Do you feel you should be earning more money from your artwork? Have you been thinking about raising your art prices? In this post, you will discover when and how you can increase art selling prices so you do not scare off your following.
“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
~ Benjamin Franklin
How You Can Increase Art Selling Prices
Disclaimer: Please note that some of the links on this post are affiliate links and will be clearly marked as so. I will earn a small commission when you purchase a product or service from an affiliate link at no extra cost to you which helps with the costs of operating Nevue Fine Art Marketing. I will only recommend products I have used, found helpful to my business and are companies I trust.
Do you feel like you are playing ping-pong with your art prices?
Do you feel like your artwork is worth more than what people are willing to spend?
Does your art sales decline every time you raise your prices?
Many artists struggle with developing an art pricing strategy when they are first starting to sell their artwork online.
When their art is not selling, they start to question the quality of their art, their pricing and the subjects they are creating.
In most cases, it is the art marketing strategy that is failing not the quality of the art or the pricing.
What Determines Your Art Prices
“The highest estimated price that a buyer would pay and a seller would accept for an item in an open and competitive market.”
What determines the price of your artwork?
There are many factors that will determine what people will be willing to pay for your art.
Common factors that will affect your art pricing:
- How long have you been creating art?
- How long have you been selling art?
- What medium do you use?
- What sizes do you offer?
- How does the quality of your work compare to the similar competition?
- What prices do your competitors have?
- How large is your following?
- How large is their following?
- Where do they sell their art?
- What are the prices in the same demographic area?
- What is the yearly income of your audience?
- What is the average age of your audience?
The most important factor is the market value of the style of art you are creating.
What are people willing to spend for your style of art?
Basic Pricing Strategy Rules
All businesses have one thing in common.
They are all in business to make a profit.
It does not matter if they are selling physical products, digital products or services. Making a profit is the main priority for any business.
What are the basic rules for pricing?
- The price must cover the cost of creating the product.
- The price must cost of the facility used to create the product.
- The price must cover the cost of marketing the product.
- The price must cover the profit margin determined by the owner.
- An effective way to lower prices is to lower costs.
- The price is affected by the market value, what people are willing to spend on the product being sold.
- The price is affected by the competition’s prices.
Developing a pricing strategy takes a lot of thought. Artists who just wing it and pull a price out of thin air are not only hurting themselves but they are also affecting the pricing strategy all of the other artists selling their artwork.
Learning how to price artwork for beginners starts with understanding the basic rules for pricing.
When To Increase Art Selling Prices
Everyone gets excited when they receive a raise or a bonus from their job.
Unfortunately, artists can not give themselves a raise but there are some ways you can earn extra money.
How can artists generate extra income?
Here are some ways to supplement your income being an artist:
- Build brand awareness
- Build a loyal following
- Increase art sales
- Increase prices
- Decrease cost
- Sell prints
- Sell digital products
- Provide services like teaching classes or teaching private lessons
- Monetize your artist blog
- Monetize your YouTube channel
Increase Art Selling Prices Strategy
There are many ways you can generate extra income from your crafts but most of them require you to put in extra hours.
That is fine if you have the extra time to do so, but how can you increase the worth of the artwork you are already creating?
Below are the strategies I have taken to increase the value of my brand over the past 16 years.
The first step is to sit down and write your goals.
I know you have probably heard me say this multiple times in the past, but yes writing goals are important to the success of your business.
If you do not know where you are going you will never get there.
Goals Help Us Believe In Ourselves. Setting goals for yourself is a way to fuel your ambition. Goal setting isn’t just about creating a plan for your life and holding yourself accountable, it’s also about giving us the inspiration necessary to aim for things we never thought possible. (Source: KeepInspiring.Me)
Your unique goals will have multiple layers and will be constantly changing as your art business grows.
The goals that you write today will help you to make better decisions for the future.
Here are some questions to help get you started with your pricing goals:
How much are you selling your art for now?
What is the profit margin for art you sell know?
The profit is calculated by taking the selling price and subtracting the cost of creating and promoting the product.
