By Becka Fortune
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April 29, 2024
As an artist, the power to determine the right price for your artwork is a crucial aspect of building a successful career. Pricing is not just about covering your costs and making a living. It's about establishing your brand, positioning yourself in the market, and fostering relationships with collectors, galleries, and buyers. In this post, we'll explore critical factors to consider when pricing your artwork and how to communicate your value proposition to potential buyers effectively, empowering you to take control of your artistic journey. Create A Value Proposition - A value proposition is a simple, clear statement that explains how your product or service will benefit your customers. It's a promise of value to be delivered. Here is an example of an artist's value proposition: "For art collectors and galleries seeking unique, thought-provoking pieces that spark conversation and emotion, my artwork offers a fresh perspective and a deep exploration of the human experience. Each piece gets meticulously crafted using high-quality materials and innovative techniques, ensuring that your purchase will stand the test of time. As an emerging artist with a growing reputation, my work represents an opportunity to invest in the future of art while enjoying the beauty and meaning it brings to your family, life, and space." We're not saying sell your art like cornflakes. Traditionally, a handful of artists make a living from their art. If you would like to join that group, think about the brand you're creating and describe how your value proposition impacts your target audience (collectors and galleries). Market Research - Before setting your prices, it's crucial to conduct thorough research on the art market, especially in your specific niche, genre, or area. This research will provide you with a benchmark to assess where you stand in the market and help you make informed pricing decisions. Study the prices of artworks by artists with similar styles, mediums, and experience levels. Take note of their sales history, the galleries they work with, and the collectors who have acquired their pieces. Digital tools like Artsy, Saatchi, and ArtNet can assist you in this research. Local guilds, such as the Durham Art Guild, and resources such and Triangle Artworks are great resources also. Price Dynamics - What happens when supply vastly outpaces demand? Prices fall. Keep the supply of your art close to or slightly below what the market will bear. Compare what you produce and how much you sell. If you usually sell 12 paintings a year, are you selling 12 out of 14, or 12 out of 100? There are exceptions to this "original art" rule, including wearable art and prints. We work with artists to print high-quality Giclée prints in signed and limited runs as well as limited edition fine art wearables. The demand for your prints or wearable art (t-shirts) can teach you how to price your next painting, sculpture, or ceramics. Everything is Data - Consider how your sales History and reputation reflect your artistic journey. If you have a track record of successful sales through galleries, exhibitions, or online platforms, share that data because doing so will justify higher prices for your new works. Contemporary artist KAWS is a study of how to market a limited supply of something that isn't limited. When KAWS puts a new figurine online, it sells out in minutes, teaching those who want to buy his art that they need to move fast and be ready to make sacrifices to own an original KAWS. Reputation, awards, and notable achievements contribute to your perceived value as an artist. When you get featured in publications, participate in significant exhibitions, or have your work acquired by collectors, share this information because these factors influence your pricing strategy. These days, everything is data, so learn how to read your art's market value. Galleries - Galleries are also tricky. On the one hand, they have established relationships with collectors and a deep understanding of the market. On the other hand, they often take half your sales price or more. Evaluate galleries the way you analyze the market. Some are worth more than you'll pay, and others are less. Look for galleries that are willing to share expertise and mentor your career and art. Get their feedback and ask questions about how they see the market and understand the pressures they are under. If influential or well-known collectors have acquired your pieces, it can enhance your credibility and justify higher prices for future works. Make sure you ask both: how does this gallery benefit me, and how do I benefit them? Galleries are under much pressure, so read cancerART's The Gallery Imperative to understand those pressures. Branding - As an artist, you are not just creating art, but also developing and selling your brand. Your brand is the mental shortcut that collectors and buyers use to understand your art. It encompasses your unique style, story, and the overall experience you create and share with them. Develop a clear and consistent brand identity that resonates with your target audience on Instagram (at least) and a website (highly recommended). Consider how you want to be perceived in the market – as an emerging talent, a mid-career artist, or an established name, and then look for ways to reinforce your positioning. Your pricing should align with your desired market positioning and the value you bring to collectors. Educate & Communicate - Effective communication and education are not just about selling your art, but also about building solid relationships with collectors and buyers. Be transparent about your creative process, the materials you use, and the time and effort that goes into each piece. Remember, your process is part of your 'product' and art. Share the story behind your artwork and how it fits into your larger body of work. Educate your audience about the value of investing in art and the potential for appreciation over time. By providing context and insight into your job, you create a deeper connection with potential buyers and help them understand the worth of your art. Relationships and Be of Service - Building lasting relationships with collectors, galleries, and buyers is not just a business strategy, it's a way to feel supported and valued in the art world. Treat each interaction as an opportunity to provide exceptional service and create a positive experience. Be responsive to inquiries, provide timely updates on your work, and go above and beyond to meet the needs of your collectors. By nurturing these relationships, you establish trust and loyalty, which can lead to repeat sales and referrals. It is always easier to sell more to existing customers than to make that first sale to a new customer. These relationships can be a source of inspiration and encouragement, making your artistic journey more fulfilling. Remember, pricing your artwork is an ongoing process that requires flexibility and adaptability. You should adjust your prices as your career evolves and your reputation grows. Stay informed about market trends, continue to invest in your artistic development, and consistently communicate the value and significance of your work to your audience.
