Discover How to Price Your Art for Sales & Profit
If you're an artist and you want to learn how to price your art or how to paintings, then you're in the right place! If you've been asking how much should I sell my art for, then you're going to find the 2024 Definitive Guide on How to Price Your Art super helpful. I'll be walking you through, step-by-step, the process you need to effectively price your art for both sales and profit, no matter your creative medium, experience level or location.
This is much more than an art pricing calculator. It's a comprehensive approach that takes you through understanding what components contribute to pricing, what drives it up and what can bring it down. Trust the process and hang with me. It's going to be worth it!
Find out more about the How to Price Your Art Workshop or get the book!
To get started, simply keep scrolling or click the images below to take you straight to the section you're most interested in. It's all valuable and I promise, there's no fluff, so my best recommendation is to simply take your time and start learning. Here we go!
And PS... Be sure to leave a comment at the bottom of the page to let me know your thoughts about pricing your artwork!
This is much more than an art pricing calculator. It's a comprehensive approach that takes you through understanding what components contribute to pricing, what drives it up and what can bring it down. Trust the process and hang with me. It's going to be worth it!
Find out more about the How to Price Your Art Workshop or get the book!
To get started, simply keep scrolling or click the images below to take you straight to the section you're most interested in. It's all valuable and I promise, there's no fluff, so my best recommendation is to simply take your time and start learning. Here we go!
And PS... Be sure to leave a comment at the bottom of the page to let me know your thoughts about pricing your artwork!
Top Quotes on How to Price Your Art
- "You can’t have business dreams with hobby habits." - Matt Tommey
- "The more you learn to connect with clients in the market and sell your work at prices that generate generous profits, the more time you will have to create the work you love" - Matt Tommey
- "The number one barrier to you pricing with confidence is fear." - Matt Tommey
- "When people like you, what you create and the way you do business, they will refer and purchase from you. That likeability factor creates a bond of trust that’s invaluable in the marketplace. And price suddenly becomes almost irrelevant." - Matt Tommey
A Quick Introduction to How to Price Your Art...Hey there friend, I'm Matt Tommey and just like you, I'm an artist. Over the last 25+ years, I've made my living from my creative expression in a variety of ways including music, graphic design, writing 7 books, speaking and as a woven sculpture artist. Believe me, I've walked through just about every difficulty a creative person can deal with - finding clients, money troubles, creative block - and I've learned a lot along the way.
I hope this guide to how to price your art is going to be a huge blessing in your life as you start building the art career of you dreams. Whether that's part-time or full-time, these strategies work if you'll work the strategies. This is the same pricing strategy I've used for years to grow my own 6-figure art business here in Asheville, North Carolina's River Arts District and the same strategies I teach in my Created to Thrive Artist Mentoring Program. Trust me, they will work for you too, helping you go further, faster than you ever could by yourself. Enjoy! Matt Tommey |
The Artist & Entrepreneur
Nobody becomes an artist just to worry about paying the bills. Nobody becomes an artist just to have something to do or to have a job. We become artists because we simply are not happy unless we are doing the very thing we are created to do. We become artists because there is this thing inside of us that will not quit burning until we give it expression. We become artists because we can't do anything else authentically.
However, until an artist learns how to price their work with confidence, for sales and profit, this dream can easily elude them. I know because that was my story.
For every artist who creates work for sale, pricing is usually a struggle. How do you price your art? Where do you start? How much should you increase it every year? How should your prices compare to other artists doing the same type of work? Does your locale matter? What about wholesale versus retail? Should you charge more for commissions? Do I have to absorb shipping and packing costs or can I charge extra? The list seems never ending and the frustration tangible. Until now.
How do you take the emotion and personal feelings out of pricing your art?
Setting prices for your art can be an emotionally challenging task, especially for emerging artists. The key is to transition from viewing your artwork solely as a personal expression to seeing it as a product from your business designed for sales in the marketplace. Pricing your artwork is not magic or mystery. And I'll be teaching you why throughout this article. But trust me when I say becoming emotionally attached to pieces and pricing your art too high, or feeling inadequate with low confidence and pricing your art too low are both recipes for trouble when pricing and selling your art. There is a healthy place where you can both make money and feel great about it while ensuring your clients are getting good value and exceptional quality.
Separating personal feelings from pricing decisions can be challenging, but it is essential to approach this task objectively. To avoid basing your prices solely on your emotional attachment to a piece, consider the following strategies (just the tip of the iceberg in this article):
1. Assess the market: Research the current trends and pricing in your industry or niche. Understanding the market will help you determine a fair and competitive price for your artwork.
2. Evaluate physical attributes: Emphasize the objective aspects of your work, such as size, materials used, complexity, and craftsmanship. These factors can play a significant role in determining the value of your artwork.
3. Gain perspective: Once you finish creating a piece, take a step back and allow yourself some time to detach emotionally. By distancing yourself, you can evaluate your work more objectively and make pricing decisions based on its artistic merit.
4. Consider customer demand: While personal attachment may lead you to assign higher value to certain pieces, it is important to consider what your potential buyers are willing to pay. Identify the preferences and expectations of your target audience to establish pricing that aligns with market demand.
5. Establish a pricing strategy: Rather than relying solely on personal value, develop a systematic approach to pricing (don't worry, I'm about to show you how, so keep reading). Some artists prefer using formulas that factor in costs, time invested, and desired profit margins. By using a consistent strategy, you can ensure that your pricing decisions are not based on emotional factors.
Remember, while it is natural to develop an emotional connection to your artwork, separating personal feelings from pricing decisions is crucial to maintaining a fair and sustainable pricing structure for your work.
Again, knowing how to price your art doesn’t have to be a mystery. In fact, after creating and selling my own work for over 25 years and helping countless thousands of artists in my Created to Thrive Artist Mentoring Program learn how to price their work, I’ve discovered there’s an easy framework that you can start using right now to price your work with confidence. Although more of an art than science, you can effectively learn how to price your art in a way that ensures both regular sales and best of all, profit. And when you do, it will be a game-changer. In fact, here’s what a few of my students have said about learning to price their art with confidence:
“It has COMPLETELY changed the way I price and sell my work! It takes 'Me' out the equation ( you know, the inner turmoil of "too much or not enough?") My prices have increased as has demand. Excellent tools!!!” - Linette
“I increased my prices and have both produced and sold more paintings!” - Patti
“I have increased in both my art and graphic design. It has changed for the better! Clients take me more seriously and I am getting better clients who value what I do. It has also allowed me to have more balance and focus on my creativity instead of worrying about cash flow.” - Phillip
Nobody becomes an artist just to worry about paying the bills. Nobody becomes an artist just to have something to do or to have a job. We become artists because we simply are not happy unless we are doing the very thing we are created to do. We become artists because there is this thing inside of us that will not quit burning until we give it expression. We become artists because we can't do anything else authentically.
However, until an artist learns how to price their work with confidence, for sales and profit, this dream can easily elude them. I know because that was my story.
For every artist who creates work for sale, pricing is usually a struggle. How do you price your art? Where do you start? How much should you increase it every year? How should your prices compare to other artists doing the same type of work? Does your locale matter? What about wholesale versus retail? Should you charge more for commissions? Do I have to absorb shipping and packing costs or can I charge extra? The list seems never ending and the frustration tangible. Until now.
How do you take the emotion and personal feelings out of pricing your art?
Setting prices for your art can be an emotionally challenging task, especially for emerging artists. The key is to transition from viewing your artwork solely as a personal expression to seeing it as a product from your business designed for sales in the marketplace. Pricing your artwork is not magic or mystery. And I'll be teaching you why throughout this article. But trust me when I say becoming emotionally attached to pieces and pricing your art too high, or feeling inadequate with low confidence and pricing your art too low are both recipes for trouble when pricing and selling your art. There is a healthy place where you can both make money and feel great about it while ensuring your clients are getting good value and exceptional quality.
Separating personal feelings from pricing decisions can be challenging, but it is essential to approach this task objectively. To avoid basing your prices solely on your emotional attachment to a piece, consider the following strategies (just the tip of the iceberg in this article):
1. Assess the market: Research the current trends and pricing in your industry or niche. Understanding the market will help you determine a fair and competitive price for your artwork.
2. Evaluate physical attributes: Emphasize the objective aspects of your work, such as size, materials used, complexity, and craftsmanship. These factors can play a significant role in determining the value of your artwork.
3. Gain perspective: Once you finish creating a piece, take a step back and allow yourself some time to detach emotionally. By distancing yourself, you can evaluate your work more objectively and make pricing decisions based on its artistic merit.
4. Consider customer demand: While personal attachment may lead you to assign higher value to certain pieces, it is important to consider what your potential buyers are willing to pay. Identify the preferences and expectations of your target audience to establish pricing that aligns with market demand.
5. Establish a pricing strategy: Rather than relying solely on personal value, develop a systematic approach to pricing (don't worry, I'm about to show you how, so keep reading). Some artists prefer using formulas that factor in costs, time invested, and desired profit margins. By using a consistent strategy, you can ensure that your pricing decisions are not based on emotional factors.
Remember, while it is natural to develop an emotional connection to your artwork, separating personal feelings from pricing decisions is crucial to maintaining a fair and sustainable pricing structure for your work.
Again, knowing how to price your art doesn’t have to be a mystery. In fact, after creating and selling my own work for over 25 years and helping countless thousands of artists in my Created to Thrive Artist Mentoring Program learn how to price their work, I’ve discovered there’s an easy framework that you can start using right now to price your work with confidence. Although more of an art than science, you can effectively learn how to price your art in a way that ensures both regular sales and best of all, profit. And when you do, it will be a game-changer. In fact, here’s what a few of my students have said about learning to price their art with confidence:
“It has COMPLETELY changed the way I price and sell my work! It takes 'Me' out the equation ( you know, the inner turmoil of "too much or not enough?") My prices have increased as has demand. Excellent tools!!!” - Linette
“I increased my prices and have both produced and sold more paintings!” - Patti
“I have increased in both my art and graphic design. It has changed for the better! Clients take me more seriously and I am getting better clients who value what I do. It has also allowed me to have more balance and focus on my creativity instead of worrying about cash flow.” - Phillip
The Power of Profit
I want to start this conversation by revealing a misconception many artists have about making money with their art. It is not incongruent to be an artist that is both incredibly successful in selling your art and incredibly creative and fulfilled artistically. In fact, approached in a balanced way, the roles of artist and entrepreneur actually fuel each other. The fact is, as a creative person who wants to make a living from your creativity, you are both an artist and an entrepreneur; and you have to think like both. It just comes with the territory if you want to be successful. Otherwise you get to play the part of the starving artist who didn’t “sell out” to the business end of things. I think you can do both – be extremely creative and true to your artistic passions while making a good living doing it.
Why is Profit Important?
Unless you are making a profit with your art sales, you simply have a hobby. Hobbies are great, but they rarely get beyond being simply, self-sustaining without a strategy for growth. If having a hobby is all you’re looking for from your art, great! Enjoy! But for most artists, that’s not the case (especially if you’re reading this in-depth guide!) And as I like to remind my students, you can’t have business dreams with hobby habits.
