Pricing your Art
What was the first artwork you sold, how much was it?
Seeing your first sale decades later floods you with guilt that you took money for it. Keep in mind that the goal is to gradually raise (and never lower) your prices as your artistic skill improves and your artistic knowledge grows. Start low to begin with. The best painting you’ve done so far won’t be your best for very long. Initially you want to generate interest in your work. As you improve and get recognition through awards and exposure, reasonable price increases are expected and justified.
What is the biggest mistake you have made when pricing an artwork?
Getting attached emotionally to your work can make you lose sight of the professional image you must present. The more you paint, the more you establish your style and improve on it. Don’t overvalue a painting because it’s your beloved pet, or a first place award winner. Consider an artist who has two paintings for sale. Both are 16 x 20, framed similarly, even similar subject matter. One is $650 and one is $1000. The only statement you are making is “I feel this one is a far better painting than the other, but I still want to get money from someone for the one that is not as good. I am inconsistent as a painter and everyone isn’t getting my best effort.” That award was a subjective bonus and just keep your pet if you so hate to part with it.
How would you describe your current pricing structure?
Pricing your work per square inch (psi) will make an artist appear consistent, fair and objective about the quality of the work being presented. Some painters can offer canvases without frames but pastel artists must incur the additional cost of careful framing for all works. While pricing artwork I must consider the actual cost of the framing so my psi pricing includes this.
What considerations do you make when setting your pricing?
Your improved skill over the years reflects your experience, your relationship with other artists and the art world, and your technical knowledge. These things usually influence your understanding of a reasonable pricing structure as well. Certainly, the regularity of your sales will tell you whether or not to consider moving your prices upward. In addition to framing costs, the Gallery fee, which can be as high as 50%, must also be considered. You should remember that the prices you set for the gallery are the prices you will sell your work for in all other places. Inconsistent pricing is unprofessional. It is also a mistake to lower your prices. If any of your buyers find that they paid more than others are paying now, your reputation will suffer and you will lose clients.
Do you publish your artwork prices openly online? Why / why not?
I believe the prices of artwork should be displayed if sales are your goal. Many artist’s sites ask viewers to contact them for the prices. Can we guess the percentage of these people that will never do this? This is an intimidating feature. By not displaying your prices, an artist can seem rather embarrassed and uncertain of the value they have placed on their work and could be missing sales because online shoppers don’t want to send their personal information (name and email address) just to find out whether this artist’s is even affordable. Your confidence in the value of your work will be picked up by potential buyers.
Did earning your AFCA / SFCA with the Federation affect your pricing? Why / why not?
By the time you are applying for a SFCA status, you should be considering yourself as a serious artist with goals of galleries and exhibitions that probably have already been realized to some degree. Achieving SFCA status is a confirmation of your artistic skills and support your validity as a serious artist but doesn’t make you a better artist at the moment it happens. Your method of pricing should probably not change abruptly or without notice. Any Signature status you garner will surely validate a regulated and reasonable price increase but not necessary be the cause of it.
-Excerpts from 2017 FCA blog