HOW TO PRICE YOUR ARTWORK

HOW TO PRICE YOUR ARTWORK 

Pricing your originals appropriately is critical to selling your work.  As an artist, you should always be prepared to explain how and why you have arrived at your prices. Therefore, it’s very important to adopt consistent, fact-based pricing principles and methods. 

If you’re new to the market, the following are some basic pricing principles and methods for you to consider.

Price your art based on comparables. Set your prices similar to those of other artists with similar experience and who work in similar mediums. When comparing your works to others, consider factors such as dimensions, medium, materials, and the artists' achievements such as prizes, exhibitions, press, etc., as these will have a bearing on pricing. Also, when looking at price figures for comparison, always consider art that has sold, not art that has not yet sold.

Price your art like a retailer—at two times the cost of materials.

A common practice for new artists is to establish prices based on time, labor, and the cost of materials. Set yourself a reasonable hourly wage, multiply that by the number of hours it took to make the work and add that figure to the cost of your materials. For example, if the cost of materials (render farms etc.) is $50, your hourly rate is $20, and you spent 20 hours creating your art, then your work would be priced at ($50 x 2) + ($20 x 20) = $550.

You should also be consistent in your pricing. If you are selling one work in multiple channels, make sure its price is consistent everywhere. Similarly, be consistent about pricing works within your portfolio--for example, your larger works should be consistently priced higher than your smaller works. 

Broaden your appeal by offering works at various price points. If someone likes your work but can't afford a $3,000 painting, they will find a $500 painting more attainable. 

You can always increase your prices after you have made some sales and have factual evidence to justify a price increase. Keep records of all your sales and the prices at which you've sold works. Remember that it's much better to competitively price and sell your work now to gain exposure (increasing your prices in the future) than to have your work sit unsold.

The cost of promoting and adaptation the artwork for Hologram Displays, packaging and shipping is the responsibility of the SUPASTAR STORE.