Article: Marketing Your Art #5
How to price your artwork by SKC
One question that has come up time and time again, especially among artists new to marketing and exhibiting is how to price their artwork. There truly is no single way to approach this issue that would apply for every artist, but perhaps the most reasonable is to “charge” an hourly rate as you work and add on the cost of your materials and expenses.
We all know that size doesn’t necessarily equate to effort. I often found in my larger works that the piece took me less time than something half the size, yet something even smaller, say 6” or under, took almost no time at all. The key is to make sure that you get paid for the time you put into a piece. Using the hourly rate method will help you do this.
In addition, whatever hourly rate you pick needs to take into account the subtraction of sales commissions from exhibition venues. So for example, let’s say you have a piece that took you 10 hours to complete. Let’s compare three possible price points.
10 hours at $15 is $150 (plus expenses)
Subtract your typical gallery commission 40% and you walk away with $90 for your time or roughly $9 per hour.
10 hours at $40 is $400 (plus expenses)
Subtract your typical gallery commission of 40% and you walk away with $240 for your time or roughly $24 per hour.
10 hours at $70 is $700 (plus expenses)
Subtract your typical gallery commission of 40% and you walk away with $420 for your time or roughly $42 per hour.
There is no limit to what you can choose to charge per hour. We’ve all heard stories that it will always be your highest priced piece that sells first. Or that if you want to move your work, in the beginning, it has to be priced low. I don’t believe there are any hard and fast rules here. No one knows better than you do, just how much effort you put into your artwork.
If you are still unsure if the rate you have in mind results in a “reasonable price,” you may want to research galleries locally and online to see what the average price is for a piece similar to yours. The price will vary greatly between artists depending on their establishment in the art market, desirability and even occasionally by their locale (although the Internet is helping to break that down).
Be sure that the hourly rate you charge results in what you comfortable with for your time and effort. Don’t forget, that as an artist you are also spending a great deal of “non-billable” hours marketing yourself. So, not only are you putting hours into the actual work of art, but you are also spending time seeking out venues, preparing exhibitions, creating your marketing materials, managing your inventory, etc. Be fair to yourself. You should absolutely never end up giving your time away.
Pricing No no’s
Regional Pricing
I touched briefly on the idea that artwork is valued differently depending on where it hangs. This concept is fading away as more and more artists present their work online and in a gallery with an online presence.
Consider your buyer. You’re working to foster as many artist-to-collector relationships as possible. One part of that equation is that your buyer has to feel that they are getting a fair price for your work, the same price anyone might pay. If because they live in a metropolitan area, you offer them the price of $1200 for a piece, but your gallery in small town in Ohio is selling the same work (or similar works) for $800, you are playing a very dangerous game. Should that buyer find your Ohio gallery, the best case scenario is that you lose the sale and never hear from them again. Worst case is that you lose the sale and they end up posting online or sharing with a large number of friends and acquaintances that you have shady business practices.
Different venue, different retail price
The idea of using the same pricing follows through for all exhibition venues (regardless of their commission), so that each gallery gets a fair shake and all your potential buyers and collectors see that your artwork holds the same value. If you offer a higher retail price to one gallery over another, and they find out, you risk losing that gallery and facing serious backlash. Galleries can be extremely protective of their artists. With the right gallery, you can gain a great deal of exposure, collectors, sales, and even additional venues and exhibition opportunities. In this way, they are your business partners, so treat them as fairly as you wish to be treated yourself.
Selling wholesale or near wholesale to buyers directly
Some artists will offer buyers their artwork for less than they are selling for in galleries and exhibition venues. In this way, they hope to build that buyer into a collector. Absolutely, your buyer will feel they are getting a special deal, and no doubt they will come back directly to you for future sales (therefore cutting out the middle man). This may sound great on the surface; however, consider the venues you use to gain exposure and initial introduction to your artwork. Going behind their back and making the sale after the exhibition closes essentially leaves them unpaid for their time and effort. Understand that many gallery owners are well aware of each other. If you believe that you can safely undercut galleries and continue to find exhibition opportunities, you may find yourself sorely disappointed.
In general, you should always adhere to the golden rule. Treat your buyers and those who help gain you exposure as an artist as fairly as you would wish to be treated. Absolutely everyone has to be paid for their efforts and of course that includes you.
Talking points:
What system do you use to price your artwork?
(To comment: click on the small word "comment" below, type in your comment and type the verification letters in the space provided. If you don't have a blogger account, click on "name/url" or "anonymous," then click to post it. That's it... let's hear what you think.)
End of Post
One question that has come up time and time again, especially among artists new to marketing and exhibiting is how to price their artwork. There truly is no single way to approach this issue that would apply for every artist, but perhaps the most reasonable is to “charge” an hourly rate as you work and add on the cost of your materials and expenses.
We all know that size doesn’t necessarily equate to effort. I often found in my larger works that the piece took me less time than something half the size, yet something even smaller, say 6” or under, took almost no time at all. The key is to make sure that you get paid for the time you put into a piece. Using the hourly rate method will help you do this.
