Pricing

Pricing Your Art - Be Realistic

Published: May 2, 2023         Updated: September 7, 2023

So, you need to put a price tag on your art and wonder what is a fair place to start? This is one of the most important, maybe the most challenging and perplexing topics for artists. And its a subject that is so frustrating that it keeps some artists frozen and they may not even get out of the studio.

 

Photo: Donna Liguria

Some thoughts run through your head when you are getting your start in art that include...

• What is someone willing to pay for my art?
• I am doing this for fun so why should I worry about making money from my art?
• I must make a living / or supplement my income with my art!
• Art is expensive, so how many zeros do I add?
  

We have to be realistic when pricing art

I'm of the school of thought to giving yourself a reasonable hourly wage plus all (and I do mean ALL) cost of materials per piece of artwork no matter where you are in your art journey. But there are (of course) always other considerations that have to be understood as well.

So the real questions to be able to answer are:

• How much time did you spend making your art? Consider: actual time spent
  
• What did it cost you to create that piece of art? Consider: art supplies and studio space costs
  
• What is your art experience level? Consider: amateur/hobbyist, beginner, intermediate, professional, or established artist
  
• Where will you be selling your art? Consider: location - city/state, art shows/galleries, online, commissions
  

The difference factor is that as a beginning artist, your hourly wage will be much lower than the professional artist that has been creating (AND SELLING) art for years. That is common sense. Location may be another factor to consider as well.

The example would be that a student or beginner artist, no matter his or her age would be making less money per artwork than the more experienced artists. 

Another example is a New York City artist compared to a remote country artist that is only showing locally. 

What do you do when:

• Are you selling out of your artwork or is your house filling up with it?
• Should you put your artwork on sale?
• Should commissions be more?
• When do you raise your prices?

These are your starting research points and guidelines when you are pricing your work. Did I say, be realistic? Keep that in mind.

• Research Comparables
• Find art similar to your style, subject, size, and medium by artists with similar experience as you. Especially if they are and have been SELLING their art.
• Pay Yourself First
• What is a reasonable hourly wage for yourself, taking into consideration your learning curve when developing your work? Something that could have taken a few hours or less for a more experienced artist to a beginner artist reworking and tweaking a technique to their satisfaction can add a lot of time to a piece - that may not translate very well to what you charge for it.
  
• Consistency in Pricing
• Whether you are showing in a gallery and/or from your website or at an art show, the art pieces shouldn't have an extreme fluctuation in prices.
  
• Business vs Emotion 
• If the plan is to sell it, it is a product. If you have a soft-spot in your art for a particular piece, just keep it rather than up-price it above other pieces. Otherwise, you might be asked to explain what's going on with your prices. Potential red flag...
  
• Original Uniqueness
• Developing original art that is truly "outside the box" is usually -or can- ask a higher price point. Everyone especially art gallery folks is looking for something different. Different when done well -can be- good. This also falls into the category of find your target audience and who your potential buyers are.
  
• Multiple Price Points
• Have art work that is affordable for lower as well as bigger budgets. Some inventory might be reserved to submit to the galleries (including the commission costs) and kept separate from other lower to mid-range pieces selected for your own art shows and low(er) commissions. 
• Learn what price points usually sell at the place you want to display. Why enter a $2000 artwork into an art show that typically sells small work or items under $200?
  
• How Much is This One?
• Are you hiding your prices so that someone has to ask? This could throw a red flag to some viewers.
  
• Think Long Term
• Your prices will build over time especially as your successes and style perfects. In other words, if you are selling out, start raising those prices. If you are sitting on a house full of art, are you actually out there trying to sell it or are your prices too high right now?
• Your time spent on your artwork will hopefully tighten up as well once you conquer your techniques. 
• Buy your art materials on sale whenever possible to increase profits.
  

Showing in art galleries and within art groups, you must also add that cost of the commission and entry fee into said show. Some art groups may charge as little as 10 to 20% of your price. The larger and more prominent the gallery, the higher that percentage goes up. Locally, we have seen 30% but in other locations, it could be 50% or higher. Now we can see why some art IS and MUST BE more expensive, yes?

Side Note: Another professional suggestion to look into is creating your art labels for the back of your art pieces. These usually adhere to the frame, canvas, print packaging, etc and are cleaner looking. All of your artist contact info is on the label(s) and the info about your work, including Title, Year, Medium and Price. This will help when moving that piece from show to show - and keeping that price consistent. Many art shows and galleries may print out the label that is viewed by the visitor, but on the back - you want the buyer AND the seller to know it was YOU that created it!

What are your tips and comments about Pricing? I would LOVE to hear your thoughts as well.

Reference Blog Posts

Pricing Your Artwork https://artistryspin.blogspot.com/2022/02/post-115-pricing-your-artwork.html

Fear of Putting a Price on Your Art https://artistryspin.blogspot.com/2022/07/post-fear-of-putting-price-on-your-art.html

Art Commissions https://artistryspin.blogspot.com/2021/10/post-48-request-for-commission-for-your.html

Author: Donna Liguria
An artist member of PWAS in Woodbridge, VA and Artistry Spin Blog Admin, specializing in acrylic painting. She paints landscapes, seascapes, animals and many subjects. Visit her Website at DonnaLiguriaArt.com, Donna's Etsy site and her Blog at Donna’s Cave Paintings.