde: “When bankers get together for dinner, they discuss art. 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