Pricing your originals appropriately is critical to selling your work, obviously! As a selling master, artist, you should be prepared to explain how and why you have arrived at your prices. Therefore, a great way to think about pricing will be to adopt consistent, fact-based pricing principles and methods.
If you’re new to the market, the following are some basic pricing principles and methods for you to consider when getting started.
Price your art based on comparable prices. Set prices similar to those of other artists with similar experience and working in similar environments. When comparing your work to others, consider factors such as size, medium, materials, and artists' accomplishments such as prizes, exhibitions, press, etc., As these will be relevant to pricing. Also, when comparing prices, always consider art that has been sold, not art that has not yet been sold.
A common practice for new artists is to establish prices based on time, labor, and the cost of materials. Set yourself a reasonable hourly wage, multiply that by the number of hours it took to make the work and add that figure to the cost of your materials. For example, if the cost of materials is $50, your hourly rate is $20, and you spent 20 hours creating your art, then your work would be priced at ($50 x 2) + ($20 x 20) = $500.
If you are selling one work in multiple channels e.g. brick and mortar galleries, other online marketplaces or a personal artist website or social media account, make sure its price is consistent everywhere.
Similarly, be consistent about pricing items within your portfolio - for example, your larger items should be consistently priced higher than your smaller items. A consistent pattern should be established by yourself when selecting pricing.
If someone likes your work but can't afford a $3,000 painting, they will find a $500 painting more attainable.
You can always increase your prices after you have made some sales and have factual evidence to justify a price increase. Keep records of all your sales and the prices at which you've sold items. Remember that it's much better to competitively price and sell your items now to gain exposure (increasing your prices in the future) than to have your items sit unsold.
If your artwork sells, the cost of packaging the artwork for shipping is the responsibility of the artist. The cost of packaging materials should also be factored into the price of your artwork. Please read our packaging guidelines to review the required packaging materials in the event that your artwork sells.
Oversized Works
Important note, for larger, oversized artworks that require a wooden crate, you may require professional crating services, these services may cost up to $500 USD or more depending on the complexity of your artwork. We highly suggest that you first research your total crating costs, and then factor these costs in when pricing your artworks. Estimating your crating cost can be done by calling to receive quotes from packing services or woodworkers local to you or searching online.
Another way to get started with selling and pricing works is to set your prices similar to those of other masters, artists with similar experience and who work in similar mediums.
When comparing your items to others, consider factors such as dimensions, medium, materials, and the shop' achievements such as prizes, exhibitions, fairs, press, etc., as these will have a bearing on pricing.
Important for comparison, always consider items that has sold, not items that has not yet sold.
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