If you're not pricing your artwork in a way that you can actually generate money, then frustration often builds inside of you. Why? Because you’re spending time, energy and money on creating work that you’re not being financially rewarded for. That often results in tons of unsold work sitting in the garage, feelings of inadequacy and a general frustration that you’re not getting what you deserve from your work. This frustration is not only annoying, it’s detrimental to your success because it creates a self-defeating mindset and takes your focus off of creating your best work. So how do you start to remedy this dilemma? Profit.
Profit Buys Time for Creating
If you ask most artists what they want most, the answer is often “more time creating in the studio.” In fact, the subject of sales, business and profits can often make many artists cringe because it seems so disingenuous to the creative process. However, the opposite is true. The more you learn to connect with clients in the market and sell your work at prices that generate generous profits, the more time you will have to create the work you love. Pricing at rock-bottom, discounted prices only hurts one person: you.
I can remember in my own journey of starting to seriously create my woven sculpture work here in Asheville, North Carolina’s River Arts District. Starting out, I priced my work based on models my friends were using, primarily potters. They did a ton of wholesale work and consequently, developed a pricing model based on volume. That works great if you can crank out multiple pieces a day, driving the price per piece down. Not so much if you’re creating one of a kind sculptural works that can take days, if not weeks to create. I soon realized that my prices were not giving me the freedom and time I needed to create. I was spending hours and hours creating pieces I wasn’t passionate about and at lower price points, all in an effort to make ends meet with my studio rent and expenses, not to mention paying myself. After a couple of years of working like this, I knew I had to find a new approach.
As my business and art matured, I realized my most profitable pieces were not the ones I charged the least for, but rather the ones that were my most expensive, special pieces. In fact, it was easy to raise prices pretty quickly on that line of work because price wasn’t the leading factor for those clients. Rather, connection with me and the work I created, as well as the aesthetic and uniqueness of my designs were the driving factors. Over time, a beautiful thing started to happen. I was making work I absolutely loved for prices that kept increasing, giving me more time to create, connect with clients and be inspired.
This same experience is happening for many of my students as well. In fact, one artist recently told me:
“(My pricing) increased at least three times in 3 years (since being in the mentoring program). I now include all materials, admin time, fuel costs, additional tech support, consultancy and studio time, tools investment into the equation. No one has queried it, some people seem to prefer to pay more when I provide a quote or invoice with confidence. I now have support for admin, accounts and a new website, which will go live next week. Free time is not overshadowed with thoughts of work, the freedom is real, Thank you!” - Jane
Wow! It’s so powerful to know that knowing how to price your art for profit is a strategy you can start using today to give you back creative freedom in your life.
Profit Gives You Options
Many artists get into the trap of making work that sells, rather than making work about which they are passionate. Obviously, to make money and profit as an artist, your work has to sell, but that should never be at the expense of the creative process. Without genuine desire, ongoing inspiration and creative fulfillment, creating art simply becomes a production line, no different than creating cars on an assembly line. However, when you create the work you love and find that connection point in the marketplace where you’re selling on a regular basis at a profit, options begin to emerge.
The first is the creative option to make the work you love. The more money you make (and keep) the more room you have in your schedule to create, experiment and play during your creative process. That’s invaluable when it comes to thriving as an artist.
Profit also allows you to intentionally craft your business in ways that bring you life and fulfillment. Instead of feeling inextricably tied to your business without margin to enjoy life, you can intentionally create a business that serves you.
As you consider your options, ask yourself these questions:
Unfortunately, most artists create business they serve rather than creating an art business that serves them. What do I mean? Let me draw a clear comparison with just a few illustrations:
Serving My Business
My Business Serves Me
Profit Fuels Growth
Remember, you’re both an artist and an entrepreneur. Healthy growth happens in a business when the business owner has the time, energy and money to reinvest in their business. It’s getting that larger studio space, new piece of equipment or a better website. It can even look like the ability to apply for better shows, investing in marketing materials, creating reproductions of your work or hiring a coach to help get you to the next level, especially in learning how to price your art.
One of the greatest growth strategies I’ve employed in my art business was hiring a studio assistant. Hiring just one part-time person to create parts of my work that were production oriented while at the same time greeting customers in my studio and gallery had an exponential multiplying effect on my profits. Instead of spending 2 weeks on a large piece, I could now spend 3 days. This allowed me to increase both my production and sales. It was the difference between making enough to get by to having more than enough with plenty left over. That’s huge!
As you consider how you might use profit to fuel your business growth, consider these questions:
I want to start this conversation by revealing a misconception many artists have about making money with their art. It is not incongruent to be an artist that is both incredibly successful in selling your art and incredibly creative and fulfilled artistically. In fact, approached in a balanced way, the roles of artist and entrepreneur actually fuel each other. The fact is, as a creative person who wants to make a living from your creativity, you are both an artist and an entrepreneur; and you have to think like both. It just comes with the territory if you want to be successful. Otherwise you get to play the part of the starving artist who didn’t “sell out” to the business end of things. I think you can do both – be extremely creative and true to your artistic passions while making a good living doing it.
Why is Profit Important?
Unless you are making a profit with your art sales, you simply have a hobby. Hobbies are great, but they rarely get beyond being simply, self-sustaining without a strategy for growth. If having a hobby is all you’re looking for from your art, great! Enjoy! But for most artists, that’s not the case (especially if you’re reading this in-depth guide!) And as I like to remind my students, you can’t have business dreams with hobby habits.
If you're not pricing your artwork in a way that you can actually generate money, then frustration often builds inside of you. Why? Because you’re spending time, energy and money on creating work that you’re not being financially rewarded for. That often results in tons of unsold work sitting in the garage, feelings of inadequacy and a general frustration that you’re not getting what you deserve from your work. This frustration is not only annoying, it’s detrimental to your success because it creates a self-defeating mindset and takes your focus off of creating your best work. So how do you start to remedy this dilemma? Profit.
Profit Buys Time for Creating
If you ask most artists what they want most, the answer is often “more time creating in the studio.” In fact, the subject of sales, business and profits can often make many artists cringe because it seems so disingenuous to the creative process. However, the opposite is true. The more you learn to connect with clients in the market and sell your work at prices that generate generous profits, the more time you will have to create the work you love. Pricing at rock-bottom, discounted prices only hurts one person: you.
I can remember in my own journey of starting to seriously create my woven sculpture work here in Asheville, North Carolina’s River Arts District. Starting out, I priced my work based on models my friends were using, primarily potters. They did a ton of wholesale work and consequently, developed a pricing model based on volume. That works great if you can crank out multiple pieces a day, driving the price per piece down. Not so much if you’re creating one of a kind sculptural works that can take days, if not weeks to create. I soon realized that my prices were not giving me the freedom and time I needed to create. I was spending hours and hours creating pieces I wasn’t passionate about and at lower price points, all in an effort to make ends meet with my studio rent and expenses, not to mention paying myself. After a couple of years of working like this, I knew I had to find a new approach.
As my business and art matured, I realized my most profitable pieces were not the ones I charged the least for, but rather the ones that were my most expensive, special pieces. In fact, it was easy to raise prices pretty quickly on that line of work because price wasn’t the leading factor for those clients. Rather, connection with me and the work I created, as well as the aesthetic and uniqueness of my designs were the driving factors. Over time, a beautiful thing started to happen. I was making work I absolutely loved for prices that kept increasing, giving me more time to create, connect with clients and be inspired.
This same experience is happening for many of my students as well. In fact, one artist recently told me:
“(My pricing) increased at least three times in 3 years (since being in the mentoring program). I now include all materials, admin time, fuel costs, additional tech support, consultancy and studio time, tools investment into the equation. No one has queried it, some people seem to prefer to pay more when I provide a quote or invoice with confidence. I now have support for admin, accounts and a new website, which will go live next week. Free time is not overshadowed with thoughts of work, the freedom is real, Thank you!” - Jane
Wow! It’s so powerful to know that knowing how to price your art for profit is a strategy you can start using today to give you back creative freedom in your life.
Profit Gives You Options
Many artists get into the trap of making work that sells, rather than making work about which they are passionate. Obviously, to make money and profit as an artist, your work has to sell, but that should never be at the expense of the creative process. Without genuine desire, ongoing inspiration and creative fulfillment, creating art simply becomes a production line, no different than creating cars on an assembly line. However, when you create the work you love and find that connection point in the marketplace where you’re selling on a regular basis at a profit, options begin to emerge.
The first is the creative option to make the work you love. The more money you make (and keep) the more room you have in your schedule to create, experiment and play during your creative process. That’s invaluable when it comes to thriving as an artist.
Profit also allows you to intentionally craft your business in ways that bring you life and fulfillment. Instead of feeling inextricably tied to your business without margin to enjoy life, you can intentionally create a business that serves you.
As you consider your options, ask yourself these questions:
- How do you want to live your life?
- What’s important to you?
- What does your ideal schedule look like?
- How much time do you want to spend making and running your art business versus enjoying your family and having fun?
Unfortunately, most artists create business they serve rather than creating an art business that serves them. What do I mean? Let me draw a clear comparison with just a few illustrations:
Serving My Business
- Working all the time
- Can’t take time off because everything depends on you
- Does every job all the time, resulting in lower productivity and frustration
- Creating work that sells at price points that produce just enough to get by
My Business Serves Me
- Working based on a reasonable schedule that fits your desired lifestyle
- Enjoy regular vacations & time off in order to rest, relax and recharge.
- Employs a team to help manage the business (studio assistant, web designer, bookkeeper, etc)
- Creating work you love that attracts your ideal clients and sells for a profit
Profit Fuels Growth
Remember, you’re both an artist and an entrepreneur. Healthy growth happens in a business when the business owner has the time, energy and money to reinvest in their business. It’s getting that larger studio space, new piece of equipment or a better website. It can even look like the ability to apply for better shows, investing in marketing materials, creating reproductions of your work or hiring a coach to help get you to the next level, especially in learning how to price your art.
One of the greatest growth strategies I’ve employed in my art business was hiring a studio assistant. Hiring just one part-time person to create parts of my work that were production oriented while at the same time greeting customers in my studio and gallery had an exponential multiplying effect on my profits. Instead of spending 2 weeks on a large piece, I could now spend 3 days. This allowed me to increase both my production and sales. It was the difference between making enough to get by to having more than enough with plenty left over. That’s huge!
As you consider how you might use profit to fuel your business growth, consider these questions:
- What are the areas of your business that you’d like to grow?
- How would that affect your business productivity and profit?
- What equipment, studio space and team members do you need for the next phase of your business growth?
The Pricing Barriers
Now you know how important profit is to your business. However, there’s a key question you have to answer: why aren’t you pricing your artwork for profit now?
I can almost guarantee, with few exceptions, the number one barrier to you pricing with confidence is fear. Fear of doing it wrong, fear of not selling if your work costs too much, even fear of what others might think if you actually charged market prices. There’s also the general anxiety artists can feel of just feeling intimidated by the business end of things and not knowing where to start. Trust me, I get it. Been there, felt that.
