One of the hardest responsibilities you’ll ever have as an artist, is to price your artwork. After all, how can you put a price on a piece of art that you’ve poured your heart and soul into? To find out how to objectively price your artwork, simply continue reading.
7 tips on fairly pricing your artwork:
- Take the size of each individual piece into account
Generally, the larger the piece of art you’re looking to sell, the more expensive it should be. As an example, if you price a small A4 sized painting at $500, a painting which is double the size, should be able to fetch $1000. After all, larger pieces take far longer to create than smaller pieces.
- Take your materials into account
Some fledgling artists mistakenly set their prices too low. Not only should the price of your piece, cover your material costs such as paints and canvas but you should also be fairly compensated for all the hours of hard work, that you’ve put into a piece of art. After all, whilst you may create art because you’re passionate about expressing yourself creatively, even artists have bills to pay.
- Take the selling prices of your previous works, into account
Look at your sales over the past six months. What was the average price of the pieces that you should. This figure should give you a fair idea of the minimum price point, which you should sell your art for.
- Consider talking to an art curator
An art curator may be able to give you an objective view on how much you should charge for your recent pieces. After all art curators and directors have studied countless art pieces and should have a fair idea of how much potential customers may be willing to pay for your work.
- Take a look at how similar artists have priced their work
If you’ve been lucky enough to have your art featured in an exhibition, you may want to look up the names of the artists whose work surrounded your paintings. If an artist who specializes in the same style or art, who has a similar reputation in the art community, regularly sells their medium sized paintings for $1,500, you should also expect to be able to sell your art for $1,500.
- Have a go at selling your artwork online
The best way to find out the market worth of your art is to experiment with selling your artwork online at a site like Artquisite. Why not list your first painting for 80% of your target price. If your painting sells, consider upping your price by 10-20%. If you struggle to sell your painting, consider dropping your paintings price by 15%, to see whether or not it sells.
- As you make a name for yourself, remember to reevaluate your prices
Whilst $1000 for one of your paintings may be a fair price today, if you start to build a reputation for yourself you may want to reevaluate your prices. After all, a more established artist will always be able to ask a higher price for their art, than a fledging artist.