Creation is always an engaging vocation for any artist, but when they consider their artwork for sale, pricing is something that can be the most challenging part of it. Regarding selling works in the art marketplace, an artist must price their art paintings for sale fairly, ensuring they get the value their work deserves without deterring potential buyers. This blog tries to find the fine balance between affordability and profitability that is essential for both emerging and established artists. Let’s start from here –
If you struggle with fixing the prices for your paintings, these tips and suggestions will walk you through a structured approach to pricing your art without undervaluing it.
The First Step: Understand Your Costs
As an artist looking for art sales, the first and foremost thing that you have to bear in mind is the cost of your artwork! The cost of creations can include:
- Cost of Materials – You must include the cost of canvases, sculpting tools, paints, brushes, frames, and any other supplies.
- Time Invested – Count the number of hours spent on each piece and determine an hourly wage that fairly compensates your skill level and effort.
- Logistic and Studio Expenses – If there’s any rent involved for your studio or you have other overhead costs, add them to your pricing.
- Marketing & Selling Costs – If you’re listing your work on the art marketplace, include platform fees, gallery commissions, or promotional expenses as well.
Do Thorough Market and Competitor Research
It always helps to have good market research done and knowing how similar artists price their work in the art marketplace. This will help you position yourself effectively. Consider the following factors:
- Make a list of artists with similar experience, style, and medium.
- Check pricing on online galleries, art fairs, and marketplaces.
- Have a comparative analysis of original art paintings for sale versus prints and limited editions.
This will give you an idea of how you can start putting the price tags.
Pricing Formulas Can Help
Take help from formulas to calculate the prices precisely. There are several methods artists use to price their work:
A. Cost-Based Pricing
You can follow the most simple and straightforward approach – calculate your expenses and add a reasonable profit margin. For example, if your material costs are $50, your hourly rate is $25, and you spent 10 hours creating the piece, your price would be: $50 + (10x$25) = $300
B. Canvas Size-Based Pricing
You can price your artwork based on the size of the canvas you have chosen to paint. For instance, if you set a rate of $2 per square inch, a 16”x20” painting would be: 16x20x$2 = $640. This will help maintain a consistency in your pricing structure.
Consider Market Demand and the Perceived Value before Pricing
Not only the operational costs, but a flurry of other things work to determine the price of original art for sale. There are factors like your reputation as an artist, artistic style, and demand for your work that impact pricing. If your artwork has gained recognition or collectors are actively seeking your paintings, you can price them higher.
So, before you put the price tags, please consider:
- Examine past sales and customer feedback who wish to buy paintings online.
- The uniqueness of your artistic techniques that will make your work stand out.
- Limited edition or one-of-a-kind factors that increase exclusivity.
Research on the Pros & Cons of Different Selling Platforms
You need to think about where to put your art paintings for sale, and that will also impact the pricing:
- Online Art Marketplaces – There are some art-selling platforms that take commissions (ranging from 10% to 50%), so adjust your price accordingly.
- Prestigious Curated Gallery Shows – Traditional galleries often take a 40-50% commission, so price your artwork to ensure you still make a profit.
- Social-Media & Direct Sales – While you can sell directly to collectors you can keep the money with you, that way giving you more pricing flexibility.
Think from a Buyer’s Perspective: Offer Multiple Price Points
You know not every buyer can afford original paintings to buy artwork online, so you can have alternatives to offer:
- You can offer them prints and limited editions at lower price points.
- Or, have them smaller-sized original works that are more budget-friendly.
- Or, you can sell commissioned artworks at variable pricing based on size and preferences.
Stop Undervaluing Your Work
Avoid undervaluing your art paintings for sale. Many artists fear pricing their work too high, but undervaluing your paintings can have long-term consequences.
- Low prices can do you more harm by triggering a lower quality to potential buyers.
- If you’ve made the price at a base rate, you’ll find it difficult to raise prices later if you start too low.
- Always remember, you deserve fair compensation for your creativity and effort – so, go ask for it!
Review and Adjust Your Pricing on a Regular Basis
Remember one thing, your prices are not stagnant ones. They must evolve with your career growth. As your experience, demand, and reputation increase, adjust your pricing accordingly.
- Keep a track of how quickly your paintings are selling.
- Take frequent feedback from collectors and galleries.
- Follow the recent market trends in the art marketplace and you are good to go!
How to Do Smart Pricing: Final Words
Pricing art paintings for sale smartly and sensibly is something every artist must think of. There are both ‘art and science’ aspects of pricing. By considering the creation and overhead costs, market trends, and your artwork’s unique value, you can set prices that are fair and sustainable. There can be lapses, but don’t lose heart to experiment and adjust over time. With the right approach, you can successfully sell your paintings without undervaluing your skill and talent. Think of connecting to contemporary online art platforms like TERAVARNA, some of the best places to sell art online globally.
So, take heart and start pricing your art confidently today and watch your cash boxes jingle!