Pricing art can be a challenge when you are first starting to sell your art. In the beginning, you do not have anything to reference back to and you do not know what people are willing to pay for the art you create. In this post, I am going to share with you 7 art pricing rules to stick with so you can make better decisions and eventually enhance your profit margin.
By the end of this post, you will know…
- Art Pricing Formula
- Consistent Pricing
- Maintain Consistent Prices On All Platforms
- How To Price Art Prints
- Market Value
- When Should You Increase Your Prices
- Do Not Negotiate Art Prices
- Art Pricing Guide
Art Pricing Rules To Stick With
One of the biggest struggles I faced when I started selling my art online over 16 years ago was deciding what I should charge for my artwork.
I had a marketing background but it was not involving artwork.
So when I decided to start selling my artwork online I did not know what the best pricing strategy would be.
I lived in a small town where there were no art galleries and I was not familiar with any craft shows.
Trying to decide what I should charge for my art seemed to be impossible.
So I took a few days and started doing some research online.
Most of my competition at that time was selling their artwork on eBay and that is where I got my start.
As I started coming across other artists who were creating similar art, I took note of their asking prices.
I also took into consideration how long they have been selling art online and the quality of their work, the size of their artwork and what medium they used to create the artwork.
After I had a general idea of what people were willing to spend I began to create a pricing strategy.
I encourage you to do the same thing.
Take the time to look for other artists who are selling similar artwork.
Visit eBay, Etsy, Pinterest and do a search on Google to find other artists selling online.
Another great way to find artists is by visiting Facebook groups for artists.
For more information on Facebook groups for artists visit Visit Facebook Groups for Artists – Increase Brand Visibility.
Take note of how long they have been selling their art online and what their asking prices are.
Find out where they are promoting their art and record how large their following is on social media platforms.
Gather as much information as you can.
I recommend creating a spreadsheet so it will be easier for you to review.
7 Art Pricing Rules
Now that you have started following your fellow artists and have an idea of what people are willing to spend for art that is similar to your work let’s go over some art pricing rules you will want to stick with throughout your online art business career.
Art Pricing Formula
There are several different pricing formulas you can decide to use when you are developing a pricing strategy.
Some artists price by square inch while other artists price their artwork based off of how long it takes them to complete a project.
There is no right or wrong way to go about it.
The only thing you will want to do is pick an art pricing formula that will compliment your goals and stick with it across every piece of art you create throughout your art career.
For more detailed information on art pricing formulas download Art Pricing Guide – How to Price Art to Sell eBook today.
If you are still having a difficult time finding the best prices for your artwork you might want to consider trying the Art Pricing Calculator App.
The art Pricing Calculator is a free app that will estimate the price of your artwork. Use this as a guide, not a magic formula.
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Consistent Pricing
A common mistake I see many artists do when they start selling their art online is constantly changing their prices.
This strategy does not only hurt the artist but it also affects other artists selling online.
There is nothing that can tarnish your artist brand faster than changing your prices every month.
You might not believe this but people will take notice and when they do they will start to question your business morals or the quality of your work.
How frustrated would you be if you spent $100 on something to only find that the same item is being sold for $45 the next day?
Retail stores understand how frustrating price fluctuations are for the shopper.
That is why most retail stores will honor sale prices for a couple of days after a sale ends.
I understand why an artist might change their prices frequently in the beginning.
They become impatient.
They expect their art will sell the same day they publish it.
When their art does not sell immediately they start to question their prices, the quality of their artwork and the subject they are creating.
For more information on this topic visit Art That Sells – What Artists Need to Know.
More often than not, the pricing or the quality of the art does not have an impact on sales (as long as you are pricing your art according to the market value) it has to do with how you are marketing and promoting your art.
Instead of lowering your prices for a quick sale, take the time to learn how to build brand awareness.
Related Posts:
- 7 Effective Social Media Tips for Growing Your Artist Brand
- 3 Easy Tips to Help Artists Build Their Brand Online
- How to Build Your Art Brand with Facebook Video
- How to Build Brand Awareness By Commenting on Blogs
- How to Grow Your Artist Brand with Twitter
- Build Brand Awareness With Your Signature – Artist Branding Tips
After you have learned how to market your artwork and people are purchasing faster than you can create it you will want to start contemplating when you should start increasing your prices.
For tips on how to increase your art prices visit How You Can Increase Art Selling Prices.
Maintain Consistent Prices On All Platforms
Another mistake I see artists make is that their prices are not the same on different platforms.
