Knowing how to price your art can be one of the biggest challenges artists face. There’s no one-size-fits-all formula, and it often involves some trial and error to find the right pricing strategy. Don’t be afraid to experiment and adjust your prices over time to see what works best.
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Overpricing vs Underpricing
Many artists are afraid of overpricing their work, but you may be surprised by how much collectors are willing to pay if you increase your prices. At the same time, underpricing your art devalues your work and makes it difficult to support yourself.
Basic Pricing Structure For Art
As a baseline, many suggest calculating your hourly rate based on how long it took to create the piece, plus the cost of materials. However, there are several other important factors to consider when it comes to figuring out your value.
Other Factors That Impact How To Price Your Art…
Education Level
If you have an undergraduate or graduate degree in art, then you can typically charge more than self-taught artists. After all, you invested your time and money into gaining such qualifications, so your customers are likely to be willing to pay a premium for the skills you gained as a result.
Years of Experience
The longer you’ve been a practicing artist, the more you can charge for your work. Just as with any industry, if you’re perceived to be an expert at what you do – which often comes with experience over time – then you can and should charge more for this insight.
Exhibition History
Have you shown your art at major galleries or fairs? The calibre of exhibitions you’ve participated in can raise your prices. Look at what other exhibiting artists charge when you are at group shows or art fairs – this should help guide your own pricing in relation to the wider market.
Number of Sales
If you produce fewer original pieces each year, you’ll need to charge more per artwork to meet your financial goals. Adjust accordingly.
For example, if you’re only able to produce a handful of large-scale works in a single year, then you will need to charge more for those pieces than if you could make and sell hundreds of smaller artworks in the same period.
Original vs Print
There’s a big difference in pricing for original works vs prints. Limited edition prints can be priced higher than open editions due to scarcity. As a rule of thumb, if you sell a limited edition print for £X, then the original should be priced around 20X for a run of 20 prints.
Keep It Simple
At the end of the day, the simplest way to price your work is to consider your financial needs, what comparable artists charge, and what your typical collector is willing to pay. Break it down into manageable parts.
Maintaining flexibility in your pricing strategy is key, as you may need to make adjustments based on market demand, changes in material costs, or shifts in your artistic output over time. After all, if your work is sitting in the studio gathering dust and someone makes a reasonable offer, then you might not want to get too hung up on a few quid here and there!
By weighing the various factors listed above, you can make informed decisions on effectively pricing your artwork. It may take some adjusting, but you’ll eventually find the pricing sweet spot. Consistently re-evaluating your prices ensures you’re staying competitive while maximizing the value of your creative work.
And, best of all, as a Cosimo member, you can sign up and use our data-driven pricing calculator for FREE. This tool leverages real market data to provide tailored pricing recommendations based on your specific circumstances.
