Pricing 101: Best Practices for Independent Artists
Eric Smith - CEO of Artexpo New York and Art Market Tools
Proper pricing is key in determining any independent artist’s success. The challenge is finding that combination of elements that works for you. I wish I had a one-size-fits-all approach to pricing out a piece, but the fact of the matter is, there are many business aspects to consider. It can be a tricky process, but once you know the rules of the game, you’ll be better positioned for market success.
Let’s start with the basics:
1. Put Yourself in the Consumer’s Shoes
When displaying your art, be up front about your pricing. Artists who display their works without prices are asking consumers to pass them by. Consumers can feel intimidated (afraid or embarrassed to ask a price) or lose interest if a price is not immediately clear.
Think about the last time you went into a jewelry store. Clearly marked prices let you pass by what you can’t afford, allowing you to focus your time on pieces within your price range.
Use what I call the TAPS approach to retail pricing: Title, artist, price and size should always be clearly displayed. This encourages the consumer to ask questions like: Where did the title of this piece come from? Who is this artist? Where is he or she from? Questions like these open up the piece for discussion and allow you or your dealer to engage the consumer, encourage sales and get a feel for the type of pricing the market will support. A piece that you feel was priced on the higher end might be a no-brainer for an interested and seasoned collector. Or, perhaps you’ve out-priced yourself, given the reaction of passersby. Either way, you’ll know for next time what works best.
For example, if buyers see a piece with a retail price of $5,000 by an artist whose name they do not recognize, they’re going to wonder why. Give them a reason: Perhaps it took you a month to paint; maybe you’ve earned some notable awards or a prestigious degree. If you can’t present proper justification, reconsideration of your pricing approach is necessary.
2. Analyze Your Abilities & Determine Your Focus
Now that you have a general idea of the rules of retail pricing, it’s time to tailor it specifically to you. Ideally, how much would you like to make per hour? How long does it typically take you to create a piece? How many pieces can you produce in a month? What other considerations should be factored into your pricing?
Determine the level and focus of your artistic skill. If your artistic strengths lie in time-consuming works like pointillism or Photorealism, then you’ll need a strong gallery that will command higher prices. Conversely, more prolific painters who are productivity-oriented can produce more works and therefore hit a larger gallery base. Artists who are relatively prolific are most attractive to galleries and publishers because they provide a large enough body of work to market, maintain and sell on a regular basis. Think about greats like Picasso, Warhol, Lichtenstein and Rauschenberg. These are all prolific artists with a massive volume of works.
It’s hard to host a successful gallery show with an artist who can only produce six pieces or less per month. However, the less prolific artist might find success by solely targeting a higher-end collector base, keeping in mind that the exposure process can be slow and works would likely be priced higher in order to account for the lower amount of pieces created and sold.
3. Remember the Big Picture when Working with Galleries and Publishers
Galleries and publishers can provide the needed marketing and exposure necessary to turn lesser-known artists into a well-respected talent.
Remember, galleries are going to mark up an artist’s work by at least 100 percent, so it’s important to keep this in mind—and the benefits a gallery is offering you—when it comes to pricing your work for wholesale. The best approach is to start with a retail price knowing that you will receive 50 percent or less of the price paid by the consumer. Let’s say you spent 30 hours painting a work of art, and you want to make $25 per hour. You would want to wholesale that piece to a gallery for $750, knowing that they would mark it up 100 percent to $1,500. Then they would most likely invest in a frame and retail it for $1,995. Everybody wins.
In continuing with that example, if you only painted five pieces a month, you’d only make $3,750 a month. If that’s enough, great. If not, you should be trying to increase your prices as you grow more popular.
Don’t worry. Your comfort level will improve as you gain more experience in the market. The most important thing is to be prepared and work together with your gallery, publisher or representative when it comes to pricing. Have a long-term plan. Now that you have the facts, it is up to you to determine your direction. Remember, it takes a lifetime to become an overnight success as an artist.
Eric Smith, CEO of Artexpo New York & former Vice President of Summit Business Media. Smith spent 8 years at Martin Lawrence Galleries, managing over 20 locations and 105 employees selling Warhol, Rosenquist, Rauschenberg and more.
37 Responses to “Pricing 101: Best Practices for Independent Artists”
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Trying to figure out pricing has been rather complicated. I’ve just gone the” x amount per square inch, plus the cost of the frame route”. Thank you a most informative article.
You’re welcome and keep in touch, more articles are on the way.
