In my former life as a gallery director the number one question I was asked was “how should I price my work?” Pricing your artwork is so tricky, and it can really be a vulnerable and scary process. Now that I’m more on the “artist” rather than the “gallery director” side of things I have personal experience with it and want to share my knowledge with you.
What Goes Into Pricing Art?
There are several factors you need to take into consideration when your pricing your work; some are easier than others. How long did it take you to make it? How much did your materials cost? Is there a commission you will owe when you make your sale? (these are the easy ones) How many weeks/years did it take to develop this idea? Who is your target audience? (these ones are slightly harder) Over the next few weeks I’m going to walk you through what I know about all of these factors and what I’ve learned over the years. Keep in mind that this is just what works for me. You might find that a different system works better for you and that’s ok!
Setting Your Price Window
At the end of the day some people will think your work is overpriced, and some will think it’s underpriced. Set a “price window” that you are comfortable with. The lowest price point should be the least you would need to be able to part with a piece. The highest should be your goal price or the price that in an ideal world you would receive for it. If you are just starting out, start at the lowest price point and as you make more sales work your way up. It’s important, though, not to just keep hiking your prices for the heck of it. Once your reach your “goal price” stay there, and every once in a while (I like to do this annually) reassess your pricing window. This will result in intentional pricing with both you and your audience will appreciate.