Nevue Fine Art and Marketing

How To Price Your Artwork

Are you excited about starting to sell your art online? Are you having a difficult time pricing your artwork? In this article discover how to price your artwork for better sales.

How To Price Your Artwork




 

You have decided it is the right time for you to start selling your art. You have dreamed about selling art for many years but you felt your art was not good enough to sell. You worked on enhancing your artistic skills so one day you will be able to start living your dreams.

That day has come. You are confident with your artwork and you want to start selling your art online.

The question is, “How much is your art worth?”

Many artists struggle with pricing their artwork. They have an emotion with their work so they believe that their prices should be higher. If their work is not selling, they will get discouraged and think that their work is not good enough to sell. Some artists will drastically change their prices from week to week, trying to land a sale.

While there is no set rule on how to price your artwork, there are two main objectives every artist wants.

I will share some strategies that will make the pricing dilemma less painful for you.

 

Calculate Your Costs

How to price your art?

This is a common question from young artists wanting to start their art career.

Before you can start to answer how to price your art, you need to plan.

It is an exciting time when you first decide to sell your artwork. I see many artists make the same mistake. They price their art without planning or researching.

Do yourself a favor and gather all the information you need prior to pricing your art and making it available to the public.

The first thing you will want to do is calculate the cost of the materials you are using.

Materials cost more for an oil painter than a graphite artist.

Do you paint on canvas or wood?

Do you use oils paints or acrylics?

Do you use graphite or colored pencils?

It does not matter what medium you are using or if you purchase in bulk. You want to have an estimate of how much your materials cost. Your art should never sell for less than the cost of your materials.

 

How Much is Your Time Worth?

Of course, every artist wants to be paid fairly for their time.

The question is, “How much is your time worth when you are first starting out?”

Just like any career, a person’s value increases with more experience. As an artist, you will need to build brand awareness before you can start charging higher amounts.

Don’t overvalue yourself at first. As your reputation grows, your prices will increase.

The first step is to learn how to promote your art so it will sell.

When you have decided how much your time is valued at, multiply your hourly wage by the number of hours it takes you to complete a project plus the cost of the materials.

For example, if the costs of your materials are $75.00 and it took you 10 hours to complete at $20/hour, your starting price will be $275.00.

Before you go and start pricing your art, there are more factors you will want to be aware of.

 

Size

Size matter when it comes to pricing.

Keep in mind that when it is all said and done the person who will determine how much your art is worth will be the buyer.

If you create assorted sizes you will want to be consistent with your pricing scale.

Smaller pieces should cost less than large pieces. The cost of the materials and the time spent creating smaller pieces of art should be less than larger art. Your pricing should reflect the difference.

You might also find that your hourly wage will be different for the assorted sizes you offer.

For example, your smaller pieces of art might sell for $100.00 while your larger pieces sell for $175.00. The time spent on the larger pieces and the cost of the materials might lower your hourly wage. This will all change the more popular you become.

 

Be Realistic 

The opportunity for artists to sell their art online has made it easy to start and maintain a prosperous business.

The internet has also made it easy for you to research what your competition is charging for their work.

When you are pricing your work, keep in mind:

Your price should be based on the questions above.

 

Be Consistent 

There are so many places available on the web for artists to sell their original art and prints. Do not make the same mistake that I see many artists make. Keep the prices consistent on all of the platforms you are selling on. If you find it difficult keeping up with the prices, you might want to consider selling on fewer platforms.

There is nothing more confusing to a buyer than seeing the same piece of art with different prices. The art will lose its value to the customer. Keep a list of your prices and be consistent on your website, blog, and social media sites. If you are going to change the prices or hold a sale, apply the changes to all of the sites that the art is showcased.




Research Competition

Research artists that have a similar experience as you. Figure out the average price they are selling their artwork for. That will give you a good starting point of where your pricing should be.

Start by searching for similar original art on Etsy and Pinterest.

