Sunday, March 28, 2010
Pricing your Art
Pricing your Art
Just yesterday a friend asked me how one should go about pricing one's own artwork. By the hour, by dimension, or by what you feel in your gut? I once worked out a pricing chart based on time, dimensions and added on the cost of framing. I even constructed a chart based on frame prices, which go by dimension and the quality of the frame. But is this a realistic way to price art, using a cut and dried "time x dollar amount + expense" formula?
Of course you can take into account factors such as cost of materials, whether your final piece is large or highly detailed. Experience, skill level, whether you're well know in your field should all be considered.
In addition, demand plays a role, though just because you don't sell a lot of work doesn't mean it's because of the price tag. Your art or style might appeal to fewer buyers, or the economy could be bad, or it could simply be the luck of the draw. People buy art that appeals to them and a few extra dollars probably won't sway a client who loves a particular piece. In any case, you don't want to drop your price to bargain basement lows in order to catch a sale.
Consistency of price is also important, especially if you sell your art through galleries who take a markup. So scout around and see what prices are being put on art in your area. Check out art on the Internet, too, just to get an overall picture.
I take all of these factors into account, and I write the price I think it's worth (which is not necessarily the price at which it should be marked) on a piece of paper. I then hang the art in the hallway and stick the price next to it and over the following few days, every time I walk past it I compare the price tag to the art. Does it seem reasonable to me? Would I regret it if it sold for that small amount? Or do I simply want to sell it and create something better for the next show? I may write out another price for comparison.
There is no right or wrong way to price, but in the end it has to be something you're comfortable with. How do you price your work?
~~Looking forward to hearing from you….Geraldine