Pricing ones own art work has always been a challenge.  I have tried different methods over the years with varying degrees of success. Below are ten things to keep in mind when deciding on pricing.

  1. Your sales history is important.  Do you already have a strong following and sales record at a certain price point?
  2. The market you are selling your work. If you are selling exclusively in a small town in Kansas your prices may be dictated by the local economy. But, if you are selling online you will have a different demographic to consider.
  3. Awards and/or achievements can also effect the price, particularly the more prestigious.
  4. How much you are needing/wanting to make is also a factor to consider. Do you want to make $1000 a month selling one or two pieces? Or do you need to do a number of smaller pieces for the bottom line?
  5. How much time will you be devoting to working in the studio and on sales?
  6. Overhead is important. What does it cost you to create your work in supplies, travel etc…
  7. What is the competition for similar work?
  8. Is there a strong demand for your work? Maybe it is time for a price increase?
  9. How long does it take you to create your work? Take into consideration research and the business side of things as well as time in front of the easel.
  10. Your financial goals are important. Do you want to be making $10,00o in sales this year? $50,000 in five?

For me I have found it is a balancing act, and needs to be constantly tweaked and adjusted to meet my needs. But, don’t tweak and adjust it on too much of a whim. Your customers need to know what to expect.

 

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