They will promote a piece of art on Facebook for a specific price and on their website, they will be selling the same piece for a different price.
This can happen easily if you are selling prints on multiple POD (print on demand) services.
This strategy does not work and it will only confuse your audience.
Create a price chart for all of your prices so you can easily reference what your prices are.
This will allow you to be accurate promoting your artwork on all platforms.
The prices of your art should also be the same online and offline.
If you sell your art at craft shows or in art galleries make sure the prices are consistent with your website’s prices.
Grab your Competitor Price Check List Printable Planner today and start logging your prices.
This art pricing chart printable will make it easy for you to keep track of your art prices os you can be consistent on all platforms you art selling on.
Documenting and organizing your pricing strategy will help you to stay consistent with your prices which will increase your profit margin.
Pricing Giclee Art Prints
Selling prints of your original artwork is a great way for you to supplement your income.
Develop a pricing strategy for your prints and stick with it.
The prices of your prints should be a percentage lower than your original artwork.
However, you do not want to underprice your prints. Selling your prints at a low price will only lower the value of your artwork.
If you are selling prints on multiple POD sites make sure that the prices are consistent.
Your art pricing printable will help you stay on target with your pricing strategy.
Related Post – How To Price Art Prints
Market Value
It is essential for your art business, not to price your artwork to low.
If you price your art too low will lower the value of your brand.
Once you are known for selling original art at low prices it will become very difficult to raise your prices in the future.
People will be expecting a bargain.
This concept is often difficult for artists who are just starting their careers.
Your time and skills have value, price your work accordingly.
Creating art is not cheap. You have to include the costs of your art supplies, studio space and include an hourly wage.
The average hourly wage for fine artists according to the US Dept. of labor is around $25.
Use this as a guide when you are pricing your artwork and keep accurate records on how long it takes you to complete each project.
Research the market and see what other artists with a similar skill level and style are charging.
Take note of how long they have been selling art online and how large their audience is.
The market will show you what people are willing to spend for your style of artwork.
Your price range should compliment the market value.
When Should You Increase Your Prices
Most jobs increase a person’s salary as their skills improve.
As an artist, you should also be able to increase your prices when your artistic skills improve and the value of your brand increases.
Here are a couple of common ways established artists increase their prices.
Some artists increase their prices if their art is selling very quickly.
If you notice that you are selling your art just days after the paint has dried it might be a good time to increase your prices.
Other artists including me have found success in increasing prices yearly.
Decide on what will work best for your goals and stay consistent.
Related Post – How You Can Increase Art Selling Prices
Do Not Negotiate Art Prices
There will be times when people will ask for a special price or offer to pay you less than what you are asking for.
For some reason, people think that purchasing artwork is like going to a car dealer.
They feel like they have the right to talk the artist down with their prices.
I guess they do have the right to ask for a lower price, but you also have the right to decline it.
The more times you reduce your prices for a sale the harder it will become to sell your art for the asking price.
Stay firm with your prices, do not negotiate. If someone really wants to purchase your art they will pay what you are asking.
A business’s main objective is to make a profit not to lose money. Your time is valuable so stay firm with your prices.
If you want to promote a sale that is your prerogative. Just make sure that it is on your terms, not the buyer’s terms.
Art Pricing Guide
There is so much to think about when it comes to pricing your art. The bottom line is that you want to sell your art and you want to make a profit.
The first couple of years will be a learning experience for you and you will probably be making less than what you deserve until you start making a name for yourself.
Building an online presence takes time and a lot of hard work.
Stay patent, work hard and continue to learn how to become an expert at selling your artwork.
Follow these art pricing rules and in time you will be able to charge more for your work.
Related Resources:
- How Creating a Pricing Chart for Your Art will Increase Profits
- Art Pricing Guide – How to Price Art to Sell
- How to Price Art – Ultimate Art Pricing Guide
- Pricing Artwork – Best Practices
Final Thoughts On Art Pricing Rules
It is a very exciting time for you. I can still remember the first piece of art I should. I think I was doing the happy dance for days.
There is a lot of learning you will be doing throughout your journey so be patient and open-minded.
Believe in yourself and your artwork and do not stop trying.
Refer to these art pricing rules every time you price your artwork.
7 Art Pricing Rules To Stick With Overview:
- Art Pricing Formula
- Consistent Pricing
- Maintain Consistent Prices On All Platforms
- How To Price Art Prints
- Market Value
- When Should You Increase Your Prices
- Do Not Negotiate Art Prices
- Art Pricing Guide
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How You Can Increase Art Selling Prices
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