Tips from artists on setting prices for an artwork

“Price is what you pay. Value is what you get.” – Warren Buffett 

Pricing is awkward. Setting a price on something that is so deeply personal and lacks a defined market value is even more awkward. Especially at the outset of your career, or if you lack a financial cushion, you want, and need, to make sales. However, you also don’t want to undervalue your creative work. 

So, how do you begin setting prices for your artwork to ensure you receive the salary you deserve? 

This week, we turned to our Arts to Hearts instagram community for their insights on pricing their artworks.  

Many shared invaluable advice on finding the right balance. Some emphasized researching similar pieces, while others stressed the importance of factoring in your time, materials, and emotional investment. Here’s what our community had to say: 

Our community of artists revealed strategies for setting art prices. One common theme was for creating a pricing structure based on the size and complexity of their pieces, making it easier for potential buyers to understand the value.  

Some of our community members emphasized the importance of understanding the expenses of creating your artwork. This includes a meticulous breakdown of costs, such as materials, studio rent, and the time spent on each piece. They firmly believe that this forms the foundation of your pricing strategy. 

By meticulously tracking these expenses, you understand what it takes to produce your art. It helps you set realistic prices and justifies them to potential buyers. When you can transparently communicate the financial investment behind your creations, it instills confidence in your pricing and reassures buyers that they are making a fair investment in your art. 

Some members of our community offered a crucial piece of advice: 

They stressed the importance of accounting for the hours spent brainstorming, sketching, refining, and cultivating your creative skills. Your journey involves continuous growth, learning, and refinement.  When setting prices for your artwork, don’t overlook the intangible investment of time and passion you pour into each creation. Recognize that your skill, honed over years, is a valuable asset that merits fair compensation. By factoring in the countless hours dedicated to perfecting your craft, you ensure that your pricing reflects the tangible costs and the invaluable essence of your journey. 

Some of our community members stressed this point:  

Don’t forget the joy within you when setting prices for your art. 

In simpler terms, they meant that while it’s essential to price your art fairly, don’t overlook the satisfaction you feel from creating it. Your passion and happiness should be part of the equation. Pricing isn’t just about numbers; it’s also about recognizing the emotional value you pour into each piece.  

When you value the joy your art brings you, it can shine through in your work and resonate with buyers.  

Our advice? 

A valuable nugget of our advice to our community is to adopt a pricing strategy that is as clear as day. In simple, easy-to-read terms, communicate your pricing structure without any hidden costs or complexities. Make it effortless for potential buyers to understand precisely what they’re paying for. 

Why is this so important? Think about it: when someone admires your artwork, they should see the price tag and understand it instantly. This approach not only builds trust but also removes any barriers to purchasing. 

Imagine a potential buyer perusing your artwork with your transparent pricing; they know exactly what each piece costs. They can focus on their connection with your art rather than being bogged down by confusion.  

Our Arts to Hearts community has shared a wealth of wisdom on pricing your creations. Remember, it’s not just about dollars and cents; it’s about valuing your time, materials, expertise, and the joy that art brings into your life. Be transparent, keep it simple, and embrace the evolving journey of pricing your art.  

Let your art grace walls and hearts as you continue to share your vision with the world. Happy creating and pricing!