The studio is your time. You can get creative. Get freaky. Let loose. But, the second you step out of your creative space, you need to put your business hat on - especially when it comes to pricing your artwork.
Why? In addition to ensuring you make a good living, consistent pricing is expected by the key players in the art market. Here are the six key reasons why it’s important that you establish a logical and consistent pricing structure.
1. Build Credibility
Buyers and collectors pay close attention to pricing and expect consistency. Questions and concerns will be raised if your pricing has no logic behind it or if it’s not clear. Be careful not to deter potential buyers with erratic pricing. Consistency builds credibility!
Learn more ways to build credibility as an artist here.
2. Avoid Legal Issues
Sometimes you will have to explain your pricing to insurance companies, the IRS, estate executors, etc. It will be difficult to justify your pricing if it’s all over the place. And, this could lead to unwanted legal situations.
3. Make it Easy for Buyers
Experienced art buyers - like collectors, dealers, and consultants - often compare the price of similar artworks. Make it easy for them to evaluate your work - and have confidence in you - by establishing pricing that makes sense.
4. Establish an Excellent Reputation
Establishing yourself as a trustworthy, professional artist is paramount - especially for emerging artists. Buyers will want fact-based pricing that can be explained. Leave the more emotional-based pricing for when you’re a recognized artist.
5. Get Paid for Time and Materials
Consistent pricing ensures you get paid for the time and money you put into creating your artwork. You deserve to at least be paid for the cost of materials and a reasonable wage for the hours you’ve invested.
6. Maintain Positive Relationships with Galleries
A standard pricing model guards against disparities across venues. Galleries expect 100% consistency - they don’t want to be undersold by somewhere else. Dependable pricing is necessary to maintain positive relationships with your galleries.
Want to know more? Check out these 3 straightforward formulas to help you price your art more consistently.