Seven Rules for Pricing Your Artwork
There is a well-known Oscar Wilde quote that goes, "When bankers get together for dinner, they discuss art. When artists get together for dinner, they discuss money.”
As an artist, you understand the making part of your job like the back of your hand. You could probably paint blindfolded and come up with a decent-looking piece. You have spent thousands upon thousands of hours honing your craft. What we often struggle with is the part that comes after we put that last final touch on an artwork—pricing.
Pricing is awkward. Setting a price on something that is so deeply personal and doesn't have a set market value is even more awkward.
Especially at the start of your career, or if you don't have a nest egg to fall back on, you want (and need) to make sales, but you also don't want to sell yourself short.
So, how do you start setting the prices for your artwork so you can get the salary you deserve? If you don't have a consistent history of selling your art in a particular price range or in a particular market, follow these seven rules to get started.
Do your research on comparable artwork
Bless the internet, we now have access to a whole bunch of data that makes setting our prices a little easier. Put your research cap on and start looking for artists that have similar work to what you are currently producing.
How much do these artists charge for their work? Is there a pattern in this pricing?
Seeking out artists who have similar work will give you a better idea of what you can and should be charging. Make sure you are making an honest evaluation of your work and then comparing it to artists with a similar style, working in a similar medium, with a similar amount of experience, as well as selling within a similar geographical region.
Next time you are at a dinner party with your artist friends, lean into that stereotype of money-talking artists and pick the brains of your successful peers. Ask them how much they are selling their work for and why. Read More...
