Subjective qualities, such as emotional value and uniqueness can vary from one viewer to the next. Therefore, a consistent fact-based price structure should be applied when you price your work. As an artist, you should be prepared to explain how and why you set your price. You should always broaden your appeal and try to offer works at various price points.
Pricing principles for artists new to the market:
- Price your art based on comparables. Compare your art to what sells, not to what does not sell. Set your price similar to other artists with similar experiences and work in similar mediums, or
- Price your art like a retailer, at two times the cost materials, or
- Price it at cost of materials plus your hourly rate x hours spent creating the art.
Pricing principles for artists with sale history:
- Price your work based on documented accomplishments, sales history and exhibition history. Art sales are not immune to the ups and downs of the general economy.
- Artists should make necessary price adjustments to reflect market conditions.