In addition to fear, there are also limiting beliefs many artists have about pricing their work that completely paralyze them from pricing for profit. These include beliefs like:
The more you believe these limiting beliefs, the more they replay inside your brain and form superhighways of subconscious belief. These superhighways literally control 99% of your daily activity and can either limit or enhance your ability to see and respond to opportunity in your life. This applies directly to your mindset of how to price your art.
I don’t have time here to go into a full mindset teaching, but trust me. Whatever you believe about yourself, your work and their worth is what you will experience externally in your life. It’s a universal law and true 100% of the time.
The $200 Basket
I can remember it like it was yesterday. I was at my first high-end fine craft show: The Craft Fair of the Southern Highlands. 200+ of the best artists in our region were there and so were our ideal clients. Early on in my career, I had sold my baskets for $25-$50 each. It was a hobby and I never thought anything about the pricing really. I wasn’t trying to grow a business. I simply wanted to make some money on the side and enjoy myself.
Once we moved to Asheville, I started selling my work full-time. I quickly realized my prices had to go up significantly in order to pay the bills and put food on the table at home. So, in preparation for this big show, I increased my prices way beyond what I had ever done before. I even priced one really special piece for $200 (a laughable price today)!
The second day of the show, a man walked up to my booth and was looking at a sculptural piece I created. I could tell he liked it, so I greeted him and we started chatting. The whole time I’m thinking “yep, he’s going to buy this!” I could just feel it. He talked about how beautiful and unique the piece was as compared to anything else in the show. He complimented me on my craftsmanship. And then, he said “Matt, this is a really special piece.” I said thank you, thinking to myself “Yep, he’s definitely going to buy this.” He continued “And you know people come to this show to find really special pieces. But you know, as much as I like this, $200 just doesn’t say ‘special’” and he walked away. I couldn’t believe it! Needless to say, I was speechless.
That singular experience forced me to confront my own beliefs about my work, it’s worth and how to price my art in the marketplace so I could both attract my ideal clients and thrive as an artist. Thankfully, I did and my work began selling for multiple thousands of dollars over many years with waiting lists for my exclusive commissioned works. Not only did my pricing increase my profit, it exponentially increased my confidence! One of my students, Bonnie, has experienced the same thing as she’s learned to price with confidence, saying “I now value myself, my skills and my time more. As I should have all along.” And my student, Monica who recently shared her experience, saying “I’ve increased my prices)THREE TIMES! And no one has even batted an eye! In fact I have even heard, “Wow that is more reasonable than I thought!” Which makes me wonder if I should raise my prices again!”
The results are evident. I’ve discovered a few things about pricing and I want to share these simple principles with you so you can use them to transform your business, starting right now. You’re worth it and so is your work. Let’s keep going!
Now you know how important profit is to your business. However, there’s a key question you have to answer: why aren’t you pricing your artwork for profit now?
I can almost guarantee, with few exceptions, the number one barrier to you pricing with confidence is fear. Fear of doing it wrong, fear of not selling if your work costs too much, even fear of what others might think if you actually charged market prices. There’s also the general anxiety artists can feel of just feeling intimidated by the business end of things and not knowing where to start. Trust me, I get it. Been there, felt that.
In addition to fear, there are also limiting beliefs many artists have about pricing their work that completely paralyze them from pricing for profit. These include beliefs like:
- Nobody would pay that for my work
- It’s not worth that much… I only have $X in materials
- People in my town (region, country) don’t buy expensive art
- My friends say my art is only worth $X
- I would never pay $XXX for my art, so why would anyone else?
The more you believe these limiting beliefs, the more they replay inside your brain and form superhighways of subconscious belief. These superhighways literally control 99% of your daily activity and can either limit or enhance your ability to see and respond to opportunity in your life. This applies directly to your mindset of how to price your art.
I don’t have time here to go into a full mindset teaching, but trust me. Whatever you believe about yourself, your work and their worth is what you will experience externally in your life. It’s a universal law and true 100% of the time.
The $200 Basket
I can remember it like it was yesterday. I was at my first high-end fine craft show: The Craft Fair of the Southern Highlands. 200+ of the best artists in our region were there and so were our ideal clients. Early on in my career, I had sold my baskets for $25-$50 each. It was a hobby and I never thought anything about the pricing really. I wasn’t trying to grow a business. I simply wanted to make some money on the side and enjoy myself.
Once we moved to Asheville, I started selling my work full-time. I quickly realized my prices had to go up significantly in order to pay the bills and put food on the table at home. So, in preparation for this big show, I increased my prices way beyond what I had ever done before. I even priced one really special piece for $200 (a laughable price today)!
The second day of the show, a man walked up to my booth and was looking at a sculptural piece I created. I could tell he liked it, so I greeted him and we started chatting. The whole time I’m thinking “yep, he’s going to buy this!” I could just feel it. He talked about how beautiful and unique the piece was as compared to anything else in the show. He complimented me on my craftsmanship. And then, he said “Matt, this is a really special piece.” I said thank you, thinking to myself “Yep, he’s definitely going to buy this.” He continued “And you know people come to this show to find really special pieces. But you know, as much as I like this, $200 just doesn’t say ‘special’” and he walked away. I couldn’t believe it! Needless to say, I was speechless.
That singular experience forced me to confront my own beliefs about my work, it’s worth and how to price my art in the marketplace so I could both attract my ideal clients and thrive as an artist. Thankfully, I did and my work began selling for multiple thousands of dollars over many years with waiting lists for my exclusive commissioned works. Not only did my pricing increase my profit, it exponentially increased my confidence! One of my students, Bonnie, has experienced the same thing as she’s learned to price with confidence, saying “I now value myself, my skills and my time more. As I should have all along.” And my student, Monica who recently shared her experience, saying “I’ve increased my prices)THREE TIMES! And no one has even batted an eye! In fact I have even heard, “Wow that is more reasonable than I thought!” Which makes me wonder if I should raise my prices again!”
The results are evident. I’ve discovered a few things about pricing and I want to share these simple principles with you so you can use them to transform your business, starting right now. You’re worth it and so is your work. Let’s keep going!
Your Art Pricing Chart
Pricing your art is more of an art than a science. Instead of relying on formulas, it's more helpful to think in terms of the factors that affect your prices and learn to pay attention to each of those as you grow in your art career. Hopefully, this art pricing chart gives you a clear understanding of the 10 factors that affect pricing your art. I'll explain each in detail as you continue reading and start learning how to price your artwork.
How Much Should I Sell My Art For?
As an artist, one of the most perplexing and often frustrating questions you may face is "How much should I sell my art for?" This question isn't just about setting a price; it's deeply intertwined with the value you place on your own work and the perception of that value in the market.
When pondering "How much should I sell my art for?", it's crucial to understand that this isn't a one-size-fits-all situation. Your pricing should reflect not only the tangible aspects of your art—like materials and time spent—but also the intangible elements, such as your unique style, experience, and the emotional resonance of your work. The frustration often comes from trying to quantify these less tangible aspects.
The journey to answering "How much should I sell my art for?" involves a careful balancing act. Fixed costs, like studio rent and material expenses, are straightforward, but variable costs, such as the time spent on each piece, can be more challenging to quantify. Then, there's the profit markup—a critical component that ensures your art practice is sustainable in the long term. This isn’t just about covering costs; it’s about valuing your creative process and contribution.
Beyond the numbers, factors like art quality and artist reputation play a pivotal role. Quality isn’t just about technical skill; it encompasses the originality and emotional impact of your work. Your reputation, built over time, can significantly influence prices. Establishing a strong word of mouth presence, through satisfied customers and fellow artists, can also bolster the perceived value of your work.
Client perception is another key factor. How your art is perceived by potential buyers can greatly affect what they're willing to pay. This ties in with client niche; different audiences have different expectations and budgets.
Location plays a role too. The art market varies widely from place to place. Pricing in a bustling city art scene might differ substantially from a small town or online marketplace. And finally, the availability of your work—how prolific you are, the exclusivity of your pieces—can create a sense of scarcity or abundance, influencing price.
Determining "How much should I sell my art for?" is a multifaceted process. It's a blend of practical cost analysis and understanding the more subjective value of your art in the eyes of your audience. It's normal to feel frustrated or uncertain when pricing your art, but remember, this is a journey of understanding both your art's worth and your worth as an artist. The next part of this article will delve deeper into each of these ten factors, helping you navigate this complex but crucial part of your artistic journey.
When pondering "How much should I sell my art for?", it's crucial to understand that this isn't a one-size-fits-all situation. Your pricing should reflect not only the tangible aspects of your art—like materials and time spent—but also the intangible elements, such as your unique style, experience, and the emotional resonance of your work. The frustration often comes from trying to quantify these less tangible aspects.
The journey to answering "How much should I sell my art for?" involves a careful balancing act. Fixed costs, like studio rent and material expenses, are straightforward, but variable costs, such as the time spent on each piece, can be more challenging to quantify. Then, there's the profit markup—a critical component that ensures your art practice is sustainable in the long term. This isn’t just about covering costs; it’s about valuing your creative process and contribution.
Beyond the numbers, factors like art quality and artist reputation play a pivotal role. Quality isn’t just about technical skill; it encompasses the originality and emotional impact of your work. Your reputation, built over time, can significantly influence prices. Establishing a strong word of mouth presence, through satisfied customers and fellow artists, can also bolster the perceived value of your work.
Client perception is another key factor. How your art is perceived by potential buyers can greatly affect what they're willing to pay. This ties in with client niche; different audiences have different expectations and budgets.
Location plays a role too. The art market varies widely from place to place. Pricing in a bustling city art scene might differ substantially from a small town or online marketplace. And finally, the availability of your work—how prolific you are, the exclusivity of your pieces—can create a sense of scarcity or abundance, influencing price.
Determining "How much should I sell my art for?" is a multifaceted process. It's a blend of practical cost analysis and understanding the more subjective value of your art in the eyes of your audience. It's normal to feel frustrated or uncertain when pricing your art, but remember, this is a journey of understanding both your art's worth and your worth as an artist. The next part of this article will delve deeper into each of these ten factors, helping you navigate this complex but crucial part of your artistic journey.
How to Price Artwork for Beginners & Emerging Artists
For beginners in the art world, pricing artwork can be a daunting task. It's essential to understand that the same ten factors affecting art pricing for emerging and professional artists apply to beginners too. These include fixed and variable costs, profit markup, art quality, artist reputation, word of mouth, client perception, client niche, location, and availability of work.
Many beginners struggle with self-confidence, often undervaluing their work due to a lack of experience or comparison with more established artists. It's crucial to recognize the value of your unique perspective and artistic voice, even at the start of your journey. Perfectionism can also be a barrier, leading to constant revisions and hesitancy to put work out for sale. Understanding that art is an evolving process can help mitigate this.
Competing with established artists might seem intimidating, but remember, every artist started somewhere. Pricing your artwork properly from the beginning is vital for making money and continuing to create. It's not just about covering costs but also about respecting your creative process and valuing your contributions to the art world. Beginners should embrace these challenges as part of their growth, using them to build a foundation for a sustainable artistic practice.
Many beginners struggle with self-confidence, often undervaluing their work due to a lack of experience or comparison with more established artists. It's crucial to recognize the value of your unique perspective and artistic voice, even at the start of your journey. Perfectionism can also be a barrier, leading to constant revisions and hesitancy to put work out for sale. Understanding that art is an evolving process can help mitigate this.
