The Art of Pricing: How to Sell Your Work Without Selling Yourself Short
Olga Geoghegan, Reclining Life Model, Mixed Media
Pricing your artwork appropriately is crucial for emerging artists aiming to establish themselves in the art market. Here's a concise guide to help you navigate this process:
1. Understand Your Market Position
Assess Your Experience: As an emerging artist, it's important to set realistic prices. For instance, asking for $25,000 for a painting might be over the top. Prices can go up, but they should never go down. Be consistent, be realistic and be humble.
2. Calculate Based on Size and Materials
Use a Consistent Formula: In the early days, many artists price their work by the square inch or centimeter as a starting place. Determine a base rate that covers your time, materials, and desire profit.
3. Research Comparable Artists
Analyze Similar Works: Look at what other emerging artists with similar styles and experience levels are charging. This can provide a benchmark and ensure your prices are competitive. This means comparing their CV, reviewing their latest solo shows and evaluating the level of success from those shows.
4. Maintain Consistency
Avoid Arbitrary Pricing: Ensure your pricing is consistent across all platforms and galleries. Inconsistent pricing can confuse potential buyers and undermine your credibility. Make sure to consider when selling directly, you should be charging the same price the gallery would be selling it for, some artists small discounts but other damage their market buy selling at a rate that harms gallery interest.
5. Be Confident in Your Pricing
Stand Firm: Once you've set a price, present it confidently. Avoid undervaluing your work, as low-pricing often signifies that the artist doesn’t have confidence in their work and you should account for possible discounts to qualified collectors.
6. Review and Adjust Periodically
Adapt to Your Growth: As your reputation and demand grow, be prepared to adjust your prices accordingly. Review your pricing strategy annually, keep a spreadsheet for each year so you can track ensures it reflects your current standing in the art world.