Business of Art
Artists often postpone getting their work into the marketplace because they are uncertain about pricing.
And that’s not surprising, because there is no quick and easy formula for determining a proper pricing structure.
It takes time – but it pays off. Those that shrug off the legwork are likely to learn the hard way that any artwork that appears to be priced too high – or too low – is unlikely to sell. Be assured, you are investing your time wisely if you do the research to get a clear sense of the art market in your community.
Of course, once an artist has spent a couple of decades selling their work, winning numerous awards and grants, serving residencies at respected institutions and having multiple solo exhibitions, they are able to name their price – provided they have kept their collectors informed every step of the way.
However, for those just getting started, there are a few simple steps to make the task less daunting. Begin by evaluating the significance and quality of your work in relation to art produced by others in your area. Assess your accomplishments to date and how they stack up in relation to other artists doing work in the same medium and scale. The buying public will often ask how long an artist has been working. It’s wise to have a brief printed bio on hand at all times!
Visit artist studios in the River Arts District and galleries such as Van Dyke Jewelry and Fine Craft, Mountain Made, Castell Photography, all located in downtown Asheville. Also Seven Sisters and Mountain Nest in Black Mountain, as well as Miya in Weaverville. When reviewing other artists’ pricing structures, consider how long they’ve been active, where they show, and how collectible their work is. Until your career achievements measure up to theirs, don’t expect to get the same prices.
Many established artists are extremely gracious and willing to share information. Of course, it is always a good idea to ask in advance if a working artist would be willing to talk with you for 10-15 minutes regarding their views on establishing a viable pricing structure.
At the most basic level, be sure that the prices you set for your work will cover all of the expenses incurred to create and market it. That includes not just your materials and time, but also income taxes, overhead expenses and profit margin.