Competing with established artists might seem intimidating, but remember, every artist started somewhere. Pricing your artwork properly from the beginning is vital for making money and continuing to create. It's not just about covering costs but also about respecting your creative process and valuing your contributions to the art world. Beginners should embrace these challenges as part of their growth, using them to build a foundation for a sustainable artistic practice.
How to Make a Profit on Every Sale
I’m often asked by my students “Matt, is it realistic to believe that I can make a good profit on every sale, no matter the price point?” My answer is always “Absolutely!” When you know how to price your work with confidence and with profit in mind, it’s a no brainer. It just comes down to understanding a simple framework for how pricing works. Once you understand how to input the data into the framework, “Shazam!” you’ll have profit on every sale.
Pricing for Profit
Now that you know how important profit is for your art business and that profit is possible, let’s walk through the process of developing a pricing strategy that works for you and discover how to price your art.
A common starting point for pricing your work is:
However, to make this formula work, you have to clearly understand what expenses you have in your business that contribute to the art making and art selling process. So let’s break it down piece by piece and I’ll show you how profit fits into this equation as we build a pricing framework together.
What are Fixed & Variable Costs?
In general, there are 2 kinds of costs: fixed costs and variable costs.
Fixed costs for an artist are expenses that are generally stable and don’t change based on the work you are producing. For example, they include expenses like:
Variable costs then are costs that change based on how busy you are or what you’re creating. For example, they often include expenses like:
In general, most artists have pretty stable costs (both fixed and variable) unless each project is completely unique. For example, most painters are purchasing the same types of materials at the same rate (canvases, paint, brushes, solvents, etc) so it becomes easy to project how much it costs, in general, to run your studio each month. Knowing that average number is very helpful when determining your cost formula. However, if you do unique works where material costs vary, you can always calculate your material costs on an individual project basis. Just make sure you double your cost when including it in your final price.
How to Determine a Fair Wage for Yourself?
Determining a fair and reasonable wage for your work involves considering various factors to ensure you are appropriately compensated. It begins with researching the market and examining similar artwork to gain insight into pricing trends. Additionally, you should take into account the time and material expenses associated with creating your art. Evaluating the duration it takes to complete a piece and the cost of materials will aid you in establishing a reasonable price while also ensuring that you receive a fair wage for your efforts.
An effective approach is to consider setting an hourly wage that you feel comfortable with, keeping in mind the amount of time and effort you invest in each piece. However, it is important to note that different regions may have local standards pertaining to artist fees and wages, so it is advisable to be aware of these guidelines within your area.
While it is helpful to gather information from the art market and local standards, it's crucial not to base your pricing solely on personal feelings or opinions about your work. Instead, take an objective and fact-based approach. Steer away from underselling your art, as this may undervalue your skills and effort. On the other hand, avoid overpricing your work, which could deter potential buyers.
Ultimately, by considering market research, time invested, material expenses, and adopting an objective mindset, you can determine a fair wage for your work that respects your talent while appealing to potential buyers.
I’m often asked by my students “Matt, is it realistic to believe that I can make a good profit on every sale, no matter the price point?” My answer is always “Absolutely!” When you know how to price your work with confidence and with profit in mind, it’s a no brainer. It just comes down to understanding a simple framework for how pricing works. Once you understand how to input the data into the framework, “Shazam!” you’ll have profit on every sale.
Pricing for Profit
Now that you know how important profit is for your art business and that profit is possible, let’s walk through the process of developing a pricing strategy that works for you and discover how to price your art.
A common starting point for pricing your work is:
- Art Materials (your required tools & supplies)
- + Labor (what you get paid per hour + employees/contractors)
- + Business Expenses (heat, air, rent, cell phone, internet, security, etc)
- + Additional Markup (add 20% to all of the above)
- = Wholesale (your price to galleries / retail stores)
- x 2 = Retail (your price to customers)
However, to make this formula work, you have to clearly understand what expenses you have in your business that contribute to the art making and art selling process. So let’s break it down piece by piece and I’ll show you how profit fits into this equation as we build a pricing framework together.
What are Fixed & Variable Costs?
In general, there are 2 kinds of costs: fixed costs and variable costs.
Fixed costs for an artist are expenses that are generally stable and don’t change based on the work you are producing. For example, they include expenses like:
- Studio rent
- Utilities
- Phone and internet access
- Marketing and advertising
- Memberships (Collectives, guilds, associations, etc)
Variable costs then are costs that change based on how busy you are or what you’re creating. For example, they often include expenses like:
- Cost of Materials & Supplies
- Packing & Shipping
- Printing & Reproduction
- Framing or Presentation
- Labor (Yours and any employees or contractors)
- Commissions or Royalties
In general, most artists have pretty stable costs (both fixed and variable) unless each project is completely unique. For example, most painters are purchasing the same types of materials at the same rate (canvases, paint, brushes, solvents, etc) so it becomes easy to project how much it costs, in general, to run your studio each month. Knowing that average number is very helpful when determining your cost formula. However, if you do unique works where material costs vary, you can always calculate your material costs on an individual project basis. Just make sure you double your cost when including it in your final price.
How to Determine a Fair Wage for Yourself?
Determining a fair and reasonable wage for your work involves considering various factors to ensure you are appropriately compensated. It begins with researching the market and examining similar artwork to gain insight into pricing trends. Additionally, you should take into account the time and material expenses associated with creating your art. Evaluating the duration it takes to complete a piece and the cost of materials will aid you in establishing a reasonable price while also ensuring that you receive a fair wage for your efforts.
An effective approach is to consider setting an hourly wage that you feel comfortable with, keeping in mind the amount of time and effort you invest in each piece. However, it is important to note that different regions may have local standards pertaining to artist fees and wages, so it is advisable to be aware of these guidelines within your area.
While it is helpful to gather information from the art market and local standards, it's crucial not to base your pricing solely on personal feelings or opinions about your work. Instead, take an objective and fact-based approach. Steer away from underselling your art, as this may undervalue your skills and effort. On the other hand, avoid overpricing your work, which could deter potential buyers.
Ultimately, by considering market research, time invested, material expenses, and adopting an objective mindset, you can determine a fair wage for your work that respects your talent while appealing to potential buyers.
Determining Your Overhead
Overhead is what we generally refer to as the average cost it takes to run your business on a monthly basis. You find this through adding your monthly fixed costs to your monthly variable costs, then taking the average of those numbers over a 3-6 month period. That will give you solid average overhead from which to operate, and project sales, taking into account seasonal fluctuations.
Here’s an example of how to calculate your overhead:
Average Fixed Costs: $2030/mo
How does overhead play a part in knowing how to price your art?
Once you know the average monthly overhead for your studio, you can divide that by week, day or even hour to use that number in your art pricing calculation. This is the cost (by hour, day or week) that it takes to run your studio and create art.
Here’s an example breakdown using our example from above:
Total Monthly Overhead: $6,530/mo
Now you know that, based on this per day example above, every time you take a full day to create a piece of art, the bare minimum you would have to charge, just to keep the lights on would be $328. But that doesn’t take into account your profit or any kind of markup. And how does that overhead pricing translate into specific pieces of art as they vary by size and complexity? Let’s keep going.
Additional Markup
Remember, profit is what fuels your business. It’s what gives you the capacity to grow and thrive. As an artist, this is where you can really experience exponential financial growth because, unless you bring on a lot of staff or have a really expensive studio space, most of the time your overhead is going to be pretty reasonable. Enter, profit.
Your profit markup is the percentage you’re going to add to your overhead cost in order to build in some room for unexpected costs and additional income. A great place to start is 20%. As your reputation grows and demand for your work increases, this percentage can grow unlimitedly. That’s when pricing gets to be fun!
Continuing with our calculations:
Monthly Overhead: $6530 + 20% Profit Markup ($1306) = $7836
Calculating Your Retail Price
So how do these numbers make their way into your pricing? I’m glad you asked. While each artistic medium has its own nuance in pricing, I’ve found most artists price their work using one of the following ways as a starting point:
Let’s say for example, a painter may estimate 8 hours of work to create a 36”x48” painting. Minimum, based on our calculations above, the painter has to generate a bare minimum of $392 (8 hours of overhead). Understanding that painting is comprised of 1728 square inches, it’s going to take $4.67/linear inch or $.23/square inch just to cover costs, get paid and make 20% profit. However, that’s not the retail price.
In order to get to a retail price (the amount you would sell to the public), you would need to multiply that price times 2. This takes into account the customary 50% markup for most galleries and retailers. This would take the minimum price of this example piece to $784, ensuring the artist made their minimum to cover overhead and minimum profit.
Now, for all you experienced artists out there, I can hear you saying “but Matt, that’s way too low!” Yes, I understand. Most mid-career painters are charging (at the time of this publication) between $2-$6/square inch, with some emerging artists being in the $1/square inch range or less. That would make this example piece somewhere between $1728 - $10,368 retail. What does that mean? It means there’s plenty of room to increase your profit margin as the market will bear. We’ll talk more about those factors in a moment.
The same pricing methodology can be used with any fine art or fine craft medium you might be creating within. In general, many fine craft artists calculate by the hour whereas many fine artists calculate by the square inch or linear foot. But again, there’s no hard and fast pricing rule you must follow in his world of knowing how to price your art.
In other words, let’s keep it simple. When pricing your art, as long as your overhead is covered with plenty of profit, everything else is additional revenue to help you build your business and thrive as an artist. As you gain experience in the marketplace and understand what the market will bear with regards to the price of your work, you can continue to increase that profit margin percentage to whatever you like.
Overhead is what we generally refer to as the average cost it takes to run your business on a monthly basis. You find this through adding your monthly fixed costs to your monthly variable costs, then taking the average of those numbers over a 3-6 month period. That will give you solid average overhead from which to operate, and project sales, taking into account seasonal fluctuations.
Here’s an example of how to calculate your overhead:
Average Fixed Costs: $2030/mo
- Studio rent: $1000
- Utilities: $200
- Phone and internet access: $300
- Marketing and advertising: $500
- Memberships: $30
- Cost of Materials & Supplies: $500
- Packing & Shipping: $200
- Printing & Reproduction: $300
- Miscellaneous: $300
- Your Labor ($20/hr): $3200
How does overhead play a part in knowing how to price your art?
Once you know the average monthly overhead for your studio, you can divide that by week, day or even hour to use that number in your art pricing calculation. This is the cost (by hour, day or week) that it takes to run your studio and create art.
Here’s an example breakdown using our example from above:
Total Monthly Overhead: $6,530/mo
- Hourly (8 hour day)[5]: $41
- Per Day (5 days per week)[6]: $328
- Per Week (4 weeks per month)[7]: $1628
Now you know that, based on this per day example above, every time you take a full day to create a piece of art, the bare minimum you would have to charge, just to keep the lights on would be $328. But that doesn’t take into account your profit or any kind of markup. And how does that overhead pricing translate into specific pieces of art as they vary by size and complexity? Let’s keep going.
