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7 Must-know Rules for Pricing Your Artwork

Making art for a living is an incredible opportunity to live life doing something that you love. The life of every artist is a different path of self-discovery that involves the creative expression of their talent for the world to enjoy. Art is something that makes us human, and it offers a unique perspective on our lives and what we experience around us. 

Since the production of art depends on the talent of the artist only, the pricing has no guidelines except the insight of the artist. If the price of the artwork is too low, it will not be enough for the artist to sustain and be disrespectful to the beautiful creation on offer. If the price is too high, then the artwork may not get as much demand for making a sale, which can be harmful to the reputation of the artist, and they might not be getting any revenue from it. 

The question in the minds of every artist is how much they should charge for their work. Art stirs the person on an emotional level, and so it is not possible to be analytical in the pricing as it may touch every person on a different level. This article brings you the seven must-know rules for pricing your artwork. 

1. Expenditure on Producing Artwork

The first thing you have to do is calculate the capital cost of producing the artwork, which includes the price of art provisions. The offline or online marketplaces where you sell the artwork will also charge a commission for their services. If you are making the art as part for a client who commissions you for the work, ensure that you keep a complete record of the materials you use and the time you spend on the project. 

If you are overworking and not getting a fair remittance for your work, there is a good chance that you will experience burnout. You can self evaluate your expertise and put a fair price for your work. Ultimately, you will need to sustain yourself on the work that you create for continuing to live as an artist. 

2. Research Your Competition

You will need to research your competition to get an idea of the pricing you can put for your work. With the advent of the internet, researching anything is easier than ever before, and that includes art. You will get an idea of the hourly rates, and the selling price of other artists and the buyers looking out for art will compare your work with similar artists before making the decision. 

There are several criteria that you can use to compare your art with that of another artist for getting a reasonable price. Some of them are the originality of the art, quality, reputation, size, medium, and material. You can charge a higher rate than your competitor if your art is better than your competitor in more number of categories. 

3. Avoid Fluctuating On Pricing

You must try to be consistent with your pricing for all artworks over time. You can raise the price after you are sure that the demand for your artwork is sufficient to warrant the continuous sale of your work. However, you should not lower your price after raising it on an earlier occasion as it will give a bad impression. You should also be consistent in pricing your work across all mediums. 

4. Maintain Transparency Regarding Pricing

You must maintain transparency regarding the pricing of your art when you are thinking about how to price your art. Being upfront in your pricing improves the sales of your work and makes customers more trustworthy of your integrity while buying the artwork. 

5. Avoid Getting Personal

You must not get too personal with your customers as it can affect the pricing of your work. Your customers will try to bargain with you to get discounts, which will undermine the right remuneration for your work and waste your time. You may provide a small discount of 10 or 15 percent at the most, and this will show your goodwill while not compromising the value of your work. 

6. Rounding Off The Price

Rounding off the price of your artwork and avoiding any commas or dots between the figure will make the cost more marketable. According to research, rounding off the price will make it easier for the brain to process and aids the customer in making the decision easier. The customer decides to purchase the art on an emotional basis, and complex pricing figures can distract them from completing the purchase. 

7. Avoid Emotions

You can not increase the price of a particular piece of artwork just because you like it more. It is also not possible to justify a higher price of the artwork to a prospective client on the back of emotions. If you have sentimental value for any of your work, consider keeping it with you as a personal collection. 

Conclusion

The process of the creation of art is an internal process that requires a vivid sense of imagination and self analyzation. You will often need endless hours of learning and practice to hone your skills and produce something valuable to the world. Creating the artwork itself will demand the complete dedication of the artist for several days at a stretch. The issue of pricing can especially be confusing when you are new to the field. 

Many artists and creators have no idea as to how much they must price their artwork as the primary part of their work are in creating the art and not in finance. Every art is a unique piece of creativity and hence you can not compare artworks and put the price for an artwork even if it is from the same artist. The financial part of selling your artwork for the right price will allow you to live the life you prefer while being able to sustain it. 

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