Having difficulty pricing your work? Don’t worry. Every artist goes through the same. Determining the price of an object that is really an extension of yourself can be daunting. Here are some practical tips to start off with. A lot of it comes down to common sense.
If you have not sold much, a good starting point is the cost of your materials and a reasonable hourly rate, say $20. Keep in mind that you need to stay within the price range of similar artists, in other words, if your peers sell for $2,000 - $3,000 it is not realistic to charge $25,000.
Many artists tend to be erratic in their pricing. For example, they put a very high value on works that are important to them. Big mistake. Collectors and dealers don’t have the same emotional connection to your work so they won’t understand your pricing. This probably means they won’t buy your work.
As an emerging artist, start out with low prices, which you can raise gradually over the course of your career. Keep in mind that the last thing you want is volatility in your market because that will chase away potential collectors and alienate existing collectors. Consistency is key to a successful pricing strategy.
If you are struggling with your pricing, get in touch with Katapult. We can help you develop a pricing strategy that is appropriate for your work and that will give confidence to your collectors.