Learn How To Price Your Artwork For Maximum Profit
Did you know that Leonardo da Vinci’s Salvator Mundi is the most expensive piece of art, sold for $450 million? I know you must be thinking that what’s the big deal. It’s the artwork of Leonardo de Vinci, and his work is so exceptional that it can be sold for such a high price. I know you are right, but as emerging artists who want to start an art business, such news makes us wonder how they decided on this price.
Because let’s be honest, we all want our art to be sold at a high price because, as an artist, you must be aware that there are several stages involved in Creating art, like finding a subject, Developing composition, Employing materials, and framing our work. All of this takes so much of our time and energy.
And when we finally gather the courage to put our artwork out for sale, we start thinking of how to market and sell our art. While we are at it, we stumble upon the question of how we can price our art to make maximum profit. Because if we have made art by investing our time and energy in it, we might feel let down if our hard work does not bring in the money we expect.
We realize that it’s disheartening when we pour our heart and soul into a piece of art, which goes unnoticed. So to save you from such misery, we made a thorough research and came up with 5 steps that different artists use to price their art for maximum profit.
So keep on reading to learn about it all.
Keep A Track Of Your Expenses
Just like art takes time to be completed, In the same way, it takes time to decide the price of the art too. You have to understand that there is no single way of pricing your art and different artists use different methods. It is also to be kept in mind that what works for one artist might not work for others. So you have to decide what suits you best.
But to help you with the process, the first method that almost every artist applies while pricing their art is that they track their expenses and how much time they have spent on it.
So, when deciding the price for your artwork, you must consider the price of all the things used in making that art. The price of the material like cardboard, paper, colors, brush and packing material, etc., is significant to include when deciding your price because if you don’t include that, you could be left out of pocket. So keep track of all the money you have spent while creating that art and then price it in a way that will get you maximum profit.
Know About Your Collectors
Because of the proliferation of the internet, it is now much less difficult to sell one’s work in any part of the world. Nearly all artists these days run online stores from which they market and sell their wares. You should thus conduct some study and learn more about the individuals who might be interested in your work. Determine how you will approach them. You must be aware that developing your own customer base is not a simple procedure. Give yourself the time you need, and constantly think of new ways to target the audience you want to reach.
Once you know about your collector, it would be straightforward for you to decide the price for your product. Because this technique will help you find how much your customers are willing to spend on a particular piece of art. So be patient and take your time understanding your customer base and then decide the final price of your art.
Decide How You Will Sell
When doing our research, we found that artists also decide their price when they finalize where they will sell their work. They do this because you must include the commission price in your final price when you sell your art through a gallery.
You can also ask yourself where you want to sell your art. Do you want to sell it at an art fair, art gallery, or through your e-store? So, when you decide where you want to sell your art, then keep your price in a way that can get you some profit along with all the other expenses you have made while creating that art.
So as an emerging artist, whenever you are pricing your art, do it in a way that aligns with your value and is also comfortable for the person buying your art. Always make sure that you price your art in such a way that does not undervalue your work.
Compare Your Prices with Other Artists
Then we found out that artists also compare the final prices of their work with the prices of work by other artists that belong to a similar niche. They do this by doing some in-depth study on the other artists who create work comparable to theirs before setting their prices.
You can also do this by listing other artists’ prices for their products. Then you can compare your prices with them and decide your final price. Using this method, you can set the price of your artwork in a way comparable to the prices set by other artists. This method will make it easier for you to make a sale with a profit even though the market is highly competitive.
Take Some Time & Stick to Your Decision
We have mentioned a few steps to help you price your art efficiently. So, when you finally decide on the price of your art after considering everything, stick to your decision.
As an emerging artist, it takes time to understand how to price your art, so take your time and experiment with different prices for your artwork. See what works best for you and price your art according to that. See the customers’ response towards a particular price and change it to cover all your expenses.
You also have to understand that nobody makes it big in a day. It’s a slow and gradual process, so take your time while at it and keep on creating with dedication, and you will find your way at the right time.
We wish you the best of luck, and we hope this article will help you in many ways. As a tip, let me tell you a secret: many calculators on the internet will help you with the pricing. So search for them and tell us in the comments if you have ever used one.
So we will see you next week with a new article till they keep creating the magic that you do.