Jan 24

Jan 24 On the money: How to price your work

Episode 16: Pricing your work - for what it’s worth…

You have produced a collection of artworks and the time has come for you to start selling them to the public. How do you decide where to pitch your pricing? Too low and you may not cover your costs, or you may be seen as too cheap and therefore not worth even looking at! Too high and you just won't find people prepared to pay. Peter and Laura talk in this episode about how the pricing of your work needs to develop over time, how you can approach the initial pricing based on what your peers are doing and also how a consistent policy on pricing will help you to avoid awkward situations.

In this episode Peter and Laura break all bounds of British decorum to talk about money and give advice about pricing your work. Grab a pencil and paper and get ready to do a few sums!

In this episode…

1. Be realistic about your level of experience and position in the artworld and look to your peers for guidance by checking how they are pricing work. Remember that your prices will increase as you grow in experience and reputation, that’s expected and welcomed by collectors.

2. Making prices up at random is a bad mistake; your prices must remain consistent wherever you sell, whether you are paying commission or not. Galleries, show organisers and clients will be very angry when they find your work is available at different prices and be sure they will find out. It will cost you dear in lost opportunities. Play the long game and be straight up about pricing.

3. Do the sums and price your work to cover your costs, remember that could include framing, commission and other sundries. Once you have prices decided, stick by your prices with confidence. If you are challenged, summon a sunny smile and a stock phrase. Laura’s ‘My collectors/stockists are happy with my pricing’ is a good one.

4. Charge a fair price and don’t be too cheap. Customers like to feel they are getting something of value and will respect your work more if you charge the market price. Overly cheap work will anger other artists and alienate your network. In addition, galleries and show organisers are unlikely to consider bothering with under-priced work.

5. Review your prices annually and take account of the current market. Your prices should increase as you progress, but if times are hard an increase may not be a good idea so be aware of the wider picture.