Pricing your artwork can seem like a daunting task when you first start trying to sell your work. One of the most commonly asked questions by up-and-coming Artists is 'how much should I be charging for my artwork?'. Afterall, nobody wants to overcharge for their work and end up scaring away potential customers. On the other hand, our artwork is our passion and hours of heart and soul are poured into each piece of art. Nobody wants to practically give away their work! Pricing your art is never black and white, but there are several things that you need to consider before you put your artwork up for sale.
RESEARCH, RESEARCH, RESEARCH!
It's important to know where your artwork fits into the art market. Spend time researching comparable work by Artists of a similar calibre. How much are similar Artists charging? Is there anything similar to your artwork already being sold? Try to be objective when considering your own work and how it compares to others'. Once you have a general idea of how much artwork like yours sells for, you'll find it easier to start calculating how much to charge.
HOW LONG DID IT TAKE TO CREATE?
This doesn't necessarily mean how long between the start and finish of your work. Be honest with yourself; cut out the coffee breaks and writers' block, trips to the store to get more art supplies and brain breaks. How long did the art actually take to create? Once you have worked out how long the artwork has taken to complete, give yourself a fair hourly rate , plus the expenses of art supplies.
SET A PRICE AND STICK TO IT!
Once you have set your price, stick to it! If you think that your artwork is worth a certain price, don't let anybody talk you out of it. Lowering your prices for some but not others can not only devalue your work, but can also give off the wrong impression to customers about your professionalism. If you notice that more people are questioning your prices than are buying your artwork, it's probably time to reconsider how much you're charging.
RAISE YOUR PRICES AT THE RIGHT TIME
Once your artwork starts to sell, it is natural to start to reconsider your pricing. At this point, it is a mistake to raise your prices dramatically. This can be particularly damaging to relationships that you have built up with loyal customers over time. If, after 6 months of selling regularly, you decide to raise your prices, it is important to do this gradually.