As the manager of a gallery boutique, I'm often fielded for how to price artwork. Today, a lecture at Moore on the topic (focusing on seniors who are graduating this spring), prompted me to organize my thoughts on paper.
Some tips, tricks, and urgent rules of thumb....
There is no concrete formula for pricing your own work.
Do your research, stay organized, be consistent, and trust your instincts.
Research:
Look at prices of similar work in galleries you’d like to show in, and make note of the pieces that SOLD. Keep in mind the mission of the gallery. Is it commercial or a co-op? Does it cater to collectors, decorators, or artists?
Read artists’ resumes, bios, and artist statements. Compare prices with their stage of career. Prices will go up as an artist becomes more desirable, or noteworthy. If you are an emerging artist, your work should be priced less than someone who has sold work consistently for the last ten years.
Talk to a professional. Occasionally, a gallery curator, owner, or other professional can offer you advice, but you should be making the first move. It's your call, really. Ask your friends who have success selling work how they determine a price.
Organize!
Maintain records of your sales: who, what, when, where, how
Determine the difference between selling a piece at a sidewalk sale in Old City, to a friend or relative, or in a gallery, to a stranger.
Having a sale history on record is proof to a buyer that your work is worth the price.
Price work with your brain, not with your heart. If a piece broke your heart, was a personal sacrifice, or you just might want to keep it, don’t sell it. Save some of your best work for exhibitions, if that's your priority, and document your work well, otherwise.
Pricing work higher because you don’t really want to sell it will just confuse a buyer, and undermine the value of work that's priced appropriately.
For the first, ten or so years of your career, don't worry too much about saving your work for future exhibitions. For the most part, you'll want (and need) to show your most recent work in any shows. Maintain a personal collection of artists' proofs of editioned works.
Consistency & Logic:
Smaller works should be less expensive that larger ones of the same media.
Paintings usually are priced higher than prints or drawings.
Sculpture that’s sculpted or built is usually priced higher than found object assemblages.
Finer materials demand a higher price (brass/copper is always less costly than silver or gold.)
If your materials or process demand a higher price, list those expensive materials, or include a description that explains the process.
Buyers will research too. Price artwork the same retail price in a gallery or boutique, at a craft fair, or online (like on etsy). Buyers WILL look you up on the Internet if they don’t want to purchase something right away. If your prices are consistent, it’ll encourage them to honor the first place they saw your work (whether they met you at a public event, or saw your work in a gallery or shop).
It's important to maintain a good relationship with the people who sell your work for you. Don't undermine them by trying to bypass the gallery or boutique if they brought you a buyer a client. They work hard to promote your work, and deserve any commission they take.
Cheers! Hope this helps!
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