Selling art based on market venue
Pricing with galleries
If you have gallery representation, ask for their assistance in determining prices for your work. You'll have a sense of what current market rates are if you've done your research, so you can evaluate their advice as needed.
If you disagree with their pricing recommendations, offer your price and defend it by pointing to your productivity, the cost of materials, or the prices of other artists.
Also, remember that when you engage a professional gallery, you are building a business relationship. Every art dealer has a style of selling based on their personality. Some are cautious and set prices low then raise them gradually, while others take chances and go for it boldly. There are no hard-and-fast rules to follow. In-depth discussions about pricing can help you understand how they calculate all the factors that go into the work.
When you work with galleries, the trade-off is that they take a cut of what the gallery sells your work for—they are a business, and collectors prefer to buy through them vs. artists directly. The industry standard is 50% unless it's a commissioned piece, in which case artists frequently obtain 60%. Non-profit galleries commonly charge lower percentages, usually between 10% and 30%.
You don't want to raise your costs to compensate for a gallery's fees since you're essentially outsourcing the difficult task of selling while you concentrate on creating more work.
Pricing for art commissions
Art commission prices are especially tricky, there's usually some personal connection involved, so it's hard to turn down the work. Know that it's ok to say no; simply stating something like, "I'm not accepting commissions at the moment, but here are a few pieces I have for sale you may enjoy" is perfectly fine.
It would be best to decide whether and when to take commissions as you undoubtedly will be losing money compared to your regular sales. Some artists have a limit they set, such as one every three months.
Many aspects of the arts industry are based on trust. Still, it is essential to have everything in writing as much as possible. It's simple to accomplish this by e-mail.
Pricing for group shows vs. solo shows
If you're in a group exhibition, submit art within the same price range as the rest and comparable artists in the show. If you enter the most expensive piece, you don't want people's first impression of your work to be a sticker shock.
You want your work to stand out for artistic reasons, not financial ones. Before you submit, find out what the show's price range is and what price range sells best generally.
Pricing for art prints as editions
A print or photograph in an edition of ten may be less expensive than a one-of-a-kind work by the same artist. Furthermore, if you produce twenty-five pieces instead of five, each print should sell for a lower price than if you made only five prints.
The beginning price of a job at the start of an edition will be lower and rise toward the end. This is partly due to supply and demand and a method for rewarding the first buyer for taking a chance on the work before it has been proven valuable. In addition, the increasing price may be a motivation to purchase as potential buyers notice that the edition is selling out and the price rises.
Create a set number for photographs and prints or other editioned items—many artists overlook this, but it is essential to collectors and dealers. Some artists keep one print or two from each batch as an investment in hopes that the price will rise.
Pricing online vs. in-person
Online sales have multiple factors to consider, such as shipping and commissions for the platform if it's not a direct sale.
If you're selling art online on your website, don't display artwork that has already been sold alongside art still available for purchase. Showing sold art with still-on-sale painting isn't effective in increasing sales.
Always be transparent and show your prices, especially online. Based on data collected by Artsy sales, galleries that were transparent about their prices had a 4x higher likelihood of making a sale.
Price Consistency and Personal Feelings
The pricing should not be discretionary and should instead be based on measurable characteristics such as color or quality. If an artist wants to charge based on size, it must be the same for every piece. For example, if you charge $5,000 for a painting that's 36" × 48" and $6,000 for another painting of the same size and subject matter, it's easy to lose credibility with a potential collector.
Personal sentiments, attachments, and sentimental value are intangible, non-transferable, and incalculable in monetary terms. Artists must maintain a consistent selling price. Although you believe your pricing structure is logical personally, sales may suffer if it does not make sense to others. Collectors appreciate straightforward, easy-to-understand price structures.
What are the most you can reasonably charge for your work?
It would be best to try not to go past $5,000 for most pieces.
