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: