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DO THIS: THINK ABOUT PRICING

from the Do This! e-newsletter
June 23, 2003 

I receive more questions about pricing artwork than anything else save the almost nonexistent artist representative, and I am afraid that I never have a great answer. The truth is, as you hear over and over again, art is worth what someone is willing to pay for it.

I have noticed that artists just starting out tend to price their work either too low or too high. They use low prices because they want to sell work and create a market or they attach higher prices because they are comparing their work to that of more established artists.

The dangers in pricing your artwork too low is that 1)you end up not paying yourself enough for the work you have done, the materials you have used and your overhead costs. 2)You will also find it difficult to raise prices dramatically because the audience you created will no longer be able to afford your work. 3)If and when you seek others to help you sell your work you may receive only half of the sales price. Can you live with selling your work for half of its sales price now?

Obviously, the danger in pricing your artwork too high is that you may be perceived as too expensive and won't sell any.

There is no magic formula for pricing your artwork. You just have to test the market. But you do need to take into consideration the following: materials (some are more expensive or valued more highly than others), time (pay yourself an hourly wage), overhead costs, framing, size of work, and sales commission (gallery or otherwise).

If you haven't added commission into your pricing, now is a good time to start doing so. You should never sell your work for one price out of your studio then ADD a commission if it is sold elsewhere. Dealers look unfavorably upon this practice and will drop you like a hot potato. You have one and only one price for your work. When you sell it yourself, the additional profit is pure gravy! Look upon it as a blessing.

Pricing is part of the e-class The Artist's Marketing Plan.

KNOW THIS----------~> There is no magic formula for pricing your artwork.

THINK ABOUT THIS---~> You should have one and only one price for your artwork, regardless of where it is sold.

DO THIS------------~> For a period of 2-3 months (depending on your level of activity), keep close tabs on your time and overhead costs. You won't have to do this forever, but one time should be eye opening. Put all of your data on a single spreadsheet. At the end of the three months you will have an average overhead cost per artwork that you can then use to apply to similar works in the future.

Read the current issue of the Do This! e-newsletter.