“What should I price my art at?”
I get asked this question a lot - and honestly, I am no one to tell you what you should price your creations at. Pricing your artwork can be a daunting task and it’s essential to find the right balance between valuing your time and creativity while also making your work affordable to potential buyers.
I know that when I first started pricing my work I felt quite overwhelmed - I knew all the time and effort and love I put into my pieces but others didn’t necessarily know this just by looking at my work.
I worried about whether or not people would think I was way off the mark with my art pricing and at the same time I worried about undervaluing it. I wanted to make my mark {particularly in the NFT space when I first entered in} and I didn’t want to scare people off, there were a million what if’s that were running through my head and I am sure that you have a million questions running through yours too - so I’m here to make it a bit easier on you.
So, what factors should you consider when setting the price of your artwork?
Here are some essential things to keep in mind:
RESEARCH SIMILAR ARTWORK:
Before pricing your art, it’s super important to research the market value of similar work. You can do this by looking at similar pieces by other artists and seeing what it is they charge. Check social media, art marketplaces (like Etsy for instance), and galleries to find artists with similar styles, mediums, subjects or aesthetics. By analyzing and comparing the information that you gather, you can look for patterns and factors that may affect pricing, such as an artists reputation or exhibition history.
CONSIDER MATERIAL COSTS & TIME:
Ensure you’re charging enough to cover your costs for materials and the time it takes to create your pieces, you can do this by keeping track of receipts or create an expense list. If you charge too little, you run the risk of not being able to cover your costs, leading to resentment or burnout towards what you do. But charging too much can also turn potential customers away and make your work seem overpriced. So, balance is super important. Factor this in, along with comparing pricing to others, to ensure that your pricing is fair and reasonable.
FACTOR IN EXPERIENCE:
You kinda gotta factor experience in to your pricing as well. Your reputation can add value to your work and make it more desirable for collectors and buyers. If you’re an established artist with a long history of successful shows, awards, recognition, etc., then you might be able to charge more for your work than someone who just started out.
BE REALISTIC:
Be realistic about what people are willing to pay. If your prices are too high, you’ll probably struggle making sales. It’s understandable that you want to make a profit, but if you’re setting prices that are too high, that can be a barrier to making sales and building a customer base. You shouldn’t just research the market but also your target audience. If selling to a niche market, you might be able to charge higher prices than if you’re selling to a more general audience.
DIFFERENT PRICE POINTS:
This is actually a great idea; consider offering different price points by offering a range of pieces that can make it more accessible to a wide range of buyers. For example, offer limited edition prints at a lower price than originals. When you offer a range of prices, you can cater to buyers with different budgets and increase the likelihood of making sales.
BE CONFIDENT:
Remember that your work has value, and you deserve to be compensated for your time, effort, and talent. By being confident in your pricing and the quality of your art, you can help communicate the value of your work to potential buyers and increase the likelihood of making sales. You really need to separate your personal worth from the pricing of your work. Another way to build confidence is to focus on the quality of your art and the value it offers to buyers.
In conclusion, pricing your artwork can definitely be challenging, but by considering these points that I shared with you, you can set fair and reasonable prices that reflect the value of your work. Remember to be confident, do your research, and offer different price points to cater to a range of buyers. By looking into these steps, you can increase the possibility of making sales and building a customer base that values your work.
A unique piece of advice that piqued my interest was to sell your art at different price points. It seems simple, but it makes a lot of sense. It gives people the opportunity to "sample" your art with lower risk, then when they fall in love, they can move to a more extravagant piece at a higher price!