07/29/2016
Pricing Your Art – What Will It Sell For? By Michael Labbe-Webb
Prices on artwork appear to many to be completely arbitrary. After all, once or twice a year there is a television ad to “Buy art cheap” at some show usually at some hotel or convention center. If you go to one, you see all kind of paintings on sale for incredibly cheap prices and you think, “Wow, why are the paintings in the art gallery down the street so much more?” Well, here is why. If the painting is actually done by a person, the all those cheap paintings are done on a production line in some third world country where the base pattern is laid down on the canvas by a machine and a series of “painters” (who may or may not have talent but can follow a paint by numbers line for $1.00 a day) fill in your painting with cheap paint. Usually at a rate of 50 to 100 per day. Often now a days, the only person involved is the “designer” who runs a computer program that sprays the paint on. Everything about the product is designed to be cheap. And, by the way, what you see at those shows are the leftovers after the better pieces have been bought by hotels, motels, restaurants and office decorators.
So why does the art in the gallery cost so much more? Several reasons (in no particular order). One: Originality. Two: Quality of Production. Three: Talent of the artist. Four: Reputation of the Artist. Five: Condition of the Market at time of sale. Six: Desire of the Buyer. There are probably more but let’s work with these.
Originality: The more “One-of-a-kind” a piece is, the better it’s chances of bringing a higher price.
Quality of Production: The higher the quality of the materials used in making your art, the higher price
your art will initially demand. In other words, a painting by a beginning artist done in oils typically
brings more than one done in acrylic, pastels or colored pencils. A piece of jewelry executed in gold
typically sells for more than the same piece in silver or bronze. But also remember that fineness of the
work will also play a huge part in the sale.
Talent of the Artist: There’s not much to say here. Some artists are born with a natural talent that
allows them to make saleable art on their first few tries. Others of us take years to reach a level of
expertise that equates to profit in the art sales world.
Reputation of the Artist: In the beginning expect your work to not sell for much. Unless you are
extremely lucky, no matter how much work you put into your first pieces, they probably will not sell
for much, sometimes not even for the cost of the materials you have in it. Once you have an
established reputation as an artist, you can raise the prices and people will still buy.
Condition of the Market at Time of Sale: This is matter of usual’s. If the economy is down, art sales
are down, especially for new artists. If the economy is up, sales are better. The jewelry market is
usually better than the market for wall art. Wall art usually sells easier than sculpture. Small art
usually sells easier than large art. In addition, styles and types of art go through highs and lows of
sales. What is hot one year may be cold the next.
Desire of the Buyer: This will often over ride all the others. If a buyer wants something bad enough,
the cost will not matter.
So, how do you go about pricing your art?
There are any number of different ways and some art forms are easier than others. Since I do Sculpture and I have a
shop that does “practical” work (i.e. welding), I have a solid basis of set hourly fees, pre-determined shop costs and
costs of materials to start from. By keeping track of the number of hours I spend working on a piece and the amount
that I spend on materials I can easily come up with a “must sell for more than” price. I can then look at similar
products available by other artists to see what the current market is like plus adding my own 40 years of experience in
the mix and generally come up with a price that is both profitable to me and bearable to the customer. This way of
determining pricing is more difficult for art forms where the cost of materials may be much lower and it may be hard
for you to determine what is a reasonable hourly rate. Or there may not be a “reasonable hourly rate” for you. You
may spend a hundred hours on one painting that you are not yet famous enough to sell for $100. In this case, all I can
do is to encourage you to educate yourself in what similar works are selling for.
Lastly, in selling art, like real estate, Location, Location, Location. If you try selling your work at a yard sale, expect
someone to offer you less than a dollar for it. If you get lucky enough to get your work into a museum, you can
probably expect to get thousands for it. Selling in a gallery will usually get you more than selling in a craft show
(although not necessarily). If you sell on-line, expect not only your work to be compared to every other similar piece
out there but also your pricing.
Good luck.