Pricing your art

Richard Monro · 04-09-2006, 11:34 AM

Mary,
Don't get down on yourself. Art is a right brain activity. Pricing and the business of art is a left brain activity. The more one is right brain oriented the harder it is to perform well in the world of marketing and pricing. The starving artist appellation has a real basis in physiology.

More on art pricing:
As I conceive of the art pricing section. The ratings of our fellow artists on our collective work would comprise a narrow range on the 1 to 10 scale....say for example 5.5 to 6.3 with most ratings centering around 6.

That range would be proportionate to the $0 to $58 art market range (which by the way is a curve and not a flat line). Thus equivalent pricing for the artist rated above might be $17 to $23 per square inch with the center around $21. The artist now has a suggested range to work in for pricing.

Individual pieces would be rated in the same way. A strong piece might break open the range and suggest to the artist that it is time to raise prices again.

However, it will always be left up to the artist to set his own sales price. He or she could accept or ignore the advice of the pricing section. So in the final analysis, the artist must have confidence in setting their own price. it is my hope that the pricing section will boost that confidence and allow the artist to receive the income they justly deserve.

Michele Rushworth · 04-09-2006, 11:44 AM

Cynthia indicated that the feature that would allow a members-only section for discussing our pricing is not working due to some technical glitch, so I don't think we'll be seeing a section like that any time soon.

Mary, price your portraits as if they were someone else's work, as if you were the marketing department selling the creations made by someone else altogether. That helps give you some distance and takes the personal feelings out of it.

In your case, ask your soon-to-be rep for her advice on where your prices should be. You may find her aiming a bit on the low side as that will make it easier for her to sell, but it's also to her benefit to get you a good price for the work, too.

Michele Rushworth · 04-09-2006, 11:47 AM

One more thing: It's been suggested to me that when an artist has a backlog of anywhere from 9 to 12 months (assuming they are working at their art full time) that it's time to raise prices.

Mary Sparrow · 04-09-2006, 11:46 AM

Richard, how much emphasis should be put on geography and pricing?

Mary Sparrow · 04-09-2006, 11:50 AM

Michele, you were posting as I was typing. Everything you say makes so much sense. My brain knows it, but I still have a hard time doing it. I'm hoping this woman will help me in this way, from what I understand she is very much a sales person, so it can only be better than my attempts. How did you luck out with a functioning right AND left brain?

Richard Monro · 04-09-2006, 12:22 PM

Cynthia and Michele,
There are always work arounds. If such a section could not be technically set up within the forum, a separate domain site could be set up with it's own members only login. There could be a redirect button on the forum titled "Members Only Pricing Section" that would take one to the pricing section. Also in the pricing section there could be a redirect button to take you back to the forum.

Make the pricing section available only to paid up, subscribing professional members. The fee should be high enough to cover the additional costs plus a profit to make it worth Cynthia's effort.

Mary,
Pricing is everything. Choosing the right price point can mean the difference between success and failure. Too low a price and the public perceives the painting is of little value. Too high a price and the public believes the artists is not serious. The public as a mass is not stupid. Tests show that in large numbers the public is more accurate in "guessing" important factors such as price or outcome than experienced experts.

Geography seems to have little or no impact on the art prices that I have researched in the United States. Overseas may be a different matter.

Mischa Milosevic · 04-09-2006, 04:25 PM

This is something that is of interest to all here. Richard thank you for bringing this up. Your help is grately apreciated.

I am still nut sure how to apply this here in Germany. Pricing my work per square inch/cm? I'm not sure if I understand? Head and shoulders 40x50cm compared to a 50x60cm. Being that I am new to the area and starting out with my first exhibition pricing in the ball park i must figure out like quick. I plan to start 000 but not sure where. I have tried to compare prices with local artists that are on line but have not had much success. Any advice would be certainly appreciated.

Enzie, I could use your help and that is if you could mail me a copy of that article you spoke about. Thank You!

Thank you all, Richard! This came at the right time.

mischa

Richard Monro · 04-09-2006, 04:48 PM

Mischa,
Let me make it a little easier. The median price for all art in my research is $12.15US per square inch. If I have done all of my conversions correctly this translates to 1.56EUR per square centimeter. i have only seen one piece of your art (your web site is down) but your skills shown in that one piece indicate that your price point should be around that median.

Enzie Shahmiri · 04-09-2006, 05:55 PM

Misha,

Claudemir found the article here: http://www.portraitartist.com/media.htm

Joan Breckwoldt · 06-28-2006, 06:02 PM

Quote:

Originally Posted by Richard Monro

As I conceive of the art pricing section. The ratings of our fellow artists on our collective work would comprise a narrow range on the 1 to 10 scale....say for example 5.5 to 6.3 with most ratings centering around 6.

That range would be proportionate to the $0 to $58 art market range (which by the way is a curve and not a flat line). Thus equivalent pricing for the artist rated above might be $17 to $23 per square inch with the center around $21. The artist now has a suggested range to work in for pricing.

Hi Richard,

Nice to meet you. I read this thread you started a while ago but now I'm rereading it. I may need some clarification because these prices seem awfully high. At $21 per square inch, that means a 16"x20" portrait would sell for over $6000. Whew. I suppose this is a gallery price and if I'm selling direct then it would be half, which is certainly more reasonable but way below what I'm charging.

I guess I'm out of touch with the market . . . .

Joan