Hello fellow artists! If you've ever scratched your head wondering how to price your paintings and art, you're not alone, it’s one of the trickiest aspects of your business to get right. Let's dive into the nitty-gritty of pricing with some practical tips, a sprinkle of humour, and a dash of enthusiasm!

1. Understand Your Costs

Before you set a price, you need to know what goes into creating your masterpiece. It’s like making a cake—you need to know the cost of flour, sugar, and those fancy sprinkles!

Materials and Supplies: Track everything you buy, from acrylics and canvases to those unique collage pieces you’ve been saving. Don't forget about brushes, mediums, and any specialized tools you use. You can use this to create a cost per square centimetre or inch. This is a handy tool to guide you in pricing works of different sizes.
Studio and Overhead Costs: Consider rent, utilities, and other expenses that keep your creative space running. Even if you work from home, allocate a portion of your living expenses to your art business.
Time Investment: Time is money, sort of – which stage of your career you are at often dictates whether your pricing can reflect an hourly rate. In fact, I like to think that pricing artwork takes into consideration the number of years spent learning and honing your craft rather than the number of hours spent on any one piece. Despite that, note how long you spend on each piece, from brainstorming and sketching to the final strokes. Factor in research, experimentation, and even the time spent marketing your work. This will provide an interesting benchmark as your career progresses.

2. Research the Market

Get your detective hat on! 🕵️‍♀️ Look at what artists at similar points in their career are charging.

Analyzing Similar Artists and Their Prices: Find artists with a similar style and medium. What are they charging? Are they selling? Take note of any patterns or trends in pricing.
Checking Galleries and Online Platforms: Visit galleries, online marketplaces, and social media. Make notes of price ranges and trends. Pay attention to which pieces are selling well and for how much.

3. Set Your Pricing Strategy

Now it’s time to choose your pricing path. Think of it like choosing the right route on a road trip—there are several ways to get to your destination.

Cost-Plus Pricing: Add up your costs and then add a markup for profit. How much profit depends on your level of experience and career to date. Simple math! Consider factors like the uniqueness of your work and past sales and awards.
Competitive Pricing: Price your art based on what others are charging. Blend in, but stand out! Offer something unique or extra value to justify your price.
Perceived Value Pricing: Price based on what you believe your art is worth. Confidence is key! Highlight the story behind your art, your artistic process, and any accolades or recognition you've received.

4. Consider Your Audience

Think about who’s buying your art. Pricing a piece for a high-end gallery might be different than pricing for an art fair.

Target Audience and Their Budget: Who are your buyers? What can they afford? Consider demographics, preferences, and purchasing behaviour.
Tailoring Prices to Different Market Segments: Have a range of prices for different venues and audiences. Offer smaller, more affordable pieces alongside larger, more intricate ones.

5. Be Flexible and Open to Adjustments

Art pricing isn’t set in stone. Be willing to tweak as you go.

Starting Prices vs. Adjusting Over Time: Start somewhere (probably at the lower end of the scale) and adjust your future pricing based on feedback and sales. As your reputation grows, you can gradually increase your prices. I would recommend against offering similar pieces at different prices in different places. Buyers have the right to feel they got value for their money no matter where they purchased your work.
Offering Discounts and Promotions: Occasionally offer deals to attract new buyers or clear old inventory. Use promotions strategically to create urgency and excitement.

6. Seek Feedback and Reassess

Two heads are better than one! Ask for opinions and be ready to adapt.

Getting Opinions from Peers and Mentors: Ask trusted artists and mentors what they think of your prices. Consider joining artist communities, associations or forums for valuable insights and support.
Re-evaluating Prices Periodically: Periodically review and adjust your prices to keep them relevant. Stay informed about market trends and changes in your own costs and the comparative value of your work.

Pricing your mixed media abstract art is a balancing act between covering your costs and valuing your creative genius. Don’t be afraid to experiment and adjust as you grow but remember it’s always easier and more intuitive to your clients, for your prices to rise over time rather than drop – don’t price your work too high to begin with. Keep your chin up, your brush ready, and your prices fair! Ultimately, the right price is the one that values your art and satisfies your customers. Happy creating and selling!

How to Price Your Art for the Market in Six Easy Steps