Earlier this month, I enjoyed presenting another set of Art Marketing Roundtables at Gilberti Fine Art in Coraopolis. “Pricing Your Art” was the topic. The main focus was on having a plan for pricing art, and how to come up with that plan.
Have a Plan for Pricing Your Art.
This advice seems to repeat itself in each roundtable event. Planning a consistent approach to pricing your work saves you time in the long run. You won’t have to stress or deliberate when you are ready to price a piece of artwork.
What Goes into that Plan?
There are different formulas used to price artwork. Some formulas covered included pricing by size, using an hourly rate and taking materials and overhead into account. We also reviewed research strategies that an artist can use to determine a good price range for their work.
Other Important Discussion
Other discussion points in the roundtable included how to add value to your work, when to raise prices and how to respond to requests for discounts on your work.
Pricing can be one of the toughest things for artists to figure out. It’s not an exact science and it can be tough for an artist to price work that they are attached to emotionally. The “right” price is going to be different for every artist, and the ultimate discussion came back to coming up with a strategy where your work is selling and you are making a profit on the work.
An artist can price work more confidently by coming up with a solid pricing strategy to use in their business.
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