You know how to make art. It's what you do! All you want is to carve out time to create. But pricing your art is another matter. You can't be expected to be a creative genius and a marketing expert! However, if you want to pursue art as a career, selling that art is an integral part of the creative process. We're here with some simple tips to help you price and sell your work.
1. Compare. See what other people doing work similar to yours are charging. You can research based on media, size, geographic location, years in business. This is probably the most important step in setting prices. It ensures that you keep up with the market, and it establishes your place within the system.
2. Study various markets. Of course there's not just one art market. From high-end galleries to small-town collectives, prices are going to range considerably. Research the spectrum of prices and decide where your work fits in.
3. Use a Formula. There are a variety of formulas you can use to determine your pricing. Here are two of the most common.
- By size: Square Inch x Dollar Amount
- By time: Hourly Wage x Time Spent + Materials cost
You can adapt these formulas to search your art, and come up with a combination that works for you. The hourly wage and dollar amount are flexible figures. You would start with a smaller amount and gradually raise it as you start to make sales.
4. Take all of your costs into account. A formula is a good place to start, but be sure that you take all of your costs into account when you're pricing your work. Shipping costs (particularly if you do larger work), marketing, business costs, taxes, photographing your art. All of these things can eat away at your budget and should be taken into consideration when you price your work.
5. Be consistent. Don't charge a different price at a gallery than you do online. And keep the price similar for works of the same size and complexity.
6. Offer work at different price points. If you have some technically complex, large, and more expensive work, it will make your more affordable art look...well, more affordable. Reasonably-priced work, like sketches or fine art prints, can be a good way to attract collectors who will be tempted to spring for your more expensive work as time goes on.
7. Price to sell. If you're not moving any art at all, it's probably a good idea to lower your prices till sales pick up. If your studio is full of unsold work, you won't create more and better work. A studio full of unsold work is demoralizing and can result in a pause in your productivity. Keep track of your sales so you can figure out what is working for you. If sales increase, consider raising your prices. If some items are selling better than others, make changes accordingly.
8. Have confidence in your prices. While it's important to adjust to fluctuations in the market and to keep track of your own sales, it's also important to project confidence in your prices when dealing with collectors. Don't devalue your work or waffle in your prices. Don't let yourself be talked down.
9. Be rational. Creating art is an emotional process, but pricing it shouldn't be. We all have a selection of work that means more to us than any other. But don't let sentimental attachments impact your pricing, because buyers don't have the same attachments that you do. If you have work you don't want to part with, better not to offer it for sale at all.
10. Display your prices. Make sure that your prices are clearly visible on your website or in a gallery. Don't make people email or call you to find out how much your artwork costs. A lot of people are uncomfortable discussing money. It's also a great idea to have a shopping cart on your site to make it as easy as possible for people to purchase your work. The easier it is for the buyer, the more likely they are to buy.
Of course one of the most important ways to show and sell your work in the new art market is to create and maintain an attractive website. Artspan has been the leading artist website provider for over 20 years. Created by artists with an artist's needs in mind, Artspan websites offer the complete package: a unique branded website; inclusion in our art marketplace; an extensive e-commerce suite; prints-on-demand; Live Preview Augmented Reality and more. Go to Artspan.com to find out more.
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