Strategies for Pricing Artwork

I was recently approached by a student for help with pricing their artwork for an upcoming holiday market. This prompt gave me some time to sit down and think about the strategy I have always employed and recommend when looking to price work, especially sculpture or new ideas that haven’t been market tested. I want this to be a living article, so if you are an experienced seller and have some tried and true knowledge on the topic, please send me a message and I will gladly add your ideas to this article. Thanks and good luck!

1. At what selling price would I not feel regret? If the piece sells too low and you think to yourself “that didn’t feel worth it, and I don’t think I am motivated to make that item again” as the result, then that is not generative to you getting back in the studio to develop the idea further.

2. Am I selling in the best venue for my work? Who is my ideal client and where do they shop? (Ie: It is hard to sell a $60 mug if the artist next to you is selling a $40 mug. It’s much easier if your $60 mug is sitting on a $900 coffee table). Just because your work doesn’t sell doesn’t mean it isn’t worth the asking price; you just might not be reaching your target audience yet.

3. What is my goal with selling art? Making sales and making money are not always the same. Making a sale means building a relationship with buyers, getting comfortable with the transaction of selling and making room in your studio so you have space to make more. The accumulation and storage of work depreciates the value of what has been made, so sometimes just moving the work feels best even if the profit you make is negligible. 
If preserving the value of your labor and materials is your priority, and you are comfortable with hanging onto the work until someone is willing to pay the asking price, you might not make a sale today. Getting people to sign up for a newsletter can help you stay in touch with people who show interest in your work. The next time you invite them to an event, they may choose to make a purchase then. The higher priced items sometimes require courting your audience, making them feel connected to you as the maker. 

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