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.
- Your sales history is important. Do you already have a strong following and sales record at a certain price point?
- 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.
- Awards and/or achievements can also effect the price, particularly the more prestigious.
- 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?
- How much time will you be devoting to working in the studio and on sales?
- Overhead is important. What does it cost you to create your work in supplies, travel etc…
- What is the competition for similar work?
- Is there a strong demand for your work? Maybe it is time for a price increase?
- 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.
- 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.