On the money: How to price your work
Episode 81 : How to price your work
For the next couple of months the Ask an Artist Team are taking a break from recording to concentrate on other things that need to be done: On-line teaching and book writing both have deadlines that cannot be put off! While they’re away they have selected some of their favourite episodes from the Ask an Artist archive.
This weeks' replay is our look at how to price your artwork. First released in January 2020
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.
Take Aways…
Take the time to understand your costs and do your pricing research, be consistent and have a plan for reviewing prices regularly.
This Podcast is sponsored by Michael Harding Colours. For more information about Michael’s colour range or to find a retailer near you, please visit www.michaelharding.co.uk
