Published: May 3, 2023
Written by: Kelsey

ART PRICING ADVENTURES: UNCOVERING THE TRUTHS AND DISPELLING THE MYTHS!

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UNCOVERING THE TRUTHS AND DISPELLING THE MYTHS!

1. All artists charge a fortune for their creations.

NOPE! Actually, most artists undervalue their work. But we’ll delve deeper into that soon.

2. There’s a secret formula for pricing art that applies to everyone.

WRONG! Art pricing is a personal journey, unique to each artist, even those in the same medium.

TRUTH BOMB: Art galleries snatch up 40-60% of the sale.

FACT CHECK: Retail spaces grab around 30% of the sale.

3. You’re not a “real” artist until you sell outside your circle of family, friends, and acquaintances.

FALSE! Building your business from your personal network is essential. Every sale is legit, so don’t let impostor syndrome sneak in. As your art biz grows, you’ll naturally branch out.

4. The average art buyer is clueless about the true worth of artwork.

TRUE STORY. Most people buying from you might not have experience purchasing original pieces directly from the artist. It’s our job as artists to enlighten them on the value of original artwork vs. a Homegoods print. Oh, the conversations we’ve had!

5. Art buyers always want to haggle over the price of a painting.

MYTH BUSTED. Customers often follow the artist’s lead. The right client values your work and will be happy to pay a fair price.

6. You should be open to negotiating your prices.

MAYBE / SOMETIMES. Don’t haggle over small paintings. For larger, pricier pieces, negotiation can be a smart move. The buyer feels better about their investment if they feel they’ve scored a deal or compromise. However, it’s completely up to you!

Were you surprised by any of these myths? Do you have any other art pricing misconceptions you’ve heard? Spill the tea in the comments!

ART PRICING PITFALLS: MIND TRAPS THAT LEAD ARTISTS TO UNDERVALUE THEIR MASTERPIECES

Hobbyist Thinking – If you treat art like a hobby or side hustle, there’s a good chance you’re undervaluing your work.

Artist Insecurity – Impostor syndrome and a lack of confidence often lead to underpriced artwork. Don’t let comparison destroy your creativity or your money mindset.

Price Wars – Competing on price alone is a losing game. The customers you want fall in love with your art, not the price tag. They’ll find a way to own your masterpiece, even if it means sacrificing elsewhere.

Do you think artists undercharge for their work? Share your thoughts in the comments!

Why Raising Your Prices Is A Must – Setting your worth is just one reason to boost your art prices. Price like a pro, and you’ll be valued as a pro. Owning original art is a privilege and should cost more than a mass-produced print. You’ve got a unique magic that ONLY YOU can offer!

How to Price Your Art: The Great Debate – Pricing art is a hot topic, and there’s no one-size-fits-all solution. But what if I could teach you my Art Pricing Formula and Profit Strategy through a comprehensive course, complete with live coaching calls? If that sounds like your cup of tea, drop your info via the button below and stay in the loop!

ART PRICING METHODS: THE GOOD, THE BAD, AND THE UGLY

No doubt you’ve stumbled upon a myriad pricing strategies, each with its unique formula, involving size, materials, skill, and the ever-elusive concept of time. But why does it feel like finding the Holy Grail would be easier than getting a straight answer on art pricing?

Well, my friends, it’s because pricing is a bit of a double-edged sword. It’s a waltz between the objective and the subjective, a balancing act on the tightrope of value and worth. Each artist has unique experiences, skills, and flair, making it impossible to squeeze them into a one-size-fits-all pricing corset.

So, here’s the skinny on what not to base your prices on:

  1. Time spent: Your customers don’t have a say in this, and time doesn’t necessarily equate to value or quality. Remember the Picasso tale – it took him a lifetime, not five minutes.

  2. Cost of art classes or art school: Sorry, but your degree doesn’t automatically inflate the value of your work.

  3. The cost of your materials doubled or tripled: This strategy overlooks the value of your skill and labor.

  4. What someone else charges: This is about you, not them.

  5. Your emotions, mood, or sentiments: Art is subjective, but pricing shouldn’t be.

  6. Whatever the customer can pay: You’re not running a flea market here!

Now that we’ve covered the ‘don’ts,’ let’s dive into the ‘dos.’ Your pricing should be objective, consistent, and based on a formula that accounts for:

  1. Your Skill Level: This is where those years of honing your craft come into play.

  2. The Market: This includes your past successful sales and your competition’s pricing. But remember, their prices are a reference, not a rule.

  3. Size: Bigger can often mean pricier, but this isn’t a hard and fast rule.

  4. Materials: Your canvas and any specialty materials factor into your costs and, thus, your pricing.

In a nutshell, art pricing is a deliciously complex dish, and you need more than one ingredient to get it right. Stick to a consistent pricing formula, consider the cost of doing business, tie your prices into your overall profit plan, and above all, value your work. Because if you don’t, who will?

In the grand circus of art, undercharging is the clown nobody laughs at, and overpricing is the high-wire act that always falls. So, find your balance, stand tall, and charge what you’re worth. Because, my friend, you are worth it!

Now, go forth and conquer the art world with your pricing prowess, Picasso! Who knows, you might create the next masterpiece… and price it perfectly. Here’s to your art, your passion, and your success!

Talk soon,

Kels

Written by Kelsey Bornyk

My name is Kelsey Bornyk, and I am an artist, creator, chronic illness warrior, and coach who helps:

Guide female entrepreneurs to create calm, clarity and success in their business.

Transform challenges, break through barriers, and step into your power.

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