How to price work for show?

[Alexandra Tyng]

Next month some of my portraits will be in a show of portraits and figurative work. There are three other artists in the show, all of whom will have figurative work for sale, but almost all of my work is NFS (either previously commissioned pieces borrowed back, or portraits of family).

I'm wondering how to price the one portrait that is for sale. Should I price it the same as I would charge for a commissioned portrait? This seems too high. A portrait is such a personal thing. I'm not even thinking someone would actually want to buy it, since the people going to the show would not know the person in the portrait. But I'm pricing on the assumption that there is that one-in-amillion chance that someone would buy it.

I should explain that I also paint landscapes, though there will be no landscapes in this show. My landscape work is handled by galleries and the price for a painting of the same size would be $8,000-9,000. A commissioned portrait would be higher, about $15,000.

I don't want to "come down" because I am afraid no one will buy it at the higher price. I am not desperate to sell. But I would price it lower because it was not considered a commissioned portrait and therefore not subject to that price scale.

I want to price it fairly and would appreciate any thoughts you have.

Thanks!

Alex