Pricing artwork is often a challenging task for artists, especially those just starting out. Setting the price involves what feels like a delicate balance between valuing your work appropriately and appealing to potential buyers. I hold fast to the idea that the price has to “feel” right to you as the creator because it will be you who has to justify it when asked. Here are some things to keep in mind.
Your Costs
This includes the cost of materials (paint, canvas, brushes, etc.), any framing or mounting expenses, studio rent, utilities, and other overhead costs. Additionally, consider the time you invested in creating the piece. Calculating an hourly wage for yourself can be helpful to some artists. For instance, if you spent 20 hours on a painting and value your time at $25 per hour, your labor cost alone would be $500. That can feel quite shocking to new artists who haven’t been taught to think this way about their art business!
The Market
Look at what other artists with similar styles and experience levels are charging for their work. Visit local galleries, art fairs, and online platforms such as Etsy, Saatchi Art, and Artfinder. Take note of the prices and how they correlate with the size, medium, and complexity of the pieces. This research will give you a benchmark to work from and help you understand what the market might be willing to pay.
Size and Medium
Larger pieces generally command higher prices due to the increased material costs and the time required to complete them. The medium also plays a significant role in pricing. Oil paintings, for example, often fetch higher prices than watercolour or acrylic pieces because of the perceived value and the cost of materials. For some artists, creating a pricing structure based on the size and medium of your work feels the most logical, or comfortable.
Your Experience and Reputation
Some artists believe that as a beginner, your prices must be lower compared to established artists. I, personally, don’t subscribe to this train of thought. Your educational background, exhibitions, awards, and publications can never determine your value as an artist. And the value of your work can only be decided by those who value it.
Emotional and Personal Value
One critical aspect often overlooked is the emotional and personal value of your artwork. You must feel comfortable with the price you set. If you feel undervalued or overvalued, it will affect how you talk about and sell your work. If you’re asked about your pricing, you need to be able to explain it convincingly and proudly. I like to remind myself that if the price I get for a piece doesn’t make me happy to see it go to its new home, it needs to stay in my studio. This approach accounts for all the possible factors that may need to be considered at the time that I sell the piece.
Strategies
If “feeling” the price doesn’t seem right for you, there are several pricing strategies you could adopt:
- Cost-Plus Pricing: Add a percentage markup to your total costs (materials, time, overhead) to determine the price. This ensures you cover your expenses and make a profit.
- Value-Based Pricing: Set your price based on the perceived value to the customer. This approach requires understanding your audience and what they value in your art.
- Competitive Pricing: Price your artwork similar to other artists in your niche and region. This strategy helps you stay competitive and attract buyers.
Tiered Pricing: Offer different sizes or versions of a piece at varying price points. This caters to a broader range of buyers and makes your art more accessible.
Test and Adjust
It’s okay to change your mind. Once you’ve set your prices, monitor how your artwork sells. If pieces are flying off the shelves, you may have room to increase your prices. Conversely, if sales are slow, consider adjusting your prices or offering promotions to attract buyers. Keep an eye on feedback from customers and be willing to tweak your pricing strategy as needed, remembering to factor yourself in by honoring how it feels to sell the work.
Pricing your artwork is a little bit art and a little bit science. It involves understanding your costs, researching the market, and considering the size, medium, and your attachment/emotional investment in the work. Most importantly, the price has to feel right to you.