Additional Markup
Remember, profit is what fuels your business. It’s what gives you the capacity to grow and thrive. As an artist, this is where you can really experience exponential financial growth because, unless you bring on a lot of staff or have a really expensive studio space, most of the time your overhead is going to be pretty reasonable. Enter, profit.
Your profit markup is the percentage you’re going to add to your overhead cost in order to build in some room for unexpected costs and additional income. A great place to start is 20%. As your reputation grows and demand for your work increases, this percentage can grow unlimitedly. That’s when pricing gets to be fun!
Continuing with our calculations:
Monthly Overhead: $6530 + 20% Profit Markup ($1306) = $7836
- Hourly (8 hour day)[8]: $49
- Per Day (5 days per week): $392
- Per Week (4 weeks per month): $1959
Calculating Your Retail Price
So how do these numbers make their way into your pricing? I’m glad you asked. While each artistic medium has its own nuance in pricing, I’ve found most artists price their work using one of the following ways as a starting point:
- Linear inch/foot
- Square inch/foot
- Hourly rate
Let’s say for example, a painter may estimate 8 hours of work to create a 36”x48” painting. Minimum, based on our calculations above, the painter has to generate a bare minimum of $392 (8 hours of overhead). Understanding that painting is comprised of 1728 square inches, it’s going to take $4.67/linear inch or $.23/square inch just to cover costs, get paid and make 20% profit. However, that’s not the retail price.
In order to get to a retail price (the amount you would sell to the public), you would need to multiply that price times 2. This takes into account the customary 50% markup for most galleries and retailers. This would take the minimum price of this example piece to $784, ensuring the artist made their minimum to cover overhead and minimum profit.
Now, for all you experienced artists out there, I can hear you saying “but Matt, that’s way too low!” Yes, I understand. Most mid-career painters are charging (at the time of this publication) between $2-$6/square inch, with some emerging artists being in the $1/square inch range or less. That would make this example piece somewhere between $1728 - $10,368 retail. What does that mean? It means there’s plenty of room to increase your profit margin as the market will bear. We’ll talk more about those factors in a moment.
The same pricing methodology can be used with any fine art or fine craft medium you might be creating within. In general, many fine craft artists calculate by the hour whereas many fine artists calculate by the square inch or linear foot. But again, there’s no hard and fast pricing rule you must follow in his world of knowing how to price your art.
In other words, let’s keep it simple. When pricing your art, as long as your overhead is covered with plenty of profit, everything else is additional revenue to help you build your business and thrive as an artist. As you gain experience in the marketplace and understand what the market will bear with regards to the price of your work, you can continue to increase that profit margin percentage to whatever you like.
Shipping, Taxes & Framing, Oh My!
Additional Items When Considering Pricing
There are some items that I always recommend artists consider additional to their normal pricing. Specifically, packing, shipping, insurance and sales tax. These are commonly known as pass-through expenses, meaning they are passed through in total to the client on top of their retail price.
For example, if you sold that painting we just talked about for $1728 and it cost $175 to ship and insure it, plus 7% sales tax (varies by locality) of $120.96, that’s a total of $2,023.96.
In addition, framing and other included presentation items (pedestals, hanging systems, lighting, etc) must also be addressed when they are unique to a specific art piece. For example, if a client wants a specific frame or pedestal and you have to have another vendor provide that, it’s typical to purchase that wholesale and double the price when you sell it to the client. You can add that on or, depending on what you’re willing to invest up front, you can have that as part of the piece for sale, knowing that your costs are covered in the final sale.
Consider Your Competition
In general, I’m not a big proponent of fearing competition in the art world. The way I figure it, God made each of us uniquely and there’s plenty of abundance for everyone as we pursue our unique creative expression. That being said, researching what your competition is charging and how they are marketing their work can be extremely helpful when trying to determine a baseline to begin. Finding out what’s customary within the marketplace can be very beneficial in knowing how to price your art.
As you’re looking across the competitive landscape of other artists who are at your same level in their career and do essentially the same type of work you do, find out the answers to these questions:
Getting a glimpse into their world, especially their pricing world, can be invaluable as you get started on your journey to pricing for profit. That’s exactly what I did when I started out selling my work professionally. I sat down with several well-known artists both in and out of my specific genre to learn how they developed their pricing models. I researched successful artists in my field and uncovered their pricing, shows, exhibitions and ultimately, business model. Once I knew the lay of the land, so to speak, then I customized an approach that worked for me, taking into consideration my skill, aesthetic, locale and popularity as an artist.
The best advice I got from a sage friend and artist mentor when asking about their pricing was “I charge an amount that I’d be willing to do it for again. If I wouldn’t do it again for the price I originally charged, then I didn’t charge enough.” A simple but powerful truth.
Additional Items When Considering Pricing
There are some items that I always recommend artists consider additional to their normal pricing. Specifically, packing, shipping, insurance and sales tax. These are commonly known as pass-through expenses, meaning they are passed through in total to the client on top of their retail price.
For example, if you sold that painting we just talked about for $1728 and it cost $175 to ship and insure it, plus 7% sales tax (varies by locality) of $120.96, that’s a total of $2,023.96.
In addition, framing and other included presentation items (pedestals, hanging systems, lighting, etc) must also be addressed when they are unique to a specific art piece. For example, if a client wants a specific frame or pedestal and you have to have another vendor provide that, it’s typical to purchase that wholesale and double the price when you sell it to the client. You can add that on or, depending on what you’re willing to invest up front, you can have that as part of the piece for sale, knowing that your costs are covered in the final sale.
Consider Your Competition
In general, I’m not a big proponent of fearing competition in the art world. The way I figure it, God made each of us uniquely and there’s plenty of abundance for everyone as we pursue our unique creative expression. That being said, researching what your competition is charging and how they are marketing their work can be extremely helpful when trying to determine a baseline to begin. Finding out what’s customary within the marketplace can be very beneficial in knowing how to price your art.
As you’re looking across the competitive landscape of other artists who are at your same level in their career and do essentially the same type of work you do, find out the answers to these questions:
- What are they charging per square inch, linear inch or hour?
- What shows are they participating in?
- Do they offer discounts?
- How are they communicating with their clients?
- Where are they selling their work?
- What are they doing on social media, their website and email?
Getting a glimpse into their world, especially their pricing world, can be invaluable as you get started on your journey to pricing for profit. That’s exactly what I did when I started out selling my work professionally. I sat down with several well-known artists both in and out of my specific genre to learn how they developed their pricing models. I researched successful artists in my field and uncovered their pricing, shows, exhibitions and ultimately, business model. Once I knew the lay of the land, so to speak, then I customized an approach that worked for me, taking into consideration my skill, aesthetic, locale and popularity as an artist.
The best advice I got from a sage friend and artist mentor when asking about their pricing was “I charge an amount that I’d be willing to do it for again. If I wouldn’t do it again for the price I originally charged, then I didn’t charge enough.” A simple but powerful truth.
7 Factors that Affect Pricing
Now that you understand how to create a basic pricing strategy for your business, let me introduce you to some intangible factors that have a huge effect on knowing how to price your art. These go way beyond cost of materials and labor. These are exponential multipliers that, when working simultaneously, can have an extremely powerful effect on your prices.
The 7 factors that can exponentially increase (or decrease) your art prices include:
Quality of the Work
Every artist starts out as a hobbyist, creating what they love because they enjoy the creative process. There are no strings or heavy expectations attached. However, as artists grow and want to turn their attention to selling art in the marketplace among other professional and semi-professional artists, the issue of quality is foundational.
I always tell my students in the mentoring program that creating great work is not a destination on some mythical artist journey. Rather, it’s the foundation on which everything you do as an artist is built. It’s the starting point and should be assumed. You can be the best marketer in the world, have the best website and a phenomenal social media following. But at the end of the day, your work speaks. Don’t allow yourself to become creatively lazy. Resist the desire to rest on your past creative success. Push through. Dream big. Work hard.
When clients who are looking for one-of-a-kind original art, quality is one of the first considerations. It says this artist cares about what they are creating. They are meticulous and detailed oriented. They paid attention to the details because the little things matter.
When I create a piece of work, I push myself to make it with longevity in mind. I call it the Antiques Roadshow test. You know, the TV show on PBS where people bring their antique finds, hoping to cash in on some lost treasure that’s been hanging around in the attic far too long? Yes, I want to create work that will stand the test of time and one day, end up on a show like that where an art curator says “My goodness, it’s a little dusty but wow, it still looks as good as the day it was completed.” Quality speaks and believe me, people pay top dollar for quality.
Reputation of the Artist
Benjamin Franklin wisely said “It takes many good deeds to build a reputation, and only one bad one to lose it.” Truer words have never been spoken. Your reputation as an artist and business person precedes you wherever you go. Whether it be at a show, exhibition, business meeting with a new gallery or online as someone’s checking your Google reviews, reputation matters. Not only does it matter, it can either be a highway to opportunity or an immediate roadblock.
I remember a very talented blacksmith here in my area who just about lost his business over his reputation. People were calling and he wouldn’t call them back. He was defaulting on jobs after having already taking a deposit. It was a bad situation. Consequently, he had to almost start over because the damage had been done.
Back to the beginning of growing a business. Not an easy journey.
I’ve also seen the opposite be true. I’ve had people call me on the phone and commission works in the multiple thousands of dollars simply on the value of my reputation and a referral from a trusted friend. The beautiful thing? Price wasn’t even in the top three questions they asked when commissioning the work. Why? Reputation. They trusted me and expected things to be great based on thwart they heard about me from others. The better your reputation, the higher the trust factor in you as an artist. When people like you, what you create and the way you do business, they will refer and purchase from you. That likeability factor creates a bond of trust that’s invaluable in the marketplace. And price suddenly becomes almost irrelevant.
Word of Mouth
I’ve seen the power of word of mouth advertising in my own business. I’ve also seen its ability to move my price steadily upwards over the years.
I was in the studio one day when a phone call came in from an interior designer I considered both a friend and referral partner. She asked me if I’d be open to coming to speak at her ladies garden club in a couple of months and to honor the relationship, I agreed. I honestly thought “What in the world am I going to talk about at a garden club meeting?” but I prepared a 45 minute talk, loaded up my work and took off for the meeting. When I arrived, I quickly understood the reason she asked me. These were her ideal customers and friends. She wanted to introduce me into her world. 50 ladies who were all my ideal clients as well. Wealthy, loved art, southern and ready to buy.
As soon as I walked in, I was warmly greeted by many of the attendees. They were all expecting me and “had heard such wonderful things about me.” I continued to setup my work and prepare for the meeting until it was time. My friend, well-respected by the group, rose to introduce me and said something to the effect of:
“Ladies, I’ve known Matt for several years now and just love his work. In fact, last year, after I designed the outdoor porch for the Designer Show House, I needed some special pieces to make the room complete. And I’ve just learned over the years, when you need something special, you call Matt Tommey.”
Well, honestly, you could have knocked me over with a feather! I gave my talk, took a few questions and then opened for sales. They rushed the table! I was selling so quickly, I had to throw checks on the floor behind my table just to keep up! I sold almost my entire inventory in less than 30 minutes.
