I don't have a clue about pricing.
 

I know the basic rule, look around, find comparable artists that are selling and so forth.
However, this is hard for me, because I always assume everyone is better than me if they have a big price tag. I truly don't know how to be objective about it.

I started doing these pastels a few months ago. Because I had never done them before I basically solicited my friends as guinea pigs and gave them to them for VERY nominal fees so that I could practice. In the meantime I have looked at every pastel artist's price list I could find and there is a HUGE range of prices, some I agree with and some I don't.

The one thing I have noticed is that the pastels are generally a whole lot less than the oils, almost by half. Why is that? It seems to take me just as long and really the difference in the cost of supplies isn't THAT different. I also have noticed the people expect the pastels to be less.

I really need some help here. Is there ANYONE, that is willing to help me figure out what would be a realistic price to put on my pastels? I know other artists are hesitant to do such a thing, but I'M TRULY asking for some help here.

For example in this portrait of Laiken, her head is approximately life size. Would starting out at $250 be enough, too much, selling myself short? If anyone is willing to give me an honest answer, but hesitant to post on a public forum, please let me know.

Im braced for any sort of answer, even if it is "girl, put your stuff away, you shouldn't be doing this. ;) "

My sense is that your prices are much too low. I don't do pastels so I don't know that market but I know you could (and should) get much more than $250 for the work you've been posting.

The key to getting the prices that your portraits are truly worth is to get them in front of people who can afford it. This may mean marketing to a whole new audience.

One reason I don't do pastels is that people usually expect them to be priced a lot lower than oils, even though the time and cost of materials involved are not that much different. "Works on paper" have always been valued substantially less than oil paintings, whether at a craft show or at a Sotheby's auction. It's the same reason I don't work in watercolors any more either.

I love what I do and I'd paint in any medium that was available if it was just for love, but I'm also running a business that is important to my family, so now I work in oils. I like oils so much that I have no interest in ever working in pastels or watercolor again.

Michelle,
 

I have always underpriced. In the beginning, I was just so happy that someone would pay me to do something so fun that I was astounded that I got paid at all! But my priorities have shifted. I have three small children, and I need to work. I need for this to be a REAL business. I want the work to be priced fairly, not too high, but also not undervalued.

The whole PAPER thing, I think is my issue with these pastels. Because my time is so limited, I need to be painting what will bring the most in for the amount of time, which would be oils-unfortunately, I really really really like doing the pastels.

I'm getting ready to invest some money in marketing myself, which is something I have never done, but the first step is getting a price list in order and I am honestly sitting here scratching my head not knowing at all what to do.

Mary,

I think Chris Saper is still out of town, otherwise, she would likely be commenting here. However, she charges the same for pastels and oils.

Mary,

You might keep this in mind, in marketing anything, price is one of the main tools to control backlog.

I hear others talk about the problems of having 2-3 years of backlog. If this is the case, your prices are too low. If you have no backlog, one factor may be that your prices are too high. It's just supply/demand economics.

Finding the good balance can however require time and experience. Remember, you can raise your prices every week if you want to. Lowering your price is a lot more difficult and can cause serious complications.

Just to add to what Mike said, having no backlog doesn't necessarily mean your prices are too high, though. It usually means you need to do more marketing.

I know of some artists who lost work because their prices were too low. A potential client with a lot of money wouldn't want to pay only $250 for a portrait.

I have spent way too much time ...
 

... keeping my prices at a point where I didn't feel like I was ripping off my friends. But that isn't paying the bills.

I have always been worried about it until now and I realize that I am not getting the same consideration. Here is an example:

I just did a portrait of a friend's children. He happens to own a computer sales and repair shop. I am in desperate need of a really nice computer.

We have been friends for EVER, like siblings. When he approached me about his portrait, I gave him the price list, he chose to do one that would come to $2,900. Because I am such a wimp, I IMMEDIATELY told him I would do it for half! He didn't even ask.

Then I mentioned that I needed a new computer, when I told him everything I needed he said it would retail around $1500. So that is what we are trading for. You see where I'm going with this... I cut my price in half, he trades for his retail price, I don't know what the markup is in computers but I'm assuming maybe half... So he has managed to get a $3,000 portrait for what? $7-900?

This type of thing has happened to me often and I'm too much of a wimp to say anything.

I need someone to sit me down and give me a lecture, make out a price list for me and tell me to STICK TO IT ... any volunteers? ;)

The conviction that your work is worth the going rate has to come from inside yourself, as does the conviction to stick to your price list, like a serious business person.

Don't go for a lose/win situation (where you lose and your clients and friends win). A win/win is where you get the true market value for your work and they get a good product.

You didn't ask, but I love your portrait of Laiken. What size is it? My oils start at $800 for a 16x20 head and shoulders, no background, and I add for hands and so forth. I wouldn't charge less than that for a pastel such as yours, especially since my prices are way too low for portraiture in general, although I keep them down in consideration of my area, which is rural and not at all tuned in to art in general or portraiture in particular.

Hope that helps you. Sounds like sometimes you're your own worst enemy in terms of pricing - I can't believe your friend didn't give you a break on the computer, but at least it's a good lesson for you - and us all.