If you are selling prints of your original artwork, go to Fine Art America or other similar POD sites and research what artists are pricing for prints.

Keep track of any artists you find online that are at the same skill level as you are. Write down their name, website, artist blog, and social media platforms they are on. These people are your competition and you will want to keep a close eye on them.

If you see that they are increasing their prices, ask yourself, “Why?” Decide if that time is good for you to increase your prices as well.

Keep track of how many followers they have on social media. If they have a larger amount than you do, ask yourself, “What can I do better to increase my following?”

Keep an eye on their blog.

Understanding what other artists are doing will not only help you with your pricing but you will also learn how to market your art more efficiently. Do not copy them, just learn from them. Ask yourself, “How can I do that better?”  You do not have to be perfect at marketing to sell your art online. You just have to be better than your competition.

 

High Prices

Many new artists price their art too high and get frustrated that their art is not selling. One reason they might not be selling any art is that their website is not generating enough traffic. The second reason is that they have not built their brand up enough for buyers to justify the high costs.

Another mistake that young artists will make is that they will drastically lower their prices because they need a sale. If prices are too low, the buyers will question the value of the art.

If you are looking for a quick sale put your art on special for a limited time. Showcase the regular price, the sale price and the date when the sale will end. This creates a sense of urgency. If someone likes what they see they will probably purchase it right then and there because of the sale price. Everyone likes to save money.

Share the special on your social media sites and send an email to your email list. Let everyone know about the special that you are holding.




When To Increase The Prices

Some artists will increase their prices if the economy and their sales are up. They have a set percentage that they will use to raise their prices. Keep in mind that you will not want to raise the prices too high at once. If you do, you will have a greater chance of losing the following that you have built.

Your buyers will understand a 10% or 15% increase and will probably still purchase more of your art if they love your style and the quality that you offer.

If you notice that you cannot keep up with the demand, you might want to consider increasing your prices. Increase them in small increments to find the sweet spot.

If you notice that you are not selling any art, you might want to consider lowering your prices or promote a sale. Again lower your prices in small increments.

 

The Art Price Calculator

The Art Price Calculator makes calculating your art a breeze. If you are not good at math, this might be a helpful tool for you.

All you have to do is add some simple details and the Art Price Calculator will provide you with thousands of real-world examples.

You will receive an average price based on the specifics you specified.

This is a great tool for any artist selling art. You might not want to price your art according to their suggestions but it will be a great tool to help you decide on your prices.

 

Art Marketing

It doesn’t matter how good your art is or how you price your art, if no one knows you have art for sale, no one will buy it. If you are just starting to sell your art online visit Sell Art Online Startup to help get you started. You will learn everything you will need to know to help you build a solid online art marketing plan.

Be sure to sign-up for my free newsletter. I will send you up-to-date marketing information to help you build your online art business.

The most successful artists are the ones who know the business inside and out. Keep in mind they all started where you are now, not knowing anything. Stay motivated and keep focused on your dreams. Strive to learn something new every day.

Conclusion:

How to price your artwork is not a black and white question. There are many variables that will affect your pricing.

Take the time to research the market to determine an average price range that you should use for your artwork. The value of your art is nothing if no one is willing to purchase it. Price your artwork to sell.

As you build your brand, your artwork will become more valuable, and you will be able to charge more. Until then be patient, create the best work you can, and build your name and brand.

Take the time to learn how to become an art marketing expert. Your art business counts on it.

 

You might also be interested in:

 

Do you need help starting and building your art business? I would love to help and coach you through your journey. Start off with the FREE course “How to Write Goals.”

Visit Nevue Fine Art Marketing Courses. Courses are being added monthly.

 

 

Are you struggling with time management? Do you have a winning mindset that will help you achieve your goals? Do you have goals?

 

 

My eBook The Productive Artist How to Live Your Dreams will help you to have a winning mindset, increase your time management skills and have you write goals that you will achieve. Available at Amazon.

 

 

 

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