Pricing your artwork can be challenging, but understanding how to price your artwork effectively is crucial for profitability.  Creating your art may come easy, but when it comes to setting a price tag, things get tricky. I’ve been there, and it took me a while to figure it out, but I’ve learned some valuable lessons along the way.

Let’s start with the basics. One common mistake in art pricing is underpricing art. Many artist fail to account for all the costs involved in creating their pieces.  When I first began selling my services as a decorative artist, I didn’t really think about all the costs involved. I was just happy that someone was commissioning me to do the work. But once I was finished with the project and got paid, I realized I wasn’t making what I was worth.  That was my lightbulb moment and realized I wasn’t pricing my art for profit. 

So, I made some changes and before I gave the client a quote I sat down and listed everything – the cost of materials, how long I anticipated it would take me to do the job, and even those little overhead costs like studio rent and hidden expenses. Once I had all that laid out, I realized I had been undervaluing my work big time.

1. Learning from the Market: 

Next, I did some research. I looked at what other artists were charging for similar work. It’s a bit of a balancing act because you don’t want to undercut yourself, but you also want to stay competitive. I found that understanding the market helped me position my prices better.

2.  Knowing Your Audience: 

This one’s crucial – knowing who’s buying your services. Are they homeowners or businesses? When I figured out my audience, I could tailor my prices to match their expectations. People who value exclusivity and high-quality craftsmanship are often willing to pay a bit more.

3.  Valuing Your Expertise: 

Here’s something I had to remind myself constantly – my time and expertise are valuable, In the beginning, I worked for $25 an hour, now my hourly rate is ($100 per hour) Remember, I’ve been doing this for years, honing my skills, and that has worth. It’s not just about the final product but also the journey and skill it took to create it. 

I heard a saying once that said: Your work is worth, what people are willing to pay you. 

4.  Pricing Strategies: 

Through trial and error, I found a few strategies that really worked for me:

1. Cost-Plus Pricing: I started with my total costs of supplies and then added on how many hours it would take me to do the job. Simple, and effective. If it cost me $200 for supplies and I worked 10 hours ($100 per hour) I would charge $1200.
2. Competitive Pricing: I kept an eye on what others were charging. This helped me stay in the game without undervaluing my work.
3. Value-Based Pricing: Sometimes, I price a job based on what I believe the project is worth. If you specialize in things like wood graining and marbleizing, you can ask for more. Become known as the expert in your field and you can ask top dollar. 

One thing I’ve learned is to start confidently. I never recommend lowering your prices. If you do that, you lose credibility. They will think that you gouged them, and they will question everything you quote them in the future. 

If they question the cost, I make sure to be transparent with my customers about what goes into my pricing. They appreciate your honesty.

And oh, you should regularly review and adjust your prices. Markets change, costs change, and so does your skill level. It’s important to keep your prices up-to-date.

Lastly, I’m careful with discounts. Offering them sparingly keeps the value of my work intact.

You’ve Got This!

Pricing your artwork can feel like a daunting task, but once you understand your costs, research the market, know your audience, and value your expertise, it becomes much more manageable. It’s not just about making sales; it’s about building a sustainable business that allows you to continue doing what you love.

So, if you’re struggling with this, don’t worry – you’re not alone. And hey, if you want more personalized guidance, join our Empowering Women group. We’ll help you tackle these challenges and set you on the path to success. Let’s get those prices right and show the world the true value of your amazing work

By avoiding common art pricing mistakes and learning how to price your artwork correctly, you can ensure a sustainable and profitable art business.

There you have it! I hope this helps you feel more confident about pricing your work. 

Happy creating!

Cheryl

XOXO

Cheryl

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