Choosing The Right Price for Your Artwork: The Do’s and Don’ts
If creating and selling art is how you make your livelihood, then how you price your artwork can play a big role in your financial success. Whether you’re just starting or have already sold hundreds of artworks, finding the right price point can be tricky and difficult.
If the price of your art pieces is too low, you can miss out on the opportunity to make more money from buyers who would have been willing to spend much more on the art. If you price it too high, many buyers may forego your artwork for somebody else’s. Either way, you would make less money than you ought to.
So, how do you find the perfect spot between pricing too low and too high? Let’s look at a few do’s and don’ts for pricing your artwork to help you settle on the right price.
Do: Market Research Concerning the Selling Art Prices of Other Artworks
A little market research can go a long way. When coming up with selling prices for your artwork, it would be a very good idea to research what other artists similar to yourself are selling their artworks for. You want to look for artists that can be compared to you in that the artwork they produce might be in the same style as your artwork or in the same colors, mediums, and size range. Of course, it wouldn’t make sense to look at an artist making life-size sculptures if you are selling miniature drawings, for example. You can look for similar artists online or at local galleries and consider their pricing before setting your own.
Don’t: Charge Less Than What You Deserve
It is essential to have faith in yourself, your skill as an artist, and the value of your work. You don’t want to set such low prices that you settle for less than what you deserve and end up underselling yourself. Keep in mind how much time you spend on creating your art, how much your labour is worth, and the cost of the materials you use. You shouldn’t feel disappointed by the price you settle on, wondering if you should have charged more.
Do: Sell Your Work for The Same Price at Galleries and Online
It is a good idea to try and sell your artwork at both brick-and-mortar galleries as well as online galleries and art stores. If you’re selling your art at multiple avenues, you should stick to the same or similar pricing for all of those avenues. You can make small changes in pricing depending on how much you have to pay in commissions, but the general ballpark figures should be quite similar. This is very important because certain galleries can refuse to work with artists if they find that the artist is selling their work for lower prices online or from their own studios.
Don’t: Allow Your Emotions to Dictate Your Pricing
For most artists, the art they create holds great emotional value. However, it isn’t always wise to allow that emotional value to dictate how you price your art. While you may be very proud of a piece of art and consider it to hold a lot of emotional value for you, that emotional value should not necessarily translate into the monetary value you attach to it. Instead, the price of artwork should reflect its physical value and attributes.
Do: Consider Additional Costs When Deciding On a Price
The amount of time spent making a piece of art and the cost of the materials used are important factors that dictate that artwork’s price. However, there are quite a few additional costs that should be considered as well. Consider gallery commissions, online store membership fees, shipping costs, marketing costs, and other additional costs when coming up with a final price for your art.
Don’t: Let Anyone Undervalue Your Art
And finally, once you’ve settled on a selling price, don’t let anyone convince you to lower it or allow anyone to undervalue your art. It is important to be confident in your decision and not second-guess yourself. If you find that buyers are negging you for lower prices, stick by your decision and know that more buyers who actually appreciate the value of your art will come around.
Once you have done your research and settled on a price that you think is fair while still doing justice to all of your hard work and commitment to your artwork, stand confident in your decision! We’re sure that with these do’s and don’ts in mind, you’ll be able to perfectly price your artwork and earn the money you deserve from selling it.
Art Over the World – Unique and Handmade Art for Everyone to Buy
If you are interested in selling your art online, Art Over the World might be the perfect platform for you to use! Art Over the World is an online art store based out of Nieuw-Dordrecht, Netherlands. At Art over the World, we sell handmade art in various categories, such as drawings, paintings, NFTs, sculptures, textile arts, digital art, and more. We also offer a shop-in-shop feature, where an artist can make their shop for their artworks as a part of our website.
With over 33 million buyers from across the world buying artworks from Art Over the World, become a vendor now and sell your art online with us. You’re just one step away from making a living through your art!
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