You created an incredible piece of art, made your masterpiece, and now you want to sell it, but you don’t know how to price it. How to price your art? What should you take in consideration? How do you know you’re not underpricing or overpricing?
Read below for some valuable tips that will help you become a pro on pricing your own artworks without having to depend on anyone else to do it for you.
Pricing art is one of the biggest pains and concerns when it comes to creating art. So many artists email me and ask me, can you price my art? And yes, this is a service that we provide at ArtTour International.
But you don’t have to hire us for this service if you know how to do it yourself. But, of course, it’s a lot easier to say, okay, I’m going to pay somebody and get it done with. But the fee can add up if you’re creating a lot of artworks frequently.
And I’ll tell you a secret. No one knows how much to charge as you do. Yep, yep. Because only you know how much you spend on materials or how much you got paid in the past.
So if you don’t price your art, chances are that if you give it blindly to somebody else, they might not get the correct pricing, or you’ll get standard pricing because this person will do research in the market and compare you to other artists.
So here are a few tips to get you started.
- Do your research. Yep. It is essential to know what other artists are charging for similar work. This will give you a good starting point for setting your prices. It will also help you find a fair market value and avoid underpricing your work.
- Overpricing? This is my belief; there is never overpricing. You can always charge whatever price you want to set for your art. But it’s always good to research the market to be competitive.
- Consider your costs. Ensure your price covers all your expenses, including materials, time, and shipping. I have a price pricing calculator. If you DM me, I’ll send it to you for free. My pricing calculator helps you calculate your time in the studio (because you need to put a price tag on your time), and it also includes all expenses for the materials. You don’t want to be underselling yourself. Make sure you make a profit; If you don’t make a profit, you can not go on. As simple as that. You won’t have a successful business if you’re only covering your costs. Remember, it’s not about just making a living or barely making it; you need to make a profit so that you thrive. Because when you thrive, you’re happy, inspired, and have more freedom to create new artworks and invest in your business.
- Listen to your clients. If you have a piece that is in high demand and goes well with the current trend, you can charge more for it. I would say that if you have artwork that you see that your collectors are loving, why not? You can up the price because the more the demand, the better chances you will be selling it, but also, the more you will need to create, so you’ll have less time.
- Believe in yourself, price with confidence. I believe that if you want to be successful, you need to price your work correctly. But to price your work properly, you must value yourself and your art. Ultimately it boils down to having the confidence needed to price your artworks correctly without fear. If you constantly compare yourself to other artists, that value will go up and down. You’ll always find people charging more, others charging a lot less. So do not compare yourself to anyone.
Value your work, your creativity, the time you put into creating your art value, and the years of commitment you have put into your career; all of it together makes a beautiful package of priceless experience and mastery.
Value your connection to this universe that is inspiring you to create that piece of art that is unique. It’s so special that it is priceless.
So make sure to value your work and yourself so much that you can go with that mentality. Price your art from your point of magnificence and the appreciation of the great gift of creating art.
Photo courtesy of Christy Chor, Artist of 2022 Summer Issue.
BONUS TIP: UP AGAIN. When you think your price is correct, up your price again. Why not charge what you’re worth? And why not charge more? First, think about the fair price and then go up from there. Very often, we tend to underprice.
If you want to learn more about pricing your art, send me a message on Instagram at @arttourinternational, and I’ll send you the pricing calculator and more helpful information.
Until next time. Go pricing, and don’t forget: Stay inspired!
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