Do This!
Artist Marketing Newsletter Focusing on Action Steps

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>>>Do This: Settle on Pricing

WHAT'S GOING ON

Looking for artists' blogs!
I'm writing something up (a new book? class? article?) on blogging for artists. I'd love to hear from you if you have a blog or can recommend another artist's blog. Just email me. 

: : Art Biz Blog: ALMOST-DAILY TIPS AND FINDS : :
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: :Workshop: GAIN THE EDGE IN TODAY'S ART MARKET: : Visit beautiful Colorado for this motivating workshop. October 29-30, 2005 Gain The Edge on: Better Booth Design . Effective Sales Techniques  . Your Artist Statement  . Your Slides & the Jury Process  .  More Loyal Buyers Only one more month before early registration ends and the discount is gone. Gain the edge in today's art market at this two-day event in beautiful Colorado. Read more at http://www.artbizworkshops.com.  Early registration ends September 15!

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I receive more questions about pricing artwork than anything else save the ever-elusive artist representative. For that reason, I am today revisiting and updating an earlier issue I wrote on the subject.

Let me say up front that I don't have the magic solution to the pricing dilemma. 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.

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 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 (galleries, retail stores, art consultants) to help 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 price yourself out of the market. You'll be perceived as too expensive and won't sell anything.

I've drawn up a list of 10 rules for pricing your artwork. It's posted on the blog at http://www.artbizblog.com. You definitely don't want to miss this one.

Robert Genn wrote an instructive letter on this subject called "Pricing for Joy":
http://www.painterskeys.com/letters.asp?let=050705

And Mark Kostabi, the shameless self-promoting gadfly, talks about pricing for emerging artists in his ArtNet.com column: http://www.artnet.com/Magazine/features/kostabi/kostabi5-24-05.asp

You have to get your work out there and test the market. Take the following into consideration: 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).

Stay tuned next week when I'll talk more specifically about this business formula for pricing.

Visit http://www.artbizblog.com for 10 rules for pricing your art.

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