DC Sprints Pricing artwork is one of the most complex tasks facing emerging artists, especially when they first start working with galleries and start their art company. It is easy to see by reading business art articles and art marketing books that the opinions of the experts differ.
To complicate matters, we artists sometimes praise our emotions. Some artists make their work too expensive to impress viewers in the hope that the artwork will look more valuable. Sometimes this works, but usually only when the collector is naive or when the artwork is spectacular and attracts the attention of serious collectors.
When I praise with my emotion, I tend to lower my prices because I am sorry that the collector has to spend so much. Don’t go into this now … it’s the truth. I’m an empathetic type, but I have to be careful that I don’t praise my work based on how I feel about it or about collectors. In other words, I have to look at the prices and how I can sell objects objectively.
When I put emotions aside, I want to share a simple formula that many of my professional artist friends used when they first startedselling their work. I still use this formula. Remember that prices are more a reflection of your position and reputation in the world of art sales than what your art looks like. If you are relatively unknown to collectors and do not have many references – such as placing in contests, shown with a well-known gallery or having published your work – you really cannot get the same prizes as artists who have those references.
When you start selling art, it is a good idea to make your work as affordable as possible, while being able to cover your costs and make a small profit. Do not charge so little that you are not break-even. Remember that galleries often charge a commission of 50 percent of the sale, so you have to take that into account.
This is not the only way to praise illustrations, but it is a way that keeps my sales prices consistent. Keep in mind that my prices were much lower 10 years ago when my artworks were relatively unknown to collectors. It is important to note here that when I have a great sales year, I increase my prices by 10 percent. When the economy is bad or my sales are slow, I don’t raise prices at all.