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Are you thinking about selling prints of your original art but are having a difficult time deciding on what you should charge? In this post, you will discover how to price art prints to sell and make a profit.
How To Price Art Prints – Online Art Marketing Strategies
Selling prints of your original artwork is one of the many ways you can increase your income as an artist.
Whether you are a full-time artist or a part-time artist, selling art prints is can be a profitable asset to your business.
For example, I sold one of my original graphite drawing 2 years ago for $700.00.
The amount of time it took me to complete the drawing was 40 hours.
The wages I made for this one drawing equals 17.5 an hour. This does not include the costs of creating the artwork.
I was able to increase the value of my time by offering prints of the drawing. Over the past 2 years, I have sold 192 prints of the original drawing that was sold.
The profit for each print was $12. The total amount of revenue I earned from the prints equals $2,304.
The value of my time for that one drawing is now $75.10 per hour.
You can easily see with my example that selling prints of your original art will increase the value of your time.
How do you decide what you are going to charge for your art prints?
This is a difficult question and the prices will depend on:
- How long you have been creating art
- How long you have been selling art
- Is your art available in Galleries
- Do you sell your art online
- Do you sell your art at craft shows
- How well you build a brand for your art business
- How effective is your art marketing strategies
I am going to outline some pricing strategies and break it down to the basics so you can have a better chance of pricing your artwork with confidence.
Know What Your Objectives Are
Before you can develop a pricing strategy that will be worth your time you need to have a clear understanding of what your objectives are.
- What are your original paintings or drawings worth?
- How much is your time worth?
How much would you like to make per week or month? For example, if you would like to generate $400 a month and the profit you make from one print is $5.00 you would have to sell 80 prints per month.
On the other hand, if your profit for each print is $10 you will only need to sell 40 prints per month.
- What would you like your hourly wages to be?
If you would like to make $20 an hour you would have to earn $800 dollars a week.
- How much time are you able to spend on marketing your art prints?
The only way you will become successful selling your artwork is if you take the time to learn how to market your art online and offline.
The bottom line is that the value of your brand reflects the value of your time.
You will be able to sell your art at higher prices when your art becomes higher in demand
- How much does it cost to have your art printed?
In order for you to make a profit, you need to know exactly how much it will cost per print and any other costs associated with the sale of your prints, for example, shipping and handling costs, marketing costs etc.
The formula for pricing your art is the cost of product + profit = sale price.
For example, if it costs you $10 per print including other fees associated with a sale and you would like to earn $5 you will have to charge $15 per print.
Cost or product – $10
Profit per print – $5
Selling price -$15
What Is My Art Worth
After you know what your objectives are you will need to take some time to research how much people are willing to spend on art that is created by artists similar to yours.
What should you be looking for?
- Search for artists who create art that is similar to yours.
- Search for artists you have been creating and selling art for as long as you have.
- Search for artists who have a similar following on social media platforms like Facebook, Instagram, Twitter, and Pinterest.
- Visit Etsy and see what the low, middle and high prices are for an art that is similar to yours.
The information you gather will be a good example of what people are willing to spend on your artwork.
Keep in mind that if you are just starting you might not be able to reach your hourly rate.
At first, you might only make a dollar or two off of each print. This not a bad thing.
The good news is that if you devote some time in learning how to build your artist brand and how to market your artwork you will be able to increase your prices over time. The harder you work at promoting your artwork the sooner you will be able to reach your goals.
Study The Outcome Of Your Efforts
There is a lot that goes into pricing art. Some people say it is as much of an art as it is a science.
Unfortunately, there is no simple answer on how to price giclee prints.
You will be able to make a better decision based off of the tips outlined above but you will still have to test the waters.
Decide on a price based off of the research you did and test it for a month or two.
Work hard at promoting your art prints to everyone during those couple of months.
Keep detailed notes on what marketing strategies you are implementing.
After one month review how many sales you landed and what affects your marketing strategies produced.
Revise your prices and your marketing strategies according to the data you gathered.
Keep in mind that there is no right or wrong way to price your art. As long as you are making a profit you are heading in the right direction.
Selling your art takes a lot of effort and hard work.
The more time you devote to learning how to be an expert at promoting and marketing your art business the more successful you will become.
Pricing your art is only one piece of the puzzle.
Have a clear vision of what your objectives are, research your competition and promote your work daily.
Before you know it you will be earing a decent hourly wage from your artwork.
How To Price Art Prints Overview:
- Know What Your Objectives Are
- Know What Your Art Is Worth
- Study The Outcome Of Your Efforts
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