Let me know any change about Art Expo. Thanks.You just made a point there.
What a great article! It opened my eyes and mind! Thanks so much for sharing those tips with us!
Thank you so much for this article.I would like to make some extra money off my paintings and this information that you have put is profusely appreciated!!
By the way I think you have an awesome Job.Thank you so very much for bringing Art expo Ny!!!!
For those of you participating in our SOLO section of Artexpo we will be providing a question and answer session on site prior to the opening of Artexpo New York. For anyone that cannot attend and you have some questions, please post them here.
Hello Mr. Smith
I just finished reading your pricing article.
That was the most readable, down to earth, fact filled strip of 22k Gold which I have ever “mined” in years of picking through books and magazines on the subject. The information is succinct and not complicated or obscure. Thank you very much for the high value information in regards to this sensitive and important subject of pricing.
Also, if I may be so bold, what a wonderful photograph of you with the glass pieces.
The Glass Art is Increadible. The pieces are beautiful, intricate, spititual, exotic, yet fragile.
Enjoy every hour of every day and please send more information my way.
MCS2
You are certainly welcome, stay tuned for more articles and be sure to check out the education classes being offered at Artexpo New York for free!
Great article. I once had a dealer/rep and currently have gallery representation and both times the dealers have been instrumental in setting the pricing. It requires trust on the artists part and integrity on the dealer side. The gallery is in the business of selling art and it behooves them to boost your prices when the market warrants. I’ve been happy with both experiences.
Six pieces a month? Or more to show? I understand the artist should be prepared for the showing and the artist needs a variety of goods, but personally I would think that turning ones art into a work of volume attitude…,well Sir I call those doodles not work.. Shouldn’t every piece and every customer deserve your best effort and time. And I want to make money not spend every thing have, sorry if I sound uneducated, that would be because I am. I have to live within the realm of My real world as far as production and cost. I’m sure I’m not the only poor artist out there I use what I can. So My question is does a uneducated, colorful, and spirited heart have a chance at the gallery, do you really have to learn to talk art and walk art and sell yourself as a person while the art itself should at least speak to someone somewhere. I know I’ve seen Artists that I so admire that make me feel inferior and afraid to try. but I’m ready. I’m ready to learn how to overcome my own fears, but I’m not willing to lose the spirit and sanctuary that it… the art of creating brings Me… And i realize I’m always asking questions instead of commenting but I appreciate your time.. Thank You
Hey Eric, great article. Keep ‘em coming. Hope all is going well.
Greg Davis
“Best Environmental Message in Photography” – Art Expo 2009
National Geographic Image Collection Photographer
http://www.gregdavisphotography.com
facebook.com/gregdavisphotography
Thank U very much for that info Eric. Artists like me, that have no formal education, will assume that our artwork is worth less just because you didn´t pay for art school. But the truth is, that we spend the same amount of money creating a piece than the artist that went to school of art , and probably a lot more effort. Looking forward for more info like this. Thank you again.
Zayda
Muchas gracias por la informacion sobre los precios y como valorar el trabajo propio.Pero, en mi caso debo saber ¿como haría para enviar mis obras, ya que no puedo viajar,quién sería mi representante,para la entrega de las obras y que documentacion se requiere de las dos partes involucradas.
¿Cuál es el formato mínimo que trabaja la Galeria?¿ Todos con marco?¿Qué técnica es la que más se vende? son preguntas que me hago y si puede ,espero respuesta.Gracias Angela Vadala–Argentina.
The business side of my Art has been difficult to reconcile to being creative. I appreciate this article and everything that you write,Eric, about the business of being an artist. As an Art major,in college I was only required in my major to take studio art classes and a portfolio class.
So I have been at a loss on pricing,approaching galleries and the market? On the one hand I hope to earn a living as an artist, however I don’t want to compromise my unique style for the latest trends in decorating colors.It is left brained practicality -vs- right brained creativity! Thanks for helping bridge this gap in my brain!
This gives me a different perspective as per how to handle the pricing of my work. I will be making adjustments as we speak….
Thank you for the advise.
Alphonse
I am an artist writing from Chennai,India.I read your article -15 Responses to “Pricing 101: Best Practices for Independent Artists” and found it very informative and useful.I look forward to more such articles for upcoming artists like me who are trying to make their space in the art world.Thank you.
Thank you for the email.
I’m interested in attending the artshow in New York by 2012.
The information regarding the pricing/selling has been most helpful for me.
I have a variety of styles and techniques which I use in my artwork and a vast amount of art.
