How to Price Your Artwork
One of the most frequently asked questions, particularly for newer artists, is how to price their works.
We’ll give some helpful industry-standard answers below, but on a more personal level, the top 4 tips we recommend are:
Don’t look at your finished artwork as an artist; strive for objectivity. Imagine you’ve got a blank wall or space in your home and you’re looking for just the right artwork for it.
Don’t project your own financial situation into your pricing, especially if you’re struggling.
For whatever you come up with, add 5%.
Don’t forget that you’re not locked in to a price forever! You can always change your pricing of unsold works later.
As a creator, it’s easy attached to your own internal meaning and energy with each piece and not look at it objectively. To set pricing you feel great about, place yourself in someone else’s shoes.
Try placing your finished artwork in a prominent spot in your home (or studio), or a room where it will be one of the first things you see when you walk in. Then leave for a while.
Imagine (in a purposeful way, not quickly) that you’re a person where money is not an issue. (If you’re already in that financial space, great! This exercise will be easier for you.) When you come back, think “what would I pay to have that?” and tune into that first instinct. Remember, money’s not an issue in this scenario.
The first instinct answer is usually more than you were originally thinking. But stick with it and avoid creeping doubtful thoughts like “… but who would pay that much?”
Standard Factors
Here are a number of industry-standard factors to consider when pricing your artwork, including:
Your time and materials: How much time and money did you invest in creating the piece? This includes the cost of your materials, as well as the value of your time.
Your experience and reputation: More experienced artists with a good reputation can typically charge higher prices for their work.
The size and medium of your work: Larger works and works created in more expensive mediums, such as oil on canvas, typically command higher prices.
The demand for your work: If there is a high demand for your work, you can charge higher prices.
The location where you are selling your work: Artwork typically sells for more in major art markets than in smaller towns.
PRICING STRATEGIES
Cost-based pricing: This strategy involves calculating the cost of creating the piece, including the cost of materials and your time, and then adding a markup. A typical markup for artwork is 50-100%.
Market-based pricing: This strategy involves researching how much other artists with a similar level of experience and reputation are charging for their work. You can use this information to set your prices competitively.
Demand-based pricing: This strategy involves setting your prices based on the demand for your work. If there is a high demand for your work, you can charge higher prices.
Value-based pricing: This strategy involves setting your prices based on the perceived value of your work to the buyer. For example, if you are selling a piece of artwork that is commissioned by a specific client, you may be able to charge a higher price than if you were selling the same piece to a general buyer.
It’s important to note that there is no one-size-fits-all approach to pricing artwork. The best way to price your work is to consider all of the factors listed above.
ADDITIONAL TIPS
Start with lower prices and increase your prices as your reputation grows.
Offer discounts for multiple purchases.
Be willing to negotiate on price with serious buyers.
Be consistent with your pricing. Don't charge different prices for similar works of art.
Review your prices regularly and make adjustments as needed.
