About Pricing Your Work
As an artist, accurately pricing your work can be a daunting task. Fortunately, the market comparison model I discuss in the video provides a simple and effective way to determine what your art should be priced at. The market comparison model uses data on existing artwork prices and compares them to yours. This allows you to set realistic expectations for what buyers are willing to pay for your pieces.
When determining how much to charge for your artwork, you must first consider who you want to compare yourself too. During the first few lessons I had you research artists and galleries that you view as your contemporaries – those whose work is similar in style and quality. Pull out this list and begin to look at their prices. Look up their works online on Artsy and gallery website, review their pricing structure, and note on your spread sheet their pricing.
In addition to online research, attending art fairs or exhibitions can be a great way to gain further insights into pricing trends among various artists and galleries. Often times artists will list their prices publicly at these events, giving you useful information on what they deem as an appropriate price point for their work.
Remember, you should never lower the price of your work once you have set it. Doing so can devalue your work in the eyes of potential customers, as well as other artists who may be trying to price their own artwork in comparison to yours. Instead of lowering the price, you can offer discounts from your studio or through other promotional campaigns. By offering discounts, you are still able to maintain the value of your artwork while making it more affordable for customers. Additionally, consider giving buyers a discount if they purchase several pieces at once.
By utilizing the market comparison model when pricing your artwork, you can ensure that both buyers and sellers get a fair exchange value from each transaction – setting yourself up for success now and long-term as well!
CREATE YOUR LIST:
Remember the list we created of your contemporaries and galleries during our first few lessons? Now is a great time to pull it out of Google Drive and take a look. Hop on Artsy or their websites for more information – this way, you can gauge what prices might work best for you! Add these numbers onto your original list so that once everything’s all said & done, you have an easy-to-read set of ballparked figures ready to go.
If you are not selling your work, go much lower than this ballpark to begin to create sales. Once you start selling you can begin to incrementally increase your price.
If you are selling your work this is your target price.
Once you have a gallery that represents you they should help you with your pricing.