In addition, whatever hourly rate you pick needs to take into account the subtraction of sales commissions from exhibition venues. So for example, let’s say you have a piece that took you 10 hours to complete. Let’s compare three possible price points.
10 hours at $15 is $150 (plus expenses)
Subtract your typical gallery commission 40% and you walk away with $90 for your time or roughly $9 per hour.
10 hours at $40 is $400 (plus expenses)
Subtract your typical gallery commission of 40% and you walk away with $240 for your time or roughly $24 per hour.
10 hours at $70 is $700 (plus expenses)
Subtract your typical gallery commission of 40% and you walk away with $420 for your time or roughly $42 per hour.
There is no limit to what you can choose to charge per hour. We’ve all heard stories that it will always be your highest priced piece that sells first. Or that if you want to move your work, in the beginning, it has to be priced low. I don’t believe there are any hard and fast rules here. No one knows better than you do, just how much effort you put into your artwork.
If you are still unsure if the rate you have in mind results in a “reasonable price,” you may want to research galleries locally and online to see what the average price is for a piece similar to yours. The price will vary greatly between artists depending on their establishment in the art market, desirability and even occasionally by their locale (although the Internet is helping to break that down).
Be sure that the hourly rate you charge results in what you comfortable with for your time and effort. Don’t forget, that as an artist you are also spending a great deal of “non-billable” hours marketing yourself. So, not only are you putting hours into the actual work of art, but you are also spending time seeking out venues, preparing exhibitions, creating your marketing materials, managing your inventory, etc. Be fair to yourself. You should absolutely never end up giving your time away.
Pricing No no’s
Regional Pricing
I touched briefly on the idea that artwork is valued differently depending on where it hangs. This concept is fading away as more and more artists present their work online and in a gallery with an online presence.
Consider your buyer. You’re working to foster as many artist-to-collector relationships as possible. One part of that equation is that your buyer has to feel that they are getting a fair price for your work, the same price anyone might pay. If because they live in a metropolitan area, you offer them the price of $1200 for a piece, but your gallery in small town in Ohio is selling the same work (or similar works) for $800, you are playing a very dangerous game. Should that buyer find your Ohio gallery, the best case scenario is that you lose the sale and never hear from them again. Worst case is that you lose the sale and they end up posting online or sharing with a large number of friends and acquaintances that you have shady business practices.
Different venue, different retail price
The idea of using the same pricing follows through for all exhibition venues (regardless of their commission), so that each gallery gets a fair shake and all your potential buyers and collectors see that your artwork holds the same value. If you offer a higher retail price to one gallery over another, and they find out, you risk losing that gallery and facing serious backlash. Galleries can be extremely protective of their artists. With the right gallery, you can gain a great deal of exposure, collectors, sales, and even additional venues and exhibition opportunities. In this way, they are your business partners, so treat them as fairly as you wish to be treated yourself.
Selling wholesale or near wholesale to buyers directly
Some artists will offer buyers their artwork for less than they are selling for in galleries and exhibition venues. In this way, they hope to build that buyer into a collector. Absolutely, your buyer will feel they are getting a special deal, and no doubt they will come back directly to you for future sales (therefore cutting out the middle man). This may sound great on the surface; however, consider the venues you use to gain exposure and initial introduction to your artwork. Going behind their back and making the sale after the exhibition closes essentially leaves them unpaid for their time and effort. Understand that many gallery owners are well aware of each other. If you believe that you can safely undercut galleries and continue to find exhibition opportunities, you may find yourself sorely disappointed.
In general, you should always adhere to the golden rule. Treat your buyers and those who help gain you exposure as an artist as fairly as you would wish to be treated. Absolutely everyone has to be paid for their efforts and of course that includes you.
Talking points:
What system do you use to price your artwork?
(To comment: click on the small word "comment" below, type in your comment and type the verification letters in the space provided. If you don't have a blogger account, click on "name/url" or "anonymous," then click to post it. That's it... let's hear what you think.)
End of Post
Labels: artists, comission, consignment, marketing
posted by Lou Belcher at
12:50 AM
4 Comments:
This is a great article...very informative.
Thanks for your comment. I'm glad you enjoyed the article.
I've used the 'per square inch' method for years. To me it makes the most sense. We all have paintings that we've labored on for days, weeks or even months. But sometimes they come together quickly and easily and often look better than the one you spent much more time on. So why would I have one 24x24 that I struggled with for weeks priced higher than another 24x24 that is better and was completed faster? Also this pricing method makes sense when comparing smaller pieces to larger ones. Buyers don't like to pay $400 for a 8x10 and then see you have a 20x30 for $500. BTW, I don't use the EXACT per square inch figure, I usually round it up to the next 5 or zero dollar amount. -Russ Taylor
Russ: Thanks for sharing your system.
Readers... tell us what you've tried and how it worked for you...
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