The Psychology of Pricing Art
Pricing art, like art itself, is subjective.
The subject of pricing art almost always manages to become part of the conversation whenever artists discuss the business of art. There is as much angst and confusion around pricing art as anything artists deal with in life.
Part of the problem is there are no set methods. Artists can use price per square inch or foot, time and materials, artists’ reputation, internet searches, and a Ouija board to get a start. Regardless, many artists have ongoing doubts about the methods they choose for pricing art.
Pricing methodology available elsewhere
This post is not a discussion on the techniques or methods of pricing art. Here are some other resources for that. You can buy my How to Price Digital Fine Art Prints e-book. It has expert opinions from industry thought leaders on pricing prints, but nearly all the information works just as well on originals. You can watch the Pricing Your Artwork to Sell Today, a podcast with my friend, Jason Horejs, and me.
Use the Goldilocks Theory of pricing art
The biggest questions about pricing art are, “Am I charging too little, or am I charging too much?” This question is necessary for good reason. Do it wrong and you either leave money on the table, or you lose sales. The solution is to use the Goldilocks Theory, which means price your art neither too hot (high) nor too cold (low), but “just right.”
In a recent online discussion about giclée prints, some artists were complaining that everyone, including printers and galleries, was making money on giclée prints except the artists. Unless an artist is overpaying market prices, which in a competitive market such as giclée printing should never happen, and as harsh as it may sound, the fault is on the artist. It comes down to not marking up the work for a sufficient profit.
Do not price prints anywhere near that of your originals. If you are not getting significantly more for your originals than you are asking for prints, then you should stop selling prints. Wait until you get your original prices at levels that make your prints look like an attractive option for budget-conscious shoppers. Likewise, if your originals are not in demand, there is no reason to believe investing in the print market is a solution to your problem.
Your prices have to match the demographics of your prospects
A complaint often heard is, “I am not getting a high enough price for my originals.” Again, assuming the work has buyer appeal, the fix is to find different buyers. You can’t market prints to buyers who want to spend hundreds for originals. You have to change what you are doing and start seeking buyers elsewhere.
You cannot expect buyers to find you. You have to hunt buyers.
When you are famous, buyers will look for you. Until that happens, you have to look for them.
You can’t use unfocused marketing effort to find prime buyers. Your potential collectors must have the desire and means to buy your work at a profitable price from you. Hunting buyers means using your smarts, your instincts, and thorough research to find out where your best prospects are. Then you go about focusing on delivering targeted marketing messages to them on a steady basis.
If your prospects don’t respond to “just right” pricing, then your focus is on the wrong buyers, or your art has no appeal to that audience. When you notice other artists having the success you deserve, determine what they are doing that you are not doing that gets their work sold. If your art is perfect for your prospects, and your message is tuned and consistently applied, you should have success hunting buyers.
The psychology of pricing art is all about what is in your head.
You must believe in your work and have confidence in your talent. Learn to use those things to price your art.
Your appeal as the artist has a considerable impact on your collectors and galleries. If you have cultivated a reputation, your work will sell because it has your name on it. To some extent, it is as much or more about the artist as it is about art. It is always the case when all other things are equal.
It nearly always is as much about the artist as the art.
If you balk at the thought of the importance of the artist, that is understandable, but it does not change the facts. Let’s look at artists in the music industry for comparison. Rolling Stone magazine, in its list of the 500 hundred greatest rock n’ roll songs, named “Satisfaction” by The Rolling Stones as the number one song. While that position is debatable, the song arguably ranks as one of the greatest rock n’ roll tunes of all time.
Let your mind wander for a moment and imagine if Herman’s Hermits, one of the lesser bands of the British Invasion era, had written and performed that song. Can you imagine Herman’s Hermits on top of Rolling Stone’s list? I know I can’t. If that comparison is too dated for your time, visualize Vanilla Ice rapping “8 Mile,” and you will see the point.
Art and artists are inextricably connected.
You cannot separate art and artists. Certainly, curators, collectors, galleries, critics, and consumers make it so. It is the reality of the situation.
What we are talking about here is putting you, the artist, into the equation when it comes to pricing art. You are its creator, and you add value to the proposition. The psychology of successfully priced art comes to this. Well priced art means the artist profits every time his or her work is sold. It’s all about how you perceive yourself and present your work in the world.
When you inject confidence in your work and your marketing, you give yourself the best opportunities to price and sell your art profitably.