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 to increase art selling prices.
“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
~ Benjamin Franklin
Increase Art Selling Prices
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?
There are ways you can increase art selling prices without losing sales or damaging your brand’s reputation by playing ping-pong with your prices.
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.
- 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.
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 ways to 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
As you can see there are many ways you can supplement your income with jobs that relate to art.
Today I would like to focus on the best strategy for increasing your art prices.
The first step you will want to take is setting goals you would like to achieve.
What do you think your artwork is worth?
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 increasing your art prices, you must first have a clear picture of what your end game is.
Write down what you think your artwork and time is worth.
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 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 for 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 down 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 plays 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, the brand’s reputation 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.
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
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By Dave Nevue
The right mindset and time management skills are essential for any business. These topics are often not talked about but are key elements for your success. You will learn how to have a winning mindset and time management skills necessary for operating a successful art business.
Graphite Drawing by Dave Nevue