6 Tips to Begin Pricing Your Artwork With Confidence
It's no doubt that pricing can make or break your business. So many artists struggle with how to price their work. I️t is so important to learn how to price correctly so that you can ultimately price your artwork with confidence and build the business you love.
PRICING LOW TO SELL WILL ATTRACT AN INCORRECT AUDIENCE
I see artists make this mistake over and over again. They assume if they just undercut the competition or price low enough then they will sell more art. Although this may be true in the short-term, it isn’t sustainable. By setting your prices too low you are attracting a lower clientele. If you truly think your work is worth $400, but you only charge $125, then you are only doing yourself a disservice. If you start pricing your artwork with confidence then you are telling your clients that your work is worth that amount and they will ultimately want to pay that amount. You will attract an audience interested in purchasing $125 art not $400 work. This is why determining your Ideal customer BEFORE pricing your work is so important. You want to know what your customer wants pay before you assume what they will pay.
PRICING TOO LOW CAN LEAD TO BURNOUT
By pricing your work at a lower rate, you can easily get exhausted and lose interest in creating. As an example, I used to draw my friends home in college and I only charged them $35! As time went on, I began to hate drawing these houses. Why? Because I would spend hours on something and then make maybe $20 after expenses.
What did I finally decide to do? I did some research and learned that other artists were charging much more. This allowed me to start pricing my work with confidence, knowing that my new higher prices were in line with what others were charging, these new prices reflected my skill level, and I would make it worth my time. Guess what? Now I love drawing homes and my clients didn’t even bat an eye at the higher price tag. They saw what my work was worth and actually valued paying more for the piece.
*Pro tip: People value what they pay for, so if you want to elevate your work don’t give it away!
PRICING TOO HIGH CAN RESULT IN LESS SALES
This one is probably the most obvious. Price too high and you probably won’t sell as much. Ok, some of you might be thinking, my art isn’t selling quickly, am I priced too high? Odds are no. Most artists I know tend to lean towards pricing too low. Instead, you probably need to focus on finding your Ideal Customer and marketing to them.
If you are really worried about your prices being too high, research other artists at your skill level. Are you in the same ballpark as them?