Pricing your art

[Enzie Shahmiri]

I can't post it (copyright law), but I can Email it to you later today.

[Claudemir Bonfim]

Thanks a lot.

[Richard Monro]

Garth,
I hate to say it, but complexity and number of figures at best only make up to a plus 30% change in the per square in price.

Miniatures tend to fall in the third quartile with a median price of $17 per square inch. That is only 40% above the median for all type of paintings. Most of the miniatures I saw were as complex or more so than the larger works. Unfortunately Per Square Inch rules as king.

Michele,
You are absolutely on the mark with sticking to your price. My 40 plus years of business experience is that customers that insist on lower prices are continual problems to work with. Better to walk away.

Enzie,
Joy Thomas's approach is the smart way to go. One of my business colleges calls this approach "letting the customer see the bullet coming." By the time you get to your price they are mentally prepared to accept it.

Could you also include me in the e-mailing of that copyrighted piece?

[Enzie Shahmiri]

Richard and Claudemir,

Check your Emails, I have sent the article to both of you.

[Marcus Lim]

Hi Enzie, would you care to share with me the article too?
With the thread of discussion here, and the mentioned reference, i'm now feeling a little apprehensive about my own pricing scheme. I now feel i have more or less something to work with, in checking if my pricing scheme is adequate.
Thanks for the wonderful thread!

[Claudemir Bonfim]

Hi Enzie,

Thanks a lot for the email. I think I'll save you a lot of work.
Here is the link to the article http://www.portraitartist.com/media.htm

[Richard Monro]

Some have asked about adjustments to the pricing formula suggesting that complexity and number of figures has a part. Indeed they do, but I woke up this morning with another epiphany.

The real adjustment needs to be how strong or weak the piece is. Every artist, including the masters had great works of art as well as clunkers. The great works command high prices while the clunkers are deservedly low priced.

Therefore, here is my suggestion. Pick your price point ala price per square inch and then adjust up or down by how strong or weak you and trusted advisers might feel that piece is compared to your overall body of work. This does three things:

1) It automatically adjusts price for complexity and figures if they add strength

2) Price automatically gets adjusted upward as we acquire more skill and expertise.

3) Our art gets priced in the same fashion as the public perceives it.

[Richard Monro]

Picking your individual price per square inch price point requires honest soul searching and a lot of visits to different galleries. After viewing enough different works of art you will get a feel for how your art compares to what is being sold in the marketplace.

Be honest. Most of the forum artists produce art that is better then most of what I see in the galleries. Yet I suspect that a lack of confidence is leading far too many to low ball their prices. DON'T LOW BALL! Price your art honestly according to the market as you and trusted advisers perceive it. Use advisers to help you get past any emotional issues of self worth that may be clouding your judgment. You do yourself and all other artists a favor by doing so.

Maybe we should have a members only pricing section on the forum, where our fellow members can be our board of advisers. They can collectively rate our body of work (say five pieces we think represent our best work) on a one to ten scale. Then as we produce new works they can be rated on the same scale. A comparison of an individual piece to our collective works will determine strength or weakness thereby helping us to adjust our price point for that piece.

[Enzie Shahmiri]

Richard, I would also add pieces that have won an award to that latest
adjustment list.

I think a section for group pricing is not a bad idea. Who better to judge one's work than one's peer.

[Michele Rushworth]

I will ask Cynthia about a members-only section where we can discuss our specific pricing as it relates to our own work.