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Developing a pricing strategy within the arts requires the maximum amount of art because it does arithmetic. And both parts are equally important. After all, the worth of a creator’s work isn’t within the cost of the raw materials. it's within the experience, the expertise, and therefore the skill added to those raw materials. And it's within the feelings, emotions, and experiences that affect the reader, or the viewer, or the audience member. But there's no mathematical formula for that. there's no explicit mark-up percentage that captures emotion. it's subjective.
These are the smart pricing strategies that are designed to help you build a resilient, successful art business.
When you set your prices, think long term—not just about the next sale, but also for the future sales which will follow.
Take your best guess, on the other hand, watch what happens short term. Keep what works, and adjust the parts of your pricing strategy that don’t. you usually have control over your pricing; it can, and will, be adjusted if necessary.
People buy art from people they like and trust. the worth of your “product” should take that under consideration. Since your art isn't a commodity, intangible considerations also influence the worth, such as:
Pricing your art to acknowledge both the visible and invisible factors may be a far more inclusive pricing strategy than simply adding up the value of materials, and therefore the hours you spent creating the piece.
Artists often set their prices relative to their career stage, the present market trends, and their competition.
You can prefer to abide by or break away from those standards. However, if you're a young artist, you'll either position yourself as an emerging artist and price your art on the lower side to start with. . . otherwise you can price your art on the upper side and position yourself alongside the skilled artist.
Starting with lower prices allows you to boost your prices gradually as you gain an audience. Starting with a better price may mean that you simply can work slower, and focus only on the art that sells.
Remember, the more unique your art is, the less competition you've got, and therefore the more control you've got over the costs in your particular niche. Since price isn't absolute, and there's no formal art price stock market, you ought to attempt to find the “sweet spot” that works for you and your collectors.
Everybody loves a bargain, but you don’t need to sacrifice money for a purchase. If a buyer wants to barter, specialize in scope not price.
Keep your retail price firm and offer to regulate things just like the mark-up on framing or presentation, the value of installation, or the handling a part of shipping and handling.
If you don’t include choice within the buying process, you’ll turn many potential buyers away, and that’s an error that the majority of artists just can’t afford to do.
As with anything, the primary time you develop an overall pricing strategy it'll probably take a good amount of your time and thought, and perhaps some research. But keep at it. . . it’s well worth it!
You’ll find that your pricing strategy doesn’t just add money into your pocket—it’s also an efficient, multi-purpose tool to plug your art successfully.
