A non-definitive guide to pricing your work
(Also helpful for collectors trying to understand art world pricing!)
Pricing is a delicate art. Price your work too high too fast, and you outpace your audience. If you price your work too low, the perceived value of the work is also perceived to be low. In both cases, the risk is that work won’t sell.
You want to find a sweet spot of supply and demand that consistently sells. This middle ground is important because it enables artists to thrive financially and continue creating. If there’s one thing I detest, it’s the myth of the starving artist.
This is unscientific, but when I was at NADA Miami last year, it felt like a lot of art was priced at $3,000 on the low end. When I go to shows in Toronto, nothing is ever under $1,500. All of this is to say that some market research goes into pricing, and you need to know your market and audience.
Previous articles in the Artist Relations series:
Here is a non-definitive guide for artists on pricing their work, including how to use factors to consistently price various sizes and when and how to raise prices.