3 Expert Tips for Pricing Your Art: A Guide to Setting the Right Price for Your Work
/3 Expert Tips for Pricing Your Art: A Guide to Setting the Right Price for Your Work
As an artist, determining the value of your work can be a challenging task.
Pricing your art correctly is crucial in order to sell it and make a profit, but it can be difficult to know where to start. In this article, we will delve into the various factors that influence the art market value and provide you with the knowledge you need to price your work effectively.
Your Exhibition History…
Consider the impact of your exhibition history on the perceived value of your work.
The more shows and events you have participated in, particularly at reputable non-profit or artist-run institutions, the higher the cultural value of your art may be perceived.
This can lead to increased monetary value, particularly when it comes to collectible art. Keep in mind that building a strong exhibition history is an important factor in determining the value of your work.
(Our tip: If you’re an artist in London, you can always explore our website and read more about Wimbledon Art Fair, our bi-yearly art event that brings over 8,000 potential buyers yearly and is a great opportunity for you to showcase your work in your own environment).
Your History of Sales…
The more sales you have, the more likely it is that your artwork is in demand, and therefore, the higher your prices can be.
Additionally, if you have a history of selling your work at a certain price point, it can be difficult to raise your prices in the future. So, it is important to consider your pricing strategy early on and consistently maintain it as you gain more sales.
Comparable Markets…
One of the most effective ways to price your work is to reach the sales history of artists with similar mediums, bodies of work, exhibition history, gallery representation and career stages.
This will give you an idea of what to expect in terms of pricing for your own work.
(Our tip: If you’re struggling to find or contact artists at a similar stage as you are, consider joining an artistic community! At Wimbledon Art Studios we provide affordable studio spaces for 250+ artists and makers, all from emerging exciting talent to award-winning artists, making us the biggest creative community of South West London.)