How To: Price Your Work

Today we’re going to explore pragmatic pricing. Pragmatic pricing refers to the kind of pricing which is very formulaic, straightforward and practical.

The basics of pragmatic pricing:

1. List out the costs of all of your materials and overhead costs such as; studio space rental, transportation, utilities, postage, materials, dues, publications and professional documentation
2. Estimate the time you spent creating the work.
3. How much do you want to be paid per hour?
4. Multiply your hourly wage by the time you spent creating, add in the cost of materials … and voila. You now have a price for your creation.

Onward

Once you have sold a couple of pieces, keep documentation of this. Specifically, keep track of the cost of materials, sale price, and buyer’s contact information. So, when you’re asked about how/why you price your work the way you do, you’re able to show the person how your work has been selling on the market. When you start selling on a regular basis, and have a track record of good sales, consider raising your prices 10–15%!

Be CLEAR and consistent with your pricing; work that is the same size and medium should be priced the same, or similarly.

Why? If a customer sees two works that are the same size and medium, one is priced at $50, and the other one is $42 — and the customer is interested in the lower priced one, the customer will question the inherent value of the lower priced item and may make the assumption that the higher priced work is better. You risk undermining the confidence of a potential buyer.

Again, please please please price your work in a way so that you will be able to cover the cost of your materials, and your time. There are other things to keep in mind, that aren’t so back and white such as the market demand for your work, as well as the subjective opinion of the buyer.

Take a look, and understand what increases your market value:

1. Reviews in magazines or newspapers
2. Grants, fellowships, residencies
3. Art shows in museums, and notable galleries
4. Hate to say it, but perceived value also comes from your following on social media
5. Customer reviews on your website

Other Tips

If you are emotionally involved with a work, keep it off the market, instead of billing customers for it.

Charge the same, or even a little less than the “going rate” for comparable work in whatever arena you’re selling. Consider this tip especially if you find yourself in a large group show or market.

Be wary about advice on how to price your work. Depending on who the person is, a gallerist, art dealer, professor, coach etc. they have their own clients, and would like to make sure that the prices of your work coincide with their customers. These constituents don’t always necessarily know best …

Have a price range for everyone. A young buyer may not have as deep of pockets as an older collector, but they may be your biggest fan in 10 years. You never know! Consider selling prints, stickers, patches etc. at an under $20 price point.

The Bottom Line

Be confident in your prices, the ultimate goal is to transition from a wage slave to a self-employed creative!

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