If you’re an artist you’ll know the real battle is trying to work out how to price your art and make a profit. If you want to sell more and retain your fans, this article will help you to come up with a pricing strategy. Pricing art for profit is a complicated process, but with proper planning, you can set fair prices that ensure your artwork will sell.
1. Keep Track Of The Costs
When you’re ready to sell your art, the first thing you have to know is how much your time and materials were worth. It’s important to keep track of the costs when you create a piece of art. The first step is knowing what you have spent on the piece. This could be materials, canvases, and paint but also other expenses like adverts, framing, or postage.
Many artists don’t think of their time as a cost, but the truth is the cost of your time is one of your biggest expenses. As an artist, you especially need to remember to make sure you are always paid the true value of your time. You can’t afford to work for free. Your time is as valuable as any other commodity and it must be accounted for.
2. Research Prices Of Comparable Artists
While your pricing is ultimately up to you, it is good to have an idea of what other artists charge for their work so you can make a more informed decision. Research prices of comparable artists so you will know if you are charging close to the average amount. If someone charges three times as much for a similar drawing, it may be due to their experience or the quality of the materials used. Use these prices to get a realistic picture of what your paintings are worth and how you can charge fairly.
3. Keep Track Of Your Sales History
As with any business, it can be easy to forget who you’ve worked with and what they paid for your artwork. Start a list and keep it up-to-date, and it can be useful in the future for verifying prices and checking in on past clients. Keep track of your sales history so you always have available information about who buys your work, and how much they pay. Your comparable sales history helps you identify which pieces did best, allowing you to use this information to share with galleries and fairs when approaching them in the future.
4. Rethink Your Prices
The thing about pricing is that it’s not always set in stone. Depending on the market and/or how your body of work is developing, you might be comfortable raising the price. But before you do that, make sure there won’t be any issues with keeping pace with customer demand. Don’t be too modest; you deserve to get paid for your hard work. When you’ve proven yourself with a consistent track record, feel free to raise your prices.
In art, you are compensated for the use of your time and talent. Pricing can be challenging but is essential to know how much money you can make from your art. It is important to make sure you are selling your artwork for a profit to get your work out there. These factors will help you figure out if your prices are right for the market.