Not only was that a great singular event, it led to numerous - and I mean numerous - other invitations over many years to attend and speak for other garden clubs around the southeastern United States. It never cost me a dime in advertising. Better still, because of the reputation (and referral) of those inviting me, my prices were able to continually soar.
Perception
That story leads me to my next point which is that people’s perception creates their reality, regardless of how true that perception may be. That’s not an invitation to create a false narrative with empty promises. No! Rather, it’s a call to understand the importance of how your clients, potential clients, fans, followers and referral partners perceive you (and your art). Their positive perception of you and your work is crucial to your success as an artist. Perception has a huge impact, not only on what you can charge for your work but also what they are willing to pay.
One of the ways I’ve enhanced the perception of my work over the years is to photograph my work in the homes of my clients, with their permission of course. I developed this sort of concierge approach to creating art for my clients. I go to their home for a consultation, harvest materials from their property here in the mountains and then create a one of a kind piece just for them, from their land. It’s truly special. Because of that relationship, and level of trust, I’m often invited to install the piece myself in the home of my clients. And these are not just any homes. Many of them have $2mil - $10mil homes that are absolutely breathtaking. Even more so when my art is installed! Having the ability to photograph my work in these spaces immediately creates the perception online and in magazines that my work is high-end, expensive, unique and worthy of a high price.
As much as you can, enhance the perception of you and your worth through association with organizations, people and opportunities that are esteemed by your ideal clients. Doing so will absolutely have an effect on your pricing and ultimately, sales.
Client Niche
Over time, as you cultivate strong word of mouth advertising, combined with a stellar reputation for quality and service, artists usually begin to develop a niche of clients. That is, a group of similar people who relate to you and your work. They know you and you start to know them. You understand what motivates them, what they love about what you do and how your work brings them joy. You also start to understand how your work solves their underlying problems, making their life easier and more enjoyable.
I started out like most artists, thinking that everyone was my client. However, I was sorely mistaken. If you take a shotgun approach in selling your art, it rarely produces the results you’re looking for. But if you learn to listen and pay attention to your clients, they will give you mountains of intel that will inform your sales process, pricing, marketing and even making.
Over the years, I’ve learned my primary clients are not necessarily all over the world, but they’re right here in the mountains of Western North Carolina. They are wealthy professionals who have invested in a luxury vacation or retirement home and want to furnish and decorate it using local talent. They have a high expectation of service, quality and attention to detail. They value uniqueness and don’t want to have anything like what their friends or neighbors have. For these clients, price is not the driving motivation and usually, the sky's the limit, if they love it.
The more I realized my connection with my niche, the more I focused on how to build intersections with them through relationships, events and opportunities to connect. I became known, respected and referred to within these communities. Ultimately, because of this niche, I never had to look for work again.
The quicker you learn to develop a niche of clients and a network of referral partners who know, like and trust you, the quicker you’ll begin to see your art business flourish.
Where the Work is Sold
Because perception is so crucial in pricing, marketing and selling your art, the locations where you sell your work is vital. It can literally be the difference between causing confusion and making a sale.
When you start out as an artist, you have to get your work out there in front of as many people as possible in as many venues as possible just to get data. What sells, what’s connecting, who’s interested? But as soon as you start to build some intel, you must begin to focus toward the pursuit of your ideal client and creating intersection points where you can cross their path.
You must ask questions like:
Understanding the answers to these questions gives you a window into the world of your ideal clients. Although people aren’t able to verbalize their feelings about internal motivations for buying art, I guarantee they are having the conversation internally. Where you show your work and the venues through which you sell have a big impact on how people perceive you, your art and ultimately, it’s value. And at the end of the day, 100% of those perceptions are reflected in what they are willing to pay for your work.
I remember when I was transitioning out of being an emerging artist here in Asheville, I didn’t know how this worked. I was moving from selling low to mid-range priced work, to selling more high-end sculptural work but I was still doing some of the community street fairs and art shows I had always done. One weekend, I was at one of these shows in between the Avon lady and someone selling artificial floral arrangements and wreaths. I hadn’t sold much that weekend, since my prices were on the rise and not congruent with the audience in attendance. All of a sudden, I heard my name and it was one of my newer clients. They had recently purchased a piece of my work at a higher end show and now were seeing me at this souped-up street festival. The confusion was palpable. It was that awkward, non-verbal conversation that seemed to infer “Hey, I thought you were really somebody…” Their perception of me and where I was selling my work were not in agreement. Now, because of the relationship, they actually ended up buying another piece that day but suffice it to say, I knew that was the last time I was doing that show. Not because it was a bad show, but because my reputation, client niche and perception had all moved beyond it.
I also remember another example where I was in the town where most of my ideal clients have vacation homes and I did a little community craft fair. I thought to myself “This is perfect! The place will be crawling with my ideal clients all weekend!” Little did I know that my clients didn’t want to purchase original art at an outdoor craft fair. Why? Perception. I had the right people, but the wrong venue. Later that summer, I was a guest artist at the most highly regarded furniture and interior design store in the area and sold out. In fact, I had orders for months from that one Saturday afternoon opportunity. Why? Perception. I had the right people in the right place with the right frame of mind, endorsed by people they respected. Result? Sales.
Availability of the Work
I’m a big believer in having a good inventory of work available at all times. It shows you’re a serious artist, producing work regularly and here for the long haul. However, there’s another factor that really surprised me as my art business grew and that’s something called “scarcity”.
Scarcity is essentially the idea that if there’s less of something, people want it more. You know how it is, wanting the dessert you’re not supposed to have, getting the concert tickets that are sure to sell out within seconds of going on sale. We’ve all fallen prey to it because it’s just a part of the human condition. It’s how most people see and respond to life’s opportunities.
Interestingly enough, as I have grown more and more busy in my art business, the timeline for my commissioned work has had to be extended. At first it was a couple of weeks, then a couple of months. Now it can be up to 6 months before I can deliver a piece. But here’s the crazy thing: the longer it takes, the more people want it and the more they are willing to pay for it. Why? Because subconsciously they are thinking “Wow, if so many people want this artist’s work, it must be super valuable.” As you’re creating the price points and collections of work for your business, don’t be afraid to offer commissions with longer delivery cycles. It just might be the revenue booster you didn’t even know you had!
Now that you understand how to create a basic pricing strategy for your business, let me introduce you to some intangible factors that have a huge effect on knowing how to price your art. These go way beyond cost of materials and labor. These are exponential multipliers that, when working simultaneously, can have an extremely powerful effect on your prices.
The 7 factors that can exponentially increase (or decrease) your art prices include:
- Quality of the Work
- Reputation of the Artist
- Word of Mouth
- Perception
- Client Niche
- Where the Work is Sold
- Availability of the Work
Quality of the Work
Every artist starts out as a hobbyist, creating what they love because they enjoy the creative process. There are no strings or heavy expectations attached. However, as artists grow and want to turn their attention to selling art in the marketplace among other professional and semi-professional artists, the issue of quality is foundational.
I always tell my students in the mentoring program that creating great work is not a destination on some mythical artist journey. Rather, it’s the foundation on which everything you do as an artist is built. It’s the starting point and should be assumed. You can be the best marketer in the world, have the best website and a phenomenal social media following. But at the end of the day, your work speaks. Don’t allow yourself to become creatively lazy. Resist the desire to rest on your past creative success. Push through. Dream big. Work hard.
When clients who are looking for one-of-a-kind original art, quality is one of the first considerations. It says this artist cares about what they are creating. They are meticulous and detailed oriented. They paid attention to the details because the little things matter.
When I create a piece of work, I push myself to make it with longevity in mind. I call it the Antiques Roadshow test. You know, the TV show on PBS where people bring their antique finds, hoping to cash in on some lost treasure that’s been hanging around in the attic far too long? Yes, I want to create work that will stand the test of time and one day, end up on a show like that where an art curator says “My goodness, it’s a little dusty but wow, it still looks as good as the day it was completed.” Quality speaks and believe me, people pay top dollar for quality.
Reputation of the Artist
Benjamin Franklin wisely said “It takes many good deeds to build a reputation, and only one bad one to lose it.” Truer words have never been spoken. Your reputation as an artist and business person precedes you wherever you go. Whether it be at a show, exhibition, business meeting with a new gallery or online as someone’s checking your Google reviews, reputation matters. Not only does it matter, it can either be a highway to opportunity or an immediate roadblock.
I remember a very talented blacksmith here in my area who just about lost his business over his reputation. People were calling and he wouldn’t call them back. He was defaulting on jobs after having already taking a deposit. It was a bad situation. Consequently, he had to almost start over because the damage had been done.
Back to the beginning of growing a business. Not an easy journey.
I’ve also seen the opposite be true. I’ve had people call me on the phone and commission works in the multiple thousands of dollars simply on the value of my reputation and a referral from a trusted friend. The beautiful thing? Price wasn’t even in the top three questions they asked when commissioning the work. Why? Reputation. They trusted me and expected things to be great based on thwart they heard about me from others. The better your reputation, the higher the trust factor in you as an artist. When people like you, what you create and the way you do business, they will refer and purchase from you. That likeability factor creates a bond of trust that’s invaluable in the marketplace. And price suddenly becomes almost irrelevant.
Word of Mouth
I’ve seen the power of word of mouth advertising in my own business. I’ve also seen its ability to move my price steadily upwards over the years.
I was in the studio one day when a phone call came in from an interior designer I considered both a friend and referral partner. She asked me if I’d be open to coming to speak at her ladies garden club in a couple of months and to honor the relationship, I agreed. I honestly thought “What in the world am I going to talk about at a garden club meeting?” but I prepared a 45 minute talk, loaded up my work and took off for the meeting. When I arrived, I quickly understood the reason she asked me. These were her ideal customers and friends. She wanted to introduce me into her world. 50 ladies who were all my ideal clients as well. Wealthy, loved art, southern and ready to buy.
As soon as I walked in, I was warmly greeted by many of the attendees. They were all expecting me and “had heard such wonderful things about me.” I continued to setup my work and prepare for the meeting until it was time. My friend, well-respected by the group, rose to introduce me and said something to the effect of:
“Ladies, I’ve known Matt for several years now and just love his work. In fact, last year, after I designed the outdoor porch for the Designer Show House, I needed some special pieces to make the room complete. And I’ve just learned over the years, when you need something special, you call Matt Tommey.”
Well, honestly, you could have knocked me over with a feather! I gave my talk, took a few questions and then opened for sales. They rushed the table! I was selling so quickly, I had to throw checks on the floor behind my table just to keep up! I sold almost my entire inventory in less than 30 minutes.
Not only was that a great singular event, it led to numerous - and I mean numerous - other invitations over many years to attend and speak for other garden clubs around the southeastern United States. It never cost me a dime in advertising. Better still, because of the reputation (and referral) of those inviting me, my prices were able to continually soar.
Perception
That story leads me to my next point which is that people’s perception creates their reality, regardless of how true that perception may be. That’s not an invitation to create a false narrative with empty promises. No! Rather, it’s a call to understand the importance of how your clients, potential clients, fans, followers and referral partners perceive you (and your art). Their positive perception of you and your work is crucial to your success as an artist. Perception has a huge impact, not only on what you can charge for your work but also what they are willing to pay.
