In addition to creating a high-quality art, setting the price is a complex task to handle for any artist. You are afraid of setting a price that will be too high or too little.
There are fears that if your artwork costs more, the client will opt to buy from your competitors. Below is a guide on ways you can set the prices for your art:
- Compare the prices of similar arts: when you are able to find out what other artists are charging for art similar to yours, it will be easier to set your price.
You can engage such artists in a discussion to find out what factors they have considered when setting their prices.
- Consider your geographical location: similar artworks will cost differently depending on your location. An artwork costing peanuts where you live may fetch a fortune if sold in other places.
- Calculate the cost of the materials you used to make the art and the time spent: you need to set a price that will cater for the cost of the materials you used. The time you spent in making the art should also be well compensated.
- Set a constant price: there are people that will buy your art directly from you and those that will buy from art galleries. You should set the same price in both instances so that you can maintain a good relationship with those running the galleries.
- Have arts that will cost differently: your clients do not earn the same income. There are those who can afford to pay $2000 for artwork and those who can only afford to pay $200.
Get artworks that will be affordable to both clients so that you will not lose business to your competitors.
Once your artwork is ready, it is important to be transparent in your pricing. Indicating the price on the artwork is one way of showing transparency in the way you conduct your business. If you do not do this, some may think you are taking advantage of them based on their financial status.