Some people wonder how one should price their art work. What are the factors that one should appropriately place the right digits on their paintings?
I read this note from a local gallery and agree with their points (and if you've missed on clicking on the link, I pasted the points below with my comments in blue):
1, Recognize the value of your time and your talent. The goal is clear: to derive a decent income from doing what you like doing best. Fear-based thinking is responsible for the difficulties artists have in establishing prices for their work. It has everything to do with self confidence and a willingness to defend your prices and take some risks. - You are worth what you think you are worth.
2. Many artists tend to undervalue their work, with the belief that their careers haven’t measured up to the criteria necessary to justify charging higher prices or a fear that by setting prices that compensate them fairly, their work will not sell. But when artists set low prices on their artwork, it is a public declaration of their insecurities and lack of confidence. Again, you are what you think you are worth.
3. Some dealers believe the myth that the work of unknown artists has little value. I know a lot of artists who have so much talent who can probably start a renaissance, yet they are unheard of. Sad to say, they miss the opportunities to grow. So one of my goals is when I am more stable, is to get them on the field and showcase them!
4. You need to consider and integrate three factors: pragmatic pricing , market value and confidence in the price you set. Pragmatic pricing includes the time you spend creating work, conceptualizing and developing to completion. It also includes cost of overhead and materials. Include studio rental, utilities, professional fees, transportation, documentation and materials. Assign an hourly or weekly value to your time. Include too sales commission.
5. Large out-of-pocket costs should be deducted before a dealer’s commission is calculated.
6. Find work that is allied to your own and also compare their career levels to your own. as much as possible, do something you are inclined in doing. Your greatest strength is your strength. Use it.
7. Set a value well above the price you actually want. This way there is bargaining leverage for any discount. this works for me. or you can give terms of payment. go back to the previous numbers on how you value your work also
8. A price list should state the name of the artwork, medium, size and retail price. A dealer’s commission is generally based on a percentage of the retail price. Large overhead expenses are separated out on the price list so that an art dealer is not paid a commission on your overhead.
9. Agree to a joint discount with dealer or gallery only if either the client has previously purchased your work and/or the client is simultaneously buying more than one piece of your work.
10. Set the same high standards for pricing works as you do for creating the work. Do not be afraid to negotiate. Amen.
At the end of it all: if you value yourself as is, then that is your worth. And when the time comes when you reach success, don't let it get to your head. There will only be one Van Gogh, one Picasso, one Malang, one Ang Kiukok, and especially, you!
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