One of the ways I’ve enhanced the perception of my work over the years is to photograph my work in the homes of my clients, with their permission of course. I developed this sort of concierge approach to creating art for my clients. I go to their home for a consultation, harvest materials from their property here in the mountains and then create a one of a kind piece just for them, from their land. It’s truly special. Because of that relationship, and level of trust, I’m often invited to install the piece myself in the home of my clients. And these are not just any homes. Many of them have $2mil - $10mil homes that are absolutely breathtaking. Even more so when my art is installed! Having the ability to photograph my work in these spaces immediately creates the perception online and in magazines that my work is high-end, expensive, unique and worthy of a high price.
As much as you can, enhance the perception of you and your worth through association with organizations, people and opportunities that are esteemed by your ideal clients. Doing so will absolutely have an effect on your pricing and ultimately, sales.
Client Niche
Over time, as you cultivate strong word of mouth advertising, combined with a stellar reputation for quality and service, artists usually begin to develop a niche of clients. That is, a group of similar people who relate to you and your work. They know you and you start to know them. You understand what motivates them, what they love about what you do and how your work brings them joy. You also start to understand how your work solves their underlying problems, making their life easier and more enjoyable.
I started out like most artists, thinking that everyone was my client. However, I was sorely mistaken. If you take a shotgun approach in selling your art, it rarely produces the results you’re looking for. But if you learn to listen and pay attention to your clients, they will give you mountains of intel that will inform your sales process, pricing, marketing and even making.
Over the years, I’ve learned my primary clients are not necessarily all over the world, but they’re right here in the mountains of Western North Carolina. They are wealthy professionals who have invested in a luxury vacation or retirement home and want to furnish and decorate it using local talent. They have a high expectation of service, quality and attention to detail. They value uniqueness and don’t want to have anything like what their friends or neighbors have. For these clients, price is not the driving motivation and usually, the sky's the limit, if they love it.
The more I realized my connection with my niche, the more I focused on how to build intersections with them through relationships, events and opportunities to connect. I became known, respected and referred to within these communities. Ultimately, because of this niche, I never had to look for work again.
The quicker you learn to develop a niche of clients and a network of referral partners who know, like and trust you, the quicker you’ll begin to see your art business flourish.
Where the Work is Sold
Because perception is so crucial in pricing, marketing and selling your art, the locations where you sell your work is vital. It can literally be the difference between causing confusion and making a sale.
When you start out as an artist, you have to get your work out there in front of as many people as possible in as many venues as possible just to get data. What sells, what’s connecting, who’s interested? But as soon as you start to build some intel, you must begin to focus toward the pursuit of your ideal client and creating intersection points where you can cross their path.
You must ask questions like:
- Where do they shop?
- What do they do for fun?
- What non-profit organizations do they support?
- What trusted advisors do they consult in their buying decisions?
- How important is the reputation of the gallery that carries your work?
- Do they consider who your work is being shown with as a statement of value?
Understanding the answers to these questions gives you a window into the world of your ideal clients. Although people aren’t able to verbalize their feelings about internal motivations for buying art, I guarantee they are having the conversation internally. Where you show your work and the venues through which you sell have a big impact on how people perceive you, your art and ultimately, it’s value. And at the end of the day, 100% of those perceptions are reflected in what they are willing to pay for your work.
I remember when I was transitioning out of being an emerging artist here in Asheville, I didn’t know how this worked. I was moving from selling low to mid-range priced work, to selling more high-end sculptural work but I was still doing some of the community street fairs and art shows I had always done. One weekend, I was at one of these shows in between the Avon lady and someone selling artificial floral arrangements and wreaths. I hadn’t sold much that weekend, since my prices were on the rise and not congruent with the audience in attendance. All of a sudden, I heard my name and it was one of my newer clients. They had recently purchased a piece of my work at a higher end show and now were seeing me at this souped-up street festival. The confusion was palpable. It was that awkward, non-verbal conversation that seemed to infer “Hey, I thought you were really somebody…” Their perception of me and where I was selling my work were not in agreement. Now, because of the relationship, they actually ended up buying another piece that day but suffice it to say, I knew that was the last time I was doing that show. Not because it was a bad show, but because my reputation, client niche and perception had all moved beyond it.
I also remember another example where I was in the town where most of my ideal clients have vacation homes and I did a little community craft fair. I thought to myself “This is perfect! The place will be crawling with my ideal clients all weekend!” Little did I know that my clients didn’t want to purchase original art at an outdoor craft fair. Why? Perception. I had the right people, but the wrong venue. Later that summer, I was a guest artist at the most highly regarded furniture and interior design store in the area and sold out. In fact, I had orders for months from that one Saturday afternoon opportunity. Why? Perception. I had the right people in the right place with the right frame of mind, endorsed by people they respected. Result? Sales.
Availability of the Work
I’m a big believer in having a good inventory of work available at all times. It shows you’re a serious artist, producing work regularly and here for the long haul. However, there’s another factor that really surprised me as my art business grew and that’s something called “scarcity”.
Scarcity is essentially the idea that if there’s less of something, people want it more. You know how it is, wanting the dessert you’re not supposed to have, getting the concert tickets that are sure to sell out within seconds of going on sale. We’ve all fallen prey to it because it’s just a part of the human condition. It’s how most people see and respond to life’s opportunities.
Interestingly enough, as I have grown more and more busy in my art business, the timeline for my commissioned work has had to be extended. At first it was a couple of weeks, then a couple of months. Now it can be up to 6 months before I can deliver a piece. But here’s the crazy thing: the longer it takes, the more people want it and the more they are willing to pay for it. Why? Because subconsciously they are thinking “Wow, if so many people want this artist’s work, it must be super valuable.” As you’re creating the price points and collections of work for your business, don’t be afraid to offer commissions with longer delivery cycles. It just might be the revenue booster you didn’t even know you had!
3 More Factors to Consider with Pricing Artwork
There are three more important factors that can have a significant effect on the prices of your art:
Some artists work with materials that are costly while other artists, like me, work with materials that are mostly inexpensive. If you’re having to purchase large amounts of paint, clay, canvases, panels, stones, precious metals, etc then material cost is something you need to take seriously. Purchasing in bulk and from wholesale suppliers will definitely benefit you in the long run as you build your studio practice.
Labor
In addition, labor can be a significant expense as well, but one well worth it. As I mentioned previously, hiring a studio assistant or other contractors can have an exciting multiplying effect on your production capabilities. However, make sure that you’re adequately accounting for all the related expenses associated with their employment as you calculate your pricing. Your licensed CPA or financial professional will best be able to help you through this process.
Leverage
Lastly, a phenomena I call leverage allows you to create momentum in your business without creating additional work for yourself. Employing strategies like selling online vs always traveling for in-person shows, starting a referral program for existing clients and developing strategic partnerships with professionals who are already doing business with your ideal clients (but don’t directly compete) are all ways to increase your marketing exposure and profits without increasing your workload. Instead, you create systems and relationships that are working for you so you can focus on what you really want to be doing: making art.
So many artists immediately go to strategies around saving money and reducing costs. While there’s nothing inherently wrong with that (I love to save money and get a good deal) there’s only so much scrimping and saving you can do. Also, that’s never going to grow your art business. A poverty mentality focuses on reducing expenses and just doing enough to make ends meet. An abundance mentality focuses on creating and attracting solutions that will produce growth.
There are three more important factors that can have a significant effect on the prices of your art:
- cost of materials
- labor
- leverage
Some artists work with materials that are costly while other artists, like me, work with materials that are mostly inexpensive. If you’re having to purchase large amounts of paint, clay, canvases, panels, stones, precious metals, etc then material cost is something you need to take seriously. Purchasing in bulk and from wholesale suppliers will definitely benefit you in the long run as you build your studio practice.
Labor
In addition, labor can be a significant expense as well, but one well worth it. As I mentioned previously, hiring a studio assistant or other contractors can have an exciting multiplying effect on your production capabilities. However, make sure that you’re adequately accounting for all the related expenses associated with their employment as you calculate your pricing. Your licensed CPA or financial professional will best be able to help you through this process.
Leverage
Lastly, a phenomena I call leverage allows you to create momentum in your business without creating additional work for yourself. Employing strategies like selling online vs always traveling for in-person shows, starting a referral program for existing clients and developing strategic partnerships with professionals who are already doing business with your ideal clients (but don’t directly compete) are all ways to increase your marketing exposure and profits without increasing your workload. Instead, you create systems and relationships that are working for you so you can focus on what you really want to be doing: making art.
So many artists immediately go to strategies around saving money and reducing costs. While there’s nothing inherently wrong with that (I love to save money and get a good deal) there’s only so much scrimping and saving you can do. Also, that’s never going to grow your art business. A poverty mentality focuses on reducing expenses and just doing enough to make ends meet. An abundance mentality focuses on creating and attracting solutions that will produce growth.
Frequently Asked Questions about Pricing Art
Now that you understand the basics of how to create a consistent pricing model and many of the variables that affect pricing, I want to answer some of the common questions I get from artists.
Now that you understand the basics of how to create a consistent pricing model and many of the variables that affect pricing, I want to answer some of the common questions I get from artists.
- Should I list my prices on my website and social media?
Absolutely. You have seconds to connect with a potential client online. The more information you can give them about your work in a clear and consistent manner only helps them make an informed decision. Just make sure your pricing on your website and social media are consistent with other pricing you have in galleries, shows and other retail environments. You always want to make sure you honor partners selling your work by having consistent pricing across sales platforms.
- When is it appropriate to give a discount?
I’m not a big fan of discounts, especially for new clients. I think it trains them to look for future discounts as an incentive to purchase rather than focusing on their connection to your work. That being said, you can use discounts effectively when working with clients who are purchasing multiple works at once or as a returning client reward. I would encourage you to use discounts to incentivize the actions you want, not as bait for new customers. Finally, like everything in business, test and measure to see if discounting is getting you the results you want. - What’s better, a discount or a bonus?
Bonuses should always be considered first before employing a discount strategy. Well-designed bonuses can enhance the customer experience and build deeper relationships in ways discounts can never accomplish. For example, I created a book of my work called “Every Basket Begins with a Walk in the Woods” that includes retrospective images of my work and journey as an artist along with poetic reflections written by me. It costs about $6 to produce through KDP Amazon and I sell it for $20 at shows and autographed for $30 on my website. However, when a client purchases my work, I always include an autographed copy with their purchase. It’s just a nice way to say thank you and enhances their experience with me. - Should I create multiple price points in my work?
Absolutely. Sometimes your best clients will be people who can’t afford your most expensive work. However, they have a high level of connection with you, your work and consequently, become some of your most loyal, passionate fans. Trust me, that’s worth a lot! I recommend you have at least 3 price points in your collection of work: low, medium and high. Examples might include using varying sizes of work, reproductions, enhanced reproductions and originals, production pieces of various sizes and one-of-a-kinds, commissions and off the shelf work. The possibilities are endless. The more you sell, the more you will discover what resonates with your clientele. Don’t be afraid to adjust your prices and product offerings over time. That’s business and it’s absolutely normal. - How do I know when to increase my prices?
