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Every artwork is precious to its creator and might also hold a lot of sentimental value. These factors can make it difficult for an artist to take the pragmatic route and put a fair price on their work by keeping the emotional aspect aside. However, when your art is not just your passion, but also your profession, it becomes imperative to think practically about concerns over monetizing your work.
In this blog, we will discuss some proven tips that will help you consider different practical aspects of selling your artwork and being able to price it with minimal emotional influence.
Tips for Pricing Your Artwork Fairly
Before you proceed further, be prepared to put in some effort for research and finding the right audience for your work. This will not only help you fix a more accurate price range but also penetrate your target market more effectively.
1. Start with competitor research
This is not just for artists; this advice applies to every business. Before you put a price tag on your product, you need to understand what your competition is offering. In this case, it is other artists whose work matches your technique and approach to art. Researching artists who make similar work as yours will give you an idea of the reigning price range that you can play between.
2. Understand your market
The price of your artwork shall highly vary depending on your target consumer and the market through which you want to sell it. If you sell it through a gallery, the consumers are likely going to be art collectors with at least a basic understanding of art. In that case, they will be happy to pay a higher price because they will understand your technique and efforts.
On the contrary, if you decide to sell it through e-commerce channels, you may mostly find people who buy an artwork simply because of its aesthetic appeal with lesser appreciation for the efforts. Such consumers are less likely to mint out a higher amount for your art. Hence, your marketplace plays a huge role in determining your consumers as well as the price of your art.
3. Consider your experience and reputation
If you are a new artist working independently, it will be difficult for you to find the right audience for your work initially. Most buyers also do not wish to pay a higher price to a new artist because of a lack of reputation, or simply because they don’t know the artist well.
On the other hand, reputed artists find it very easy to sell their pieces at a much higher cost because they have already built a reputation for themselves and their audience trusts them. Other factors like your association with a gallery, number of exhibitions you have had, etc. also play a huge role in the willingness of a buyer to pay for your work.
4. Consider the cost of your time and resources
It is not easy to afford art supplies and depending on your technique, it can burn a big hole in your pocket if you don’t recover the cost. Hence, always make sure to calculate the time it took you to create a piece and what you think shall be reasonable compensation for working per hour.
Now add the cost of all your materials used and throw in a fair percentage of profit that would help you move above the break-even point. Remember to keep a reasonable percentage of profit and incorporate your market research at this step.
Be Consistent To See Results
Most artists often make the mistake of pricing their artwork without any solid price structure to back their ask. Such incidents can create a negative reputation for you in the industry and can also affect your relationships with galleries, art collectors, and other experts in the industry.
Having a consistent price structure also reflects that your price is based on facts and not simply on your emotional attachment to the work. While it may be difficult for you to separate your emotions while pricing your work, remember that your buyers will still see it as another product and they can always reach out to another seller, offering a more reasonable price.
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