Here, I was enjoying beautiful beaches of Naples where I met a wonderful artist painting a lovely lady on the beach. I am surprised to see his small and functional tools. And the best part is you can get your painting framed in real time – wow!!
I was so excited to meet the fellow artist that a basic introduction talk turned into a long discussion. We started sharing the art talks especially related to marketing and selling work. Both of us agreed that pricing the art work is the most challenging task for an artist if you are an artrepreneur.
He shared his own personal experience which is worth sharing. His prices were lower than other local artists of the same level. You will think it should be good for his business, but that was not the case. He told me his lower price is sometimes regarded as indication of the cheap quality or buyer think of lower status symbol in the society. And he lost a lot of business because of this mindsets, bummer L
To be honest I face similar challenges. There is couple of suggestions I received/learned from different artists. Some price their work based on the size, some based on the amount of time spend and some based on their instincts. There is not right or wrong way. My business background helps me in this challenging task. I mix and match different criteria to come up with the one number. The basic criteria are size and amount of resource I have used on particular work. The second checkpoint which a lot of artist misses is the targeted audience/buyer. I will explain this with the experience of artist in Naples. His prices were perceived cheaper compared to other because he was selling his work in the high society audience. If he was selling his work to middle class families then those lower prices would be a blessing. But thankfully Naples is the tourist destination that saved him in the business. The tourist coming from different levels generally does not afford/willing to share big bucks on a piece of art work. But at the same time they are always looking for good local work that will seal the memory. Before you start following this as standard book rule I would like to make it clear that this is not 100% accurate solution. There is lots of factors one need to consider before adapting any particular policy. And the most important one is not in our control that is fate.
Here are my two cents on the topic. Please share your thoughts, experiences, methods….