Selling price – $100.00
Supplies – $15.00
Promoting costs – $10.00
Profit = $75.00
How much are you making hourly?
- 10 hours to complete a painting
- Cost of supplies – $25.00
- Selling price – $100.00
- Profit – $75.00
- You are earning $7.50 per hour.
What do you think your artwork is worth?
How much would you like to sell your art for in six months?
How much would you like to sell your art for in one year?
How much would you like to sell your art for in 2 years?
How much would you like to sell your art for in five or ten years from now?
How much would you have to sell your art for to reach your art business goals?
These questions are straightforward and often overlooked when artists are developing their pricing strategy.
If you want to be successful in increasing your art prices, you must first have a clear picture of what your end game is.
To help you write actionable goals you can achieve visit:
Research The Market
The value of your artwork is determined by the market.
Your audience determines the value of your artwork, not you.
The price someone is willing to pay for your artwork determines the value of the creation.
The good news is that the value of your art will increase over time as long as you are productive in building your brand.
How can you find out what people are willing to spend on art?
Researching what other artists are charging for their artwork will help you to figure out what people are willing to spend on original art.
The first step is to search for similar art online.
The next step is to create a spreadsheet of your competition and include a URL to the site they are selling their art. You will also want to write their prices.
The list you create will not only help you to determine the market value of similar art but you can also keep an eye on when they are increasing their sales.
Value Of Your Brand
Now that you have your pricing goals written down and a list of your competitor’s prices you will want to develop a strategy that will have you achieve your goals.
Patience, planning, and discipline are the tools you will need to achieve your pricing goals.
To start with, the value of your art is not only determined by the market but also the value of your brand.
Your brand’s reputation will either increase or decrease the value of your artwork.
Let’s use Nike for example.
The average price range for Nike sneakers at the time of me writing this post is $100.00 and up.
Why are people spending over $100 for a pair of sneakers?
The quality of the sneaker will play an important factor but more often than not people are buying the brand.
Nike has worked hard to build up the value of their brand so they can charge $100.00 for their products.
Back in 1973 Nike sneakers sold for $22.90. In just shy of 40 years they have increased their average price by over 330%.
The quality of the sneaker does not only reflect the increase in value, but the brand’s reputation also plays an important role.
When you are first starting out, you will want to discover what price people are willing to purchase your art for. The price will be lower than the artists you have researched.
Once you have decided on a price for your art, work on building a loyal following and brand awareness.
Assess Pricing Yearly
At the end of every year assess the outcome of your art business.
How many new people joined your email list?
How many new followers joined your social media accounts?
How many people are visiting your blog monthly?
How many sales did you generate and at what price?
What is the current market value of similar art?
Answering these questions will help you to make a wise decision about increasing your prices for the next year.
Art Pricing Chart
What Should be included in the Price Chart:
- Price based on the size of the art
- Price based on the material used (for example the price will go up if you offer a frame)
- Price of commissioned work (calculate how long it will take to complete a project)
- Price of prints (if you offer prints of your artwork)
- Workshops (Based on travel time and time spent with students)
- One on One classes (Based on travel time, cost of materials, and time spent with students)
This art pricing chart printable will make it easy for you to keep track of your art prices.
Print an art pricing chart for each variable and put the printables in a binder for easy access.
Documenting and organizing your pricing strategy will help you to stay consistent with your prices which will increase your profit margin.
Download your Art Pricing Printable today.
There is no one answer for when to increase art selling prices. Everyone will have a different situation. The most important factor is how much profit you are bringing in.
If something is not working the way that you have planned, change it.
Use the strategies outlined above to make a wise decision on when to increase art selling prices.
Other ways you can increase your net income:
- Sell smaller pieces of art that will attract a different audience
- Sell prints of your art
- Sell greeting cards with your artwork
How You Can Increase Art Selling Prices Overview:
- What Determines Your Art Prices
- Best Pricing Strategy Rules
- When To Increase Art Selling Prices
- Increase Art Selling Prices Strategy
- Setting Goals
- Research The Market
- Value Of Your Brand
- Assess Pricing Yearly