Look at what purchasers are ready to pay to find out what the pricing should be. Here are a few examples:
- The average amount online customers spend on art is $5,000 per year. The average price for current artwork in art galleries in 2021 was $10,685.
- If you're selling your work directly from the studio, expect buyers to assume it's half the price they'd get from a gallery.
- 70% percent of the art sold at auction houses is valued at or below $5,000.
Even for the most avid art collectors, their ideal price range for an up-and-coming artist is generally around $6,000–$7,000.
When to raise the prices of your artwork
You've probably established a pricing framework if you have a track record of selling. However, if you go in a new direction with your work—perhaps using different materials—you might have to adjust your prices and give your collectors time to adapt.
When your art sells regularly, you've been selling regularly for more than six months to a year, ideally longer, you have a show where at least half of your art sells, or you're selling all of your art within several months, or so after creating it, those are the good times to raise prices.
It's acceptable to raise prices between 10-25% percent, closer to 10% if sales are strong and consistent, up to 25% if demand is high, and your constantly selling out of work.
Very rarely more than that. Keep in mind that each time you jump in pricing, you essentially have to acquire a new set of collectors because you likely have out-priced your previous ones.
Be able to justify your price points
Don't increase prices just because you're in a good mood, what another artist charges, or because you believe your fees have been the same for too long.
Always give a compelling reason for your price increases, say you've won an award or recently had a solo show with a prestigious gallery. Be cautious not to alienate your collector base by becoming too costly too soon; keep in mind those loyal followers who have been buying your work and supporting you the longest.
When discounts are appropriate in your art career
Galleries frequently provide special offers to loyal clients (10 percent is typical), and museums may get as much as a 40% discount.
You shouldn't be discouraged by the fact that you're making less money on a sale—while you may not make as much, it shows that someone has valued your work and is starting a market. And if they're a serious collector, that'll boost your reputation and exposure.
Make affordable alternatives available. Also, some of your most loyal supporters may not have a large budget to afford the price of an oil painting. They might be among your biggest fans, so give them a chance to buy a piece such as little watercolor paintings, a print, or a drawing.
When to negotiate the price of your art
You may wish to charge more for your work than you desire in compensation for negotiations. As a result, you have room to negotiate and keep your prices within an acceptable range. A price boost of 10% is sufficient to accommodate most negotiations.
It's not uncommon for negotiations to occur during the sale of art. Depending on the environment (studio sale, gallery sale, etc.) in which you're selling, buyers will typically try to lower your asking price. After all, the prices are essentially immaterial.
Furthermore, the more prestigious the buyer, collection, or institution is, a gallery may justify the more significant the discount. A 20% reduction is not unusual when a work of art is sold into a good collection.
The foundation of a successful art business is made up of dedicated collectors; you may indeed make a solid living with only five regular collectors.
When negotiating, keep in mind the possibility of losing a sale and, in turn, a returning customer. If you've previously sold pieces to them, you're more likely to see them return for another piece.
Challenges to Pricing Your Artwork
The most challenging aspect of pricing artwork is that it's hard to assign a price to your creative output. If you're expressing yourself creatively and honestly, how can you put a price on it? How do you quantify your intellectual, emotional, and aesthetic vision?
Artists are used to being underpaid for their labor or asked to work for free. It's difficult to determine how much individuals will pay for your work when society devalues art. Alternatively, it's also hard to know how much people would offer for it.
This gets even more complicated for artists and faces structural barriers to success or money. Black artists have historically been underpaid and underrated, as have other non-white artists. It also applies to LGBTQ artists, female artists, and nonbinary artists.
Final Thoughts
There is no established formula for artwork prices for visual artists. It differs significantly by so many factors, as outlined in this article. To discover how comparable works are priced, you'll have to use your initiative and hard work.
You can avoid making costly mistakes like over or underpricing your art that may harm your future sales by comprehending how the larger market is impacted by collectors' and galleries' interests. Determining your prices is also an excellent chance to take a step back and consider the trajectory and pace of your career as an artist.
