- Your prices must be consistent. People shouldn't pay less at your open studio than they do at a gallery. You have one price and should never (never ever) undersell your representatives.
- Start on the low end, while paying yourself enough. You can always raise your prices. It’s nearly suicidal to lower your prices later and it won’t make your current buyers happy at all.
- Don’t forget to pay yourself a wage! The most common mistake artists make is forgetting to pay themselves. You have to cover overhead and materials, but you also need to be compensated for your time.
- Attach higher prices to originals and larger works. As a general rule, originals are priced higher than reproductions and larger works sell for more than smaller works.
- More expensive materials (bronze, precious gems) command higher prices.
- Know your market. Study the pricing of artists working in the same genre (abstract, local landscape, portraits), showing in the same venues, and who are at about the same place in their careers.
- The faster you work and more prolific you are, the lower your prices–in general!
- If you can’t produce enough work to keep up with the demand, it’s time to raise your prices.
- Instead of lowering your prices, you’re free to offer discounts for friends, family, and your best customers. Call it a discount and write the receipt so the buyers know the true value.
- List your prices as retail prices. When you draw up a contract with a gallery, retailer, or art consultant, make sure you list your prices as retail prices. If you list only wholesale prices, the other person could sell them for three times as much as you’re asking and you get only 1/3 of the sales price. Fair? Hardly. You need to know what your work is selling for. You need to control pricing.Having said that, I know a lot of artists are selling to art consultants at wholesale pricing. I don't like this, but I'd love to hear your thoughts. I asked for them in this post.
Are there more than 10 rules? Anyone? Anyone?