Thank you,
Jack Harris
Good morning Mr.Erich Smit
i am an artist\designer Italian, not a good public relations for my art.
I want to show you my works of ‘art. I have done many exhibitions c/o private and public galleries unimportant.
I want to make a quantum leap,know more about me and of course sell.
I would appreciate your cooperation to let me know.
await your kind reply,
Regards
Adele Angelone
Thanks for this information, so helpful for me, and the rest of independent artist (as I see we are those who have more doubting about pricing).
But eventhough, will we find somebody in Pier94 (the 24 th ) to orientate more precisely (in the context of Artexpo, even for those who have a High level of productivity) about pricing, once all the works are hunged?
Regards Ernesto Montero
Hello,
Thank you for the information on pricing. When I have spoken to artists and professors of art, they all pause when it comes to pricing. I think it is because art is not a “standard” business. There aren’t required rules of practice. I believe being uniform in your pricing whether selling the work yourself or working with a gallery is also important.
Thank you so much,
Ilene Ardine
Mr Smit,
Yuor article has been not only a helping but also laid down the difficulties of defining the price of an art piece.
I’ll be following your articles an dadvises .Thank you.
Your article is an issue that should be taught “verbatim” in art schools; however, I have found that many professors do not have a good strategy for selling art. What I ask of my fellow artist is that they never undercharge to become known or accepted. This is not only injurious to their own careers it ruins the income levels for the entire vocation. I find that many artist under charge. A skilled automechanic charges 60 to 80 dollars and hour. They are skilled, not creative, not “artist”. They do not put the special something into their work that an artist does. So for my friends out their consider how special what you do and price accordingly.
Remember not all artist should be professional. You may not be able to fit your work and personality into the cold world of capitalism. Thats ok, love what you do and do what you love.
I have only sold 2 works in my life. Im 55 now and have finally become able to seperate myself from the bond between me and my work. I am currently working on an inventory and will be hitting the market very soon hopefully. Thank you for your time and consideration. Rick Ritter
this was great! thank you.
It gave me proof that i could share with other artists and galleries i work with.
people in this profession can get stepped on, and most times they do. this article
can and will bring the light to there eyes, and even give some of them a back bone
to stand up and get whats coming to them. Its a hard cruel world out there.
When i start doing art professionally i had alot of these problems. I unfortunately
had to learn this stuff the hard way, but over the years and after being stepped on i got it.
I stick to this religiously now and it works like you wouldn’t believe. i wish i had this article
then it would have saved me a lot of time and hard ache. thank you for this. i will be
forwarding it to every one i know .
Hallo Eric Smith, finde Ihren Artikel über die Preisgestaltung hervorragend.
Meine Bilder wurden von mehreren Kuratoren bewertet und diese haben auch die Preise gestaltet.
Da ich eine ehe sehr seltene Kunstart male, ist natürlich die Preisgestaltung noch schwieriger, da ich
keine Vergleichsmöglichkeiten habe.
Liebe Grüße aus Salzburg / Austria
Gottfried Seigner
Dear Sir: How in the world are we starving artists supposed to get in these fine shows if the entrance fee is so enormous!!!I can hardly afford the canvas and paints….To charge over $3,000! I hardly make that in a year.. I have been painting for over some 25 years. Everyone says my art is different and want it..But I cannot do this full time as I don’t have an affordable outlet other than my own studio. I enjoy doing very large paintings and it’s just too much to haul these around. Distressed in California. Molly 01/09/11
To the many of you who posted a response on our blog and to those that emailed me directly, I thank you for your comments. The Pricing 101 article is just the beginning of many articles to follow. The next article will be focused on distribution of your works, how to take your paintings, graphics, sculptures (works) to market, how to reach galleries, what are “art publishers” and how can they help? Keep the questions coming and we’ll do our best to supply the answers.
To Molly Roberts – Your post brings up a couple of points we are going to cover (address) over the next few weeks i.e. How do I distribute / sell my art? What is the most economical way to sell and ship large paintings? How do I leverage my works so I can make a living as an artist? What venues / vehicles will provide me the most exposure? We have the answers and the solutions, stay tuned.
In regards to your question about booth fees for Artexpo at $3000, this is the cost of doing business in NY, please keep in mind, the fees include walls, lights, furniture and marketing dollars that are spent to attract over 10,000 national and international buyers, galleries and publishers. This show is designed for the emerging / mid-career artists that are ready to broaden their distribution by appearing on a national stage. With that being said, we have Artexpo NY programs available that start as low as $1750 which include image capturing and 3 sample prints – see SOLO Shared Gallery on our web site.
