For artists interested in selling their work this is a question here at Posture we receive often. Now that we have some art exhibitions under our belt we realize there are many a-issue that keep popping up. This one is very common as it is hard for emerging artists to find that balance between pricing themselves out of a show and undervaluing their work. Below are some tips from yours truly. Your feedback is welcome!
1. Compensate yourself fairly.
According to the Bureau of Labor Statistics the national average hourly rate for a fine artist is $21.34. I would use that as a jumping off point when calculating how much of your time went in to the creation of a piece. Keep in mind you are a professional and deserve a decent living wage. After you have calculated hours add in the cost of materials. IE: keep all of your receipts! You’ll need these for tax season (specific post on this coming soon)!
Example:
Completion of painting = 30 hours = $640 + $300 materials = $940.20. Round that up to $1000.
That might seem low, but it’s a solid and reasonable beginning.
2. Be consistent.
If your pricing jumps all over the place from show to show people (gallerists, collectors, etc) will start to notice. You run the risk of ultimately devaluing your work. If you’re represented by a gallery, that number will need to double as most galleries take 50%. Try to stay true to that price range as you move forward and stay as objective as possible.
3. Know your pricing.
That brings us to number three. Make sure you have your body of work documented and priced. In addition to having an online portfolio (this is a must), having a simple PDF with images and info will suffice. When someone asks you how much a work is you will want to be able to tell them immediately and remain in control, although be open to negotiation.
4. Keep track of your sales.
This will be very helpful when the time comes to justify your pricing to prospective collectors and/or dealers.
4. Research the art market.
This may seem like a soul-breaking chore but it is imperative that you keep in touch with what you’re peers are creating and what they’re asking for. Go to local art shows, browse Artsy, and do not be afraid to reach out to those you admire for advice. If you want to get crazy check out some art auctions for reference. You can adjust your pricing comparatively…but make sure you’re comparing your work to what sells.
5. If you love a work so much you’d die for it, don’t sell it.
As Alam Bamberger of Art Business says, “Any insights, enlightenments, sufferings, or inner pain you experience while creating art are your own business. Don’t bill collectors for it.” Your personal attachment to a piece should not affect the pricing as this just runs the risk of breaking your consistency. If you feel very connected to a work keep it in your personal collection.
6. Offer a variety.
Often you will find someone who is in love with your work but it’s out of their price range. Consider making smaller works or limited editions with less expensive materials to offer to those with a smaller budget. Also, be open to commissions and don’t turn people away unless you feel strongly otherwise.
If you have any comments or questions don’t hesitate to email us at [email protected].
