How do artists price their works?
Many artists find learning how to price their work quite difficult. This tutorial will be extremely useful if you’re unsure where to begin and how to price your art in a way that is fair, shows your labor, and will really sell!
It’s critical for artists to grasp topics like commission rates, pricing completed artwork, and the distinctions between selling individually and through a gallery. At the end of the day, most artists require a source of money in order to continue creating work. By building a strong portfolio and correctly pricing your work, you’ll be able to keep doing what you love while still earning money.
Price your art based on other similar pieces of artwork available
Even if your art is incredible, it does not live in a vacuum. It is inextricably linked to other works. When deciding how much to charge for your work, consider where you want to sell it and what other like art is being offered nearby. Whether we like it or not, art appraisal is always based on other comparable works.
This might be difficult to accept since you understand your art and the effort, drive, and emotion that goes into it better than anyone else. However, if you’re serious about selling your artwork, you should start comparing your work to that of other artists.
Take a look at the market you sell
The first step is to figure out where you’re going to sell your art. Are you concentrating your efforts on selling locally, in your city or nearby vicinity? Perhaps you intend to sell your artwork on a national or even international scale. ShaperoModern says that you will need to figure out how to price your art based on the pricing other artists selling in the same market, depending on where you intend to sell. The prevailing price for your style of art in your area may be greater than, example, the going price on Saatchi Art, an online marketplace that sells works from artists all around the world.
If you’re mostly selling through a gallery, for example, you’re in a different market than if you’re primarily selling directly to your customer. You’ll be able to look at other artists selling comparable work in the same market to get an idea of what prices people in your market are prepared to pay if you know what market you’re selling in.
See what you have in common with the other artists
It takes a little detective effort to figure out how much artwork is worth. You should familiarize yourself with other artists who are creating works that are comparable to yours. Examine their web portfolios for further information about their work, as well as price. There are a few things to think about, particularly:
- Dimensions of the composition
- Subject of discussion
- Technical expertise is required.
- What is their degree of experience, or how long have they been selling work commercially?
All of these factors have a role in painting valuation, so be honest with yourself and attempt to find comparable artists whose pricing you can use as a starting point for your own.
Then, especially if you’re just getting started and don’t have a lot of sales yet, it’s usually ideal to price your art at the lower end of the spectrum of similar artists (to ensure that you’re still covering your expenditures and giving yourself a reasonable hourly salary). If others are pricing artwork identical to yours for less than you are, and you don’t yet have a reputation, you will miss out on sales that should be yours!
Don’t ignore the people who buy art
It may be difficult to objectively compare oneself to other artists but try to put yourself in your customers’ position. What exactly are they on the lookout for? Who else might they purchase from instead of you? Try your hardest to complete this exercise, and if you’re having trouble, enlist the aid of someone who isn’t a friend or family member (and therefore less likely to be critical of your work).
Leave your emotions out of your art appraisal.
Every artist has experienced the sensation of having a stronger attachment to some pieces than others. It’s perfectly natural. However, it’s critical to be as logical as possible when determining how to sell your paintings.
This is because you want your consumers to be aware of your pricing policy. If one piece is significantly more costly than the others because it is a particular favorite, you may put an interested potential buyer in the awkward position of having to explain why it is so pricey in comparison to the others. That may deter them from enquiring further!
What Is a Formula and How Do I Use It?
Once you’ve determined the appropriate pricing range for your artwork based on other artists in your industry, see if you can come up with a formula that will keep you inside that range. Your formula should, at the absolute least, cover the cost of any supplies you utilize as well as an hourly salary.
Let’s assume you decide on a per-piece pricing of $600. If your supplies cost $100 and your items take 20 hours to finish, you may pay yourself $25 per hour to reach the goal price ($100 for materials, 20 x $25 for labor). If similar works in your market sell for around $500, you may need to reduce your hourly fee.
You’ll be able to increase your hourly rate as you get more expertise and sales, so be honest with yourself about what that pricing should be right now.
If you’re a commission artist, search for a website builder that includes built-in client proofing so you can keep in touch with your client throughout the process. By adhering to these steps, you will be able to price your art like experts.