Artist Entrepreneurs: Course 1: Module 3 – Art Pricing
This is a tightrope that artists in the art industry really have to walk. Caution… people think that, ‘Oh if I get a lot of artwork out there, if things are priced lower, I’m going to sell a lot of work,’ but that really can be counterproductive, because at some point many people are going to say, ‘Well if the artist or the seller doesn’t value the work – that they have put a lower price on it – maybe it’s not that good.
Undoubtedly one of the biggest challenges facing artists is pricing. In an unregulated industry, staying competitive without undercutting the value of your work can be a tightrope act. In Leslie Palmer-Ross’ nearly three decades in the industry, she has had thousands of conversations with artists about this very topic. In today’s module, she walks us through the complicated topic of pricing to help artist entrepreneurs work out their pricing strategy.
- If something is smaller, that doesn’t necessarily mean it’s less expensive
- Highly detailed work, for instance, won’t fit in this mold of “bigger is better”
- Originals, Limited Editions, Reproductions
- What’s more ‘expensive’?
- No ‘cookie-cutter’ pricing strategy will catch them all
- Tightrope: Pricing Dilemma
- Too high?
- Too low?
- Market Awareness
- Go online, visit galleries, talk to artist
- Compare and contrast
- Separating oneself from their pricing
- Where you are selling your work will impact your pricing strategy
- Material, marketing, equipment and time
- What’s a reasonable hourly range to pay yourself?
- “What is your art without you?”
- Square foot or Square inch pricing
- Will this work for you
- Drives consistency
- Price inflation
- The pitfall of loving a piece too much
- If it’s priced too high, is it actually for sale?
- Make a decision to limit pricing confusion
- Market effects
- Considerations for other artists and market impact
- Galleries, art consultants, etc.
- 50/50, 60/40 split?
- Retail vs. Wholesale
Art Force Academy Artist Entrepreneurs
Course 1: Module 3 – Pricing
Philip Noyed Arts & Lightworks Artist Entrepreneur Interview
We also interviewed artist entrepreneur Philip Noyed in his studio in the Northeast Minneapolis Arts District to discuss some of the challenges and triumphs he’s faced as an artist entrepreneur. Tactics, techniques, grants and more are explored!