PS- I would like to see your work, please send me an email with your web address.
Eric,
Thank you for this article. Pricing has always been one of my concerns. I do raise some of my prices each year but I try to keep them within reason so that people can afford to purchase my art. I’m not in a main stream gallery but have been involved with cooperative galleries where I enjoy a larger commission, participate in running the gallery and enjoy the camaraderie of the other gallery artists. However, if I do decide to go the main stream route, I will most certainly rethink my pricing and level of production.
Thanks again,
Lindy
Lindy Gruger Hanson
Art to Lift Your Spirit
http://www.lgruger.com
There are commercial artists who focus on sales marketing and promotion – that produce artwork in an assembly line fashion, sometimes producing the same piece over and over because it is popular and sells …
Then there are artists who paint from their soul, who truly live and breathe art as a vision and expression of their life.
They are the ones who cannot price their work – indeed, how do you put a price on that?
Dear Eric : We are all fortunate to be able to have SOLO artist at art expo. The suport that art expo provide for us is a gold mind.
The priceing is very important and helpfull. I have one question at this time. I paint better and I do a good job ,when I paint big sizes. Is there a good market for large size paintings?
Thank you so much for this great and helpfull article.
Have a wonderfull day
Sima Amid wewetzer
I like everyone, has been struggling with pricing. I’ve priced my work to be in line with comparable work of other artists in the niche in which I show. Most galleries have asked me for retail prices, not wholesale. Sadly, the retail prices I’ve been putting on things are (in my head) what I’d like to get for them. So, after the gallery takes its cut, and I’ve paid cost of framing, shipping, etc. I end up feeling like I’m painting for nothing. My work is labor-intensive, and I’m not widely-known, so doubling the price to get what I need has been a problem, especially in this uncertain economy. I feel that if I can get exposure & press in suitable galleries, my prices could be doubled, and people would not squeak about it. My work is worth it- People just need to be be told why.
Your article has been helpful- I look forward to reading more, and looking forward to my Artexpo experience!
Hi Eric
Thanks for an informative “real world” guideline and assessment. I agree that art pricing or distribution is not as cut and dried as your typical product. Another input which is not quantifiable is the degree of passion the artist puts into his painting. Then again one can say that the measure of an artist’s worth is how much his paintings sell and or appreciate over time. This is the real, though not perfect metric.
After reading some of these articles I have to comment again. I understand the struggle to price a work of love, of passion. When I think of this I cant help but think of what Andy Warhal said at one of his showings. When the gallery doors opened the patrons found Andy sitting on a stool in the middle of the room (that I believe was empty of artwork). When asked about the art he said something to the affect; “I am the art. My work is just the subtrafuge of that creative effort”. Any way I hope you all get the idea. It’s about seperation. The parton can only glimpse at and maybe guess at what the true intent of the artist was at the time of creation. Only the artist has this insight being the creator. One must also serperate themselves from the work, remembering that what they feel is within them and no matter how strongly they feel about the work, that feeling stays with them and only them. For pricing you have to cut that emotional cord between you and your work as much as possible and look at it like a patron. Its just an object to them. It may speak to them and that is good (to your favor). But taking that emotional ownership is very different to a patron. They may only see it as an object and nothing more; maybe, just an investment.
Me interesa recibir información acerca de estos temas!!! muy bueno su artículo!!!! el año pasado tuve la posibilidad de exponer en la NY ART EXPO y me encantó!!!! pero los precios que fijé no fueron correctos y vendí casi todo lo que llevé de Argentina, pero al pagar las comisiones, NO ME QUEDÓ GANANCIA!!!!!
GRACIAS POR SU AYUDA!!!!
Maggie Verón (grabados) de Argentina
Keep this reading
Dear!I am really interested of your activities but i don’t know how to integrate.it’s six years that i’m doing some individual or collectival exhibition in France and particulary in Italy. i am living in Rome and i want to collaborate with you in your next exposition,surely at settember.
Eric,
Thank you very much for these few lines to communicate Pricing 101 in art.
I had theory and practice from another industry (cpg), and yet, I was still struggling (and probably will continue to struggle) with the prices of my own production.
Like a picture is worth a thousand words, your summary is worth a thousand pages.
Thank you for helping us to make pricing clear in our mind.
Bernard Teiling
http://www.teiling.com