Pricing your Original Art

The $64,000,000 question!

It's a question asked by every artist, emerging or experienced... "How do I figure out how to price my originals??

I am not an art valuer so when you ask me how much you should sell a piece for I will give you a personal opinion based on my experiences only, not as someone who values art for a living. If you want that, find that person! My opinion on price is based on how it compares to the reproductions you will be selling. 

The bottom line when pricing your art is that you are entitled to make a profit and you must be happy with the profit you make. If your art is your sole source of income then the profit you make must be able to sustain the lifestyle you want to live.

Your attitude to your pricing affects your ability to sell your work, regardless of the price you put on it. You must believe in your heart that the price you are asking is fair and worthy of the art. 

Pricing Methods

• $$$ per square inch
• $$$ per lineal inch
• Get it valued by an experienced valuer
• Hourly rate
• Pick a figure, double it and add 10%
• Listen to a lot of other broke artists about how tough it is to sell $200 paintings and only charge $100 because you don't want to stand out but still want to sell something... even if it cost you $150 to produce! (Don't laugh, this happens)

Whatever method you use, make sure all your costs are covered - substrate, paint, copywork, GST, electricity, rates, car expenses, phone, insurance and all those other incidentals required to LIVE! Even if you aren't "In Business" you still pay for all these things, why not let you art help cover some costs.

The three "P"s of pricing your art

PREPARED - Don't beat around the bush, mumble or offer excuses - know your price and be able to offer it as soon as requested. Write it on the back of the artwork if you can't remember it - Something in writing has more power than something verbal. 

PROUD - Be proud of your work - you've put your heart and sole into this piece and you've actually offered it for sale - would you do that if it were rubbish? You might look at it and think "I'm not 100% happy with this so I'll price it lower" - sure, you could do that but then you need to decide what percentage makes something unsellable... 80%, 50%? Do you base your prices on how you feel about the art? "Oh this piece is only 40% of my usual standard, I'll sell it at 40% of my usual price" NO! Either it's worthy of being offered for sale or it isn't. If it is, charge the same rate so as not to confuse buyers - do you think they want to know they've bought a 40%'er?

POSITIVE - Be confident in the fact that you've arrived at this particular price because of where you are in your career and where you want to be and your art is worth it. You've worked hard to create this piece and the price is based on your place in the art world and the value you place on yourself.

Provide a quality product 

Getting a good price for your art is more than just picking a number - it all starts with the products you choose to work with and how you explain to your potential clients the value of those products.

Consider this, you are a watercolour artist and you do a painting on 80gsm photocopy paper using a $2.00 paint set from Woolies and another similar painting on 640gsm Arches Cotton Rag using Winsor and Newton. If the art is the same, the value has to be different doesn't it? Who wants a flimsy bit of paper that will fall apart in a few years? Sure the cost of the quality product is much higher but so then will be the retail price and your confidence  in it when selling it.

For example, our Metal Mount product is really popular. Do you know that the Ultra Gloss laminate we use is 3x the price of the next similar product but the difference in quality and consistency is worth so much more to us because we have less problems with it.

Buying cheap canvas stretcher frames that warp 10 minutes after you paint on them will decrease your ability to charge higher prices. People recognise quality when they see it so don't jeopardize a sale because you saved a few dollars on your stretcher.

Finish the edges of your canvases, showing random drips and smudges on the side does nothing for the appearance of your work - paint the side in a complimentary colour so it looks finished!

See How to Make your Art Worth More for more ways to improve the value of your art.

It's the Same Price Whoever Sells it

Your integrity is on show here - if your price for an original varies from hanging in a gallery to being purchased direct from you or an online site, the buyers get confused and will either walk away or hunt for an even better deal. Your gallery will stop selling your work if it finds potential clients visit them, then buy it online cheaper or worse, come direct to you and you sell it less the gallery commission. Be consistent - same price everywhere!

Raise Your Prices Every Year

In order to maintain a level of income, you must increase your prices regularly because all your other costs go up. Make a note in your diary for the same time each year to review your prices and decide what percentage they should go up. Important point here - THEY NEVER GO DOWN!

If you aim for a minimum of 5% increase but take into account how your work may have improved, new outlets you've opened, new styles you've created - look at your whole business and then decide if 5% is enough.