Pricing is one of the most critical aspects of your art business, and it comes with its fair share of challenges and emotional weight. With over three decades in the gallery business and having founded Xanadu Gallery in 2001, I’ve worked with countless artists and observed the various ways they approach pricing their work. Through these experiences, I’ve identified key mistakes and developed strategies to help artists price their art more effectively.
Introduction
Pricing your artwork correctly can be a daunting task. It’s an emotional process, deeply intertwined with your attachment to each piece, and it often feels like navigating a maze. Yet, getting it right is crucial for your success. Drawing from my years of experience, I’m here to share actionable insights that will help you tackle this complex issue head-on.
Common Pricing Mistakes and How to Avoid Them
1. Pricing Emotionally
One of the most frequent mistakes artists make is pricing their artwork based on emotional attachment. This often manifests in two ways: overpricing works they feel particularly proud of and underpricing those they struggled with. However, it’s crucial to remember that buyers don’t share the same emotional journey.
To avoid this pitfall, develop a consistent pricing formula that removes subjective feelings from the equation. This formula should be based on objective criteria such as size, medium, and complexity, allowing you to present a cohesive pricing structure to your potential buyers.
2. Inconsistent Pricing
Inconsistencies in pricing can confuse potential buyers and erode their trust in your brand. Whether it’s due to varying levels of emotional investment or differing amounts of time spent on each piece, inconsistent pricing sends mixed messages.
To combat this, establish a clear, objective formula for pricing your work. Many two-dimensional artists use a per-square-inch formula, sometimes with a sliding scale for different sizes. Sculptors might base their prices on production costs with a consistent multiplier. The key is to develop a formula that can be applied universally across your portfolio.
3. Ignoring the Broader Market
Many artists fail to research how similar works are priced in the broader market, leading to prices that are out of alignment with what buyers expect. This can result in either undervaluing or overvaluing your work.
Spend time conducting market research to understand the pricing landscape for your genre and medium. Look at other artists’ websites, gallery listings, and art shows, both locally and internationally. This will help you set prices that are competitive and realistic.
4. Lacking Confidence in Pricing
Self-doubt can lead to underpricing, which not only undervalues your work but also sends a message to buyers that your art is less established or of lower quality. This is particularly challenging for emerging artists who might feel they haven’t yet earned the right to higher prices.
Building confidence in your pricing comes from thorough market research and understanding that the value of art is somewhat subjective. By setting prices that reflect the quality and uniqueness of your work, you position yourself for greater success and growth in the market.
Developing Your Pricing Formula
Creating a pricing formula involves a few key steps:
- Research Comparable Artists: Identify artists whose work is similar to yours in style, medium, and complexity. Analyze their pricing structures to understand where your work might fit in the market.
- Calculate Per Square Inch/Linear Inch Prices: For two-dimensional works, a common method is to calculate prices based on the size of the artwork. This can be done per square inch or linear inch, depending on what aligns better with your body of work.
- Consider Production Costs for Sculptures: If you’re a sculptor, your pricing might start with the cost of materials and production, adding a consistent multiplier to account for your time and effort.
- Adjust for Market and Venue: Your pricing should also reflect the venues in which you plan to sell. Higher-end galleries and art shows might support higher prices than local co-ops or small markets.
Conclusion
Pricing your artwork effectively is an ongoing process that requires research, consistency, and confidence. By avoiding emotional pricing, ensuring consistency, understanding the broader market, and building confidence in your pricing, you can position yourself for greater success.
Remember, your pricing should reflect the quality and uniqueness of your work and align with market expectations and the venues where you showcase your art. By developing a clear, objective pricing formula, you’ll be better equipped to navigate the art market and achieve sustainable growth.
Share your questions and thoughts in the comments below. Your insights and experiences can help create a richer discussion around this important topic.