Are you a newbie artist who is struggling to price his/her artwork? Our team is here to provide you a detailed art pricing guide.
Pricing an original artwork is one of the most intricate tasks that every artist faces. It becomes even more difficult when the artist starts to work with art galleries.
To kick start the art business, artists usually get carried away with their emotions. Sometimes they tend to price the artwork more to impress the audience, to make it seem more valuable. But that’s not the case always.
So here is the art pricing guide which will help each artist out there. There is no perfect formula for pricing your originals. So, it is always recommended to put in place reliable pricing methods.
Following is the art pricing guide that one must always consider.
- Plan in advance.
You never know when someone might approach you to ask for the artwork’s price. To avoid the last minute thoughts, always make sure that you have set a fixed price. By setting a fixed price you won’t fright when put on the spot. If someone asks you about the price, they are already considering it. If someone negotiates, take your time to consider the worth of your artwork.
- Pricing should be fair.
So now you know you will be hosting an exhibition, you need to fix the price of the artwork. You need to consider all the materials that are used while creating your masterpiece. Do not forget the time you have invested right from planning to the final strokes. While creating an artwork, an artist should always keep a track of the expenses. The utilities, material costs, framing, studio expenses and the transportation; everything needs to be kept in mind. If you are someone who is relying on the art galleries or agents, make sure that you keep your commission.
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- Start with a good number.
Do not start on very low zeros because some people can think you don’t have much confidence. Use your common sense. Also, don’t start on huge digits. A high number can knock off the potential buyers. Make sure that you are doing justice to your art and you don’t suffer the loss. Never forget that creating art is a skill and that’s your superpower.
- Price the paintings based on the comparables.
You need to set the prices like the artists who have same mediums and the same kind of experience comparisons on means considering the factors like materials, mediums, dimensions, and the achievements of the artist. By making sure of the comparables, you are helping them in the evaluation of the artwork. You should also visit the fellow artist’s exhibitions and also get in touch with the art agents. This way you will learn and will have a diverse perspective.
- The higher the demand, the more the price.
Yes, you read it right. You do not need to be afraid to augment the costs, if the demand is high. Raise the prices slowly. Remember you don’t need to alienate the audience (potential buyers).
- Size of the artwork.
There is no such theory that if the painting is small in size, then you need to quote less price. This is the rule that most of you follow. Small sized artwork doesn’t mean less work. You should only be aware of the size of the artwork while deciding the price.
- Discounts and negotiation.
It’s not always necessary to re articulate the pricing structure. If you feel you should give discounts to a particular customer, then you can. Also, don’t forget that some pieces of art are priceless and it is not mandatory to sell them. You can display those masterpieces at your own personal display.
Deciding the price of the artwork is always hard. But like they say, there is no right answer when it comes to art.
Be confident and make art more often. We hope you liked this art pricing guide. Let us know in the comment section below, if you have more tips for art pricing.
Also, read: How to Exhibit Art?