Art, Inc. by Lisa Congdon

Author:Lisa Congdon [Congdon Lisa]
Language: eng
Format: epub
Publisher: Chronicle Books LLC
Published: 2014-11-26T05:00:00+00:00

PRICING ORIGINAL WORKS

If you ask any artist for tips on pricing one-off art, you might hear a large sigh. It isn’t difficult, but it can stir insecurity in artists, especially those just starting out. Because art is so subjective, there is no easy mathematical formula for attaching a price tag. Ultimately, it’s nothing more than an educated guess. But educating yourself is key. First, you should always start by thinking about the price based on what the work is worth, and not where the work is being sold. No matter where your artwork is sold, it should have a consistent price tag. That is, the same sculpture shouldn’t bear different price tags when you’re selling it online versus selling it through a shop or a gallery. Inconsistent pricing will only confuse or even anger potential buyers. Many buyers do research before purchasing artwork, and if they see that your work has disparate pricing in different venues, they may question its value altogether.

It’s also helpful to understand how people who buy your art make decisions about what to purchase and how much to spend. People buy art for many different reasons—including for pure love of art, for decoration, for financial investment, or a combination of those factors. When people think about buying art, it can be a calculated decision (they are looking for a painting that fits above their credenza) or an impulsive one (they fell in love with the drawing they saw in a gallery). Either way, buyers typically purchase art based on a connection they make with the piece. The connection can be visual or something that happens when they learn the story behind the piece or artist.

To price your work effectively, you must be able to objectively evaluate the relevance or popularity of your work in relationship to the larger art market or niche in which you sit. You will also need to consider if you have a following or fan base for your work and whether they will be eager to purchase it. Obviously, if you end up working with a gallery, your gallery owner or representative will help you price your work. Here are some tips for pricing your original work:

Understand the big picture of your art market. Familiarize yourself with what other artists are creating, how their work is priced, and whether it’s selling, and you’ll be better prepared to price your art to sell. A good way to think about it is pricing your art the way that a real estate agent would set the price of a home. They base home prices on “comparables,” or the selling price of similar houses in the same neighborhood. You can research comparables, too, by looking at artists who use similar media or sell through comparable venues, and who have similar schooling, achievements, or experience.

Start low. Once your work is priced, it’s not a good idea to lower it later. While you don’t want to underprice your work (people may not take you seriously if you set your prices too low), you want to start on the lower end of the going rate for work like yours.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.