There’s no set formula or timeframe for when you should increase your prices. However, one of the time-honored triggers I always pay attention to is speed and volume of sales. If your work is selling really quickly and often, guaranteed it’s time to raise your prices. If you aren’t receiving any pushback from potential clients on prices or never hearing anyone say “Wow, I’d love that but I’m going to need to start saving…” then it’s more than likely time to raise your prices.
If you’re actively selling your art in a volume and with a frequency you’re comfortable with, then I would say you can easily raise your prices 10% each year without anyone noticing. If your work becomes more popular and starts selling more quickly that you can produce, a 20% or higher might be appropriate. Bottom line, there’s only two ways to increase revenue as an artist: make more art or charge more for the art you’re making. Over the years, I did both. I hired a studio assistant and contractors to help me produce the work and harvest the materials I needed in order to increase production. At the same time, I increased my prices. These strategies together significantly increased profits as well as my available time to create and sell. - Where do I start if I’ve never sold my work?
If you’re brand new to selling your art (or just coming back into the market) I recommend a few things. Research the market to see what artists in your medium and at your sale career status are charging both regionally and nationally. This will give you a good ballpark for what the market will bear. Then, use the pricing formula I’ve described here in this book to create a consistent pricing strategy that works for you. Optimally, you want to be in the middle of the market, not too expensive or inexpensive. Remember, perception drives sales. If your work is too inexpensive, potential clients may feel it’s not worth investing in, leading to less sales.
Lastly, test and measure. You have to start somewhere. Choose a pricing structure you feel good about, get out into the marketplace and see what happens. You may be pleasantly surprised with the need to increase your prices sooner than you think. - How much commission will a gallery take when selling my work?
Generally speaking, galleries and retail stores will expect a 50% discount or commission when selling your work. That means, if your work is selling for $1000 retail, you’ll receive $500 when a gallery or store sells that piece for you. Although that’s a big cut, remember a reputable gallery is putting your work in front of your ideal client, doing lots of marketing on your behalf and handling all the sales, shipping and taxes required. - What’s the difference between wholesale and consignment?
Consignment is when a gallery or store offers to sell your work with no upfront payment to you. The artist is usually paid within 30 days of the sale. While consignment rates vary based on the gallery, a 50% commission is customary.
Usually, when you hear the word “wholesale” it’s referring to clients who are purchasing your work outright for resale in their store. This is very common with fine craft artists like jewelers, potters, fiber artists, etc. Many times these purchases happen at wholesale shows where buyers come to purchase work from multiple artists in one venue. It’s also common for wholesale buyers to approach artists at shows, festivals, online or in-studio in order to purchase their work. Most artists find it helpful to have a minimum purchase requirement (dollar amount or number of pieces) for a wholesale purchase. If you’re going to sell wholesale to multiple stores, it’s helpful to create a wholesale catalog of your work that clearly states wholesale/retail prices, minimum purchase requirements, production time frame and other terms and conditions.
Sometimes, a gallery or retail store will do a combination purchase from an artist. It’s common to purchase smaller items wholesale and then take on several larger pieces on consignment. This is beneficial from a cash flow perspective for both the artist and the store owner. Check with your local/state regulations for the applicable sales tax regulations in your area on wholesale purchases. - Do referral partners always expect a discount or referral fee when purchasing or referring my work?
Again, there’s no definitive answer for this question because it depends on the relationship. In general, if you are working with a designer or firm who is seeking your work for resale with no prior relationship, then they will probably expect a discount of around 20-30%. However, many designers that work with artists simply refer their clients to the artist directly and don’t expect a referral fee. That’s been most of my experience. Some of my best clients over the years have been designers, builders and furniture store owners who simply liked introducing me to their clients. No financial remuneration was ever expected or requested. However, I always go out of my way to make sure they know how thankful I am for the referral. Believe me, a beautiful bouquet of their favorite flowers, or providing lunch for their office goes a long way! - Should I charge more for my commissions?
Hopefully after reading this book, you understand the importance of creating a consistent pricing model for your business. Assuming that’s the case, I’ll answer this question by encouraging you to make sure you take into account everything needed to successfully complete a commissioned work for a client. The frustration for artists usually comes when they feel they’ve spent more time, energy or resources on a project than what they initially charged. Use your normal pricing structure to estimate commissions (taking into consideration additional time, research, onsite visits and client meetings) but also give yourself some wiggle room for the unknown factors that may arise during the project. That way, you’re sure to cover your costs and make a healthy profit. The better you feel about the experience, the more confidently you’ll price commissioned works in the future. - How can I approach "art-world decision makers" and create reliable revenue streams?
When it comes to approaching art-world decision makers and creating revenue streams, there are several key strategies to consider. First and foremost, it is crucial to establish a clear understanding of the value and pricing of your art before presenting it to anyone. This means being proactive in determining your art prices and ensuring consistency across all platforms – whether it's online, in galleries, or in your own studio. Consistency not only showcases your integrity but also enables transparency in the global market.
To effectively sell your art and generate income, it is essential to break free from the notion that selling art equates to selling out. Embrace the idea that selling your artwork enables you to share your creativity and passion with a wider audience. Imagine in your heart and mind what your life would look like with increased art sales and exhibition opportunities. Ask the Holy Spirit to lead you in this process. By actively envisioning success as led by the Lord, and taking charge of your artistic journey, you can make your aspirations a reality.
However, simply waiting for others to recognize your talent and market your art may lead to missed opportunities. To achieve your goals, treat your artistic practice as a business and take the initiative. Don't be afraid to immerse yourself in the necessary work it takes to thrive as an artist. Seize control of your own destiny by learning effective marketing strategies, understanding how to price your art appropriately, embracing online platforms to sell your artwork, and mastering the art of selling at fairs and exhibitions.
If you're seeking guidance and support in navigating the art world and maximizing your revenue potential, consider joining our community of artists that emphasizes education and professional development - the Created to Thrive Artist Mentoring Program. It's an excellent example of such a resource. This program offers insights and expertise gained from years of experience selling art and marketing to galleries, partners and private clients. By leveraging this knowledge, you can learn how to approach decision makers confidently, sell art effectively online, price your art strategically, thrive at art fairs, and even discover your unique artistic style.
Remember, creating revenue streams and successfully engaging with art-world decision makers requires diligent effort and a proactive mindset. With the right strategies, knowledge, and support, your artistic journey can flourish, allowing you to achieve the recognition and financial stability you desire. - Are low prices or high prices more likely to deter my ideal clients from purchasing my artwork?
When it comes to the art market, buyers often approach low prices with suspicion, doubting the quality and value of the artwork on offer. They tend to believe that if the prices are too low, it could be a reflection of an artist's lack of skill or a struggling career. As a result, simply pricing art low is unlikely to encourage buyers solely based on its affordability.
On the other hand, buyers also exhibit skittishness towards high prices. Artworks that are perceived as overpriced can intimidate potential buyers, causing them to shy away. The fear of investing in something that may not live up to its steep price tag can discourage buyers from making a purchase.
Therefore, determining the optimal pricing for your artwork is crucial. Finding a balance between low prices that don't undermine the perceived value and high prices that don't scare off buyers is essential to increasing the chances of selling your artwork. It may be necessary to evaluate whether your current pricing strategy is deterring potential buyers. Asking yourself whether your prices are too high or too low is a valuable exercise in attracting the right audience and achieving success in the art market. We'd love to help you find that sweetspot and grow from there. - How can I learn from Matt Tommey to improve my art career as an artist?
Matt has been profitably selling his art work for over 30 years now and successfully mentoring artists to do the same for the last 15 years. His proven methodology of relationship-based marketing for artists has created lasting results for artists in just about every creative medium. He's also extremely personable, friendly and knowledgeable. He genuinely wants to get to know you, to help and to assist you in growing your business so you can achieve your dreams. Here's a few testimonials from people who have worked with Matt recently:- "A year ago my wife and I decided to go full time with our art, and we’re so thankful that we found Matt and his teachings! Using the principles that he’s taught us, we’ve grown our art sales more than 10x in just one year! We went from making a few hundred dollars here and there to making $29,000 in the first 12 months. Now we’re well on our way to doubling that in our second year!" - Issac & Lorrie
- "We have gone from having a small studio and workshop space in our house to being able to purchase a building in a historic district, restore it, built out our own gallery, workshop for teaching classes, and studio for creating. Our business is 100% debt free because of the choices we’ve made and the things we’ve learned through Matt’s mentoring program. " - Trent & Kate
- "I could never get past about $30k in sales. This program has been a lifesaver for me! I needed more depth and accountability and I found it. It's been amazing! Having the opportunity cheer others on in their professional growth really motivates me and keeps me in the game. This year, I'm hitting $120k in sales!" - Ann
- "A year ago my wife and I decided to go full time with our art, and we’re so thankful that we found Matt and his teachings! Using the principles that he’s taught us, we’ve grown our art sales more than 10x in just one year! We went from making a few hundred dollars here and there to making $29,000 in the first 12 months. Now we’re well on our way to doubling that in our second year!" - Issac & Lorrie
Some Final Thoughts from Matt...
What a journey! I’m so honored you allowed me to speak into your sacred journey as an artist.
Now that you know the basics of how to price your art, the sky’s the limit! Learning to price your art with confidence and with profit in mind is a game changer for every artist. It’s the difference between you being able to do what you love for a living, part-time or full-time, or having to find income from other sources while doing your art on the side. When combined with a solid, multi-stream marketing strategy, a healthy mindset and unique, desirable artwork you are sure to have success. I pray that becomes your story and you let me know of your success so we can celebrate together!
What a journey! I’m so honored you allowed me to speak into your sacred journey as an artist.
Now that you know the basics of how to price your art, the sky’s the limit! Learning to price your art with confidence and with profit in mind is a game changer for every artist. It’s the difference between you being able to do what you love for a living, part-time or full-time, or having to find income from other sources while doing your art on the side. When combined with a solid, multi-stream marketing strategy, a healthy mindset and unique, desirable artwork you are sure to have success. I pray that becomes your story and you let me know of your success so we can celebrate together!
Get the Book Now!
Want to learn more about How to Price Your Art? Grab the book now on Amazon. How to Price Your Art is a comprehensive guide that enables visual artists to price their work confidently and with profit in mind. Whether you are new to pricing your art or have been an artist for years and are simply wanting to develop a pricing strategy for your art business, this book will give you everything you need. You can absolutely learn how to price your artwork with confidence inside the pages of this book. And I’d love to show you how, especially if you’re still pricing your art based on what you “think” it’s worth and constantly second-guessing yourself. Knowing how to price your art means the difference between barely making ends meet and actually making money with your art. It enables you to build your art business, create income and have the impact you dream of as an artist. It’s the difference between an expensive hobby and a profitable business. If you’re like most artists, knowing how to price your art is a constant frustration which takes the joy right out of creating. Add to that the confusion of trying to understand how things like where you live, the type of art you create and your experience level fit in to your pricing and it can be downright overwhelming! Thankfully, pricing your artwork doesn’t have to be a mystery, anymore! Inside this book, I’ll teach you:
Plus you’ll be getting a copy of my Art Pricing Worksheet which will make pricing your art super easy for you. I’ll also be covering important topics including:
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