Every artist has a different idea on pricing their art.  I think that’s great!  Each person has to do what is comfortable for them.  I’ve had many people over the years (mostly artists, ahem) make comments that my prices are too low.  I’ve had other people inquire about the price of a certain piece and not respond back, which tells me that the price was too high.  While it's impossible to make everyone happy, the important thing is to try!  The art of pricing--and it really is an art of its own--is to find the balance where sales are happening and that both the buyer and the artist are happy.

 

I really try to keep my prices as low as possible for several reasons.  First, I want a steady stream of painting sales.  If a painting is priced too high, it won’t sell.  And it won’t bring anybody any joy if it’s just sitting in storage.  When a painting sells, it brings joy all around: the buyer gets to enjoy the painting, I get the funds to keep painting, and I’m also able to help fund the RGMI Orphanage in India with my profits.

 

Another reason I keep my prices low is that I just don’t like to haggle.  Some artists have the marketing strategy of starting with their prices very high and if they get that price, great, and if not, they negotiate with the buyer.  I’m glad it works for some people.  I am the world’s worst negotiator and I hate haggling.  Therefore, I prefer the “everyday low price” strategy.

 

Because I try to keep my prices low, I also look around to find the best deals out there on my materials (while maintaining high quality).  Last year I discovered International Moulding, a framing wholesaler, and reduced my cost of frames by 50%.  This fall I discovered a Minnesota-based oil paint manufacturer called Raphael Oil Colors, and reduced my paint cost by 60%. Next on my radar is a way to increase quality and decrease cost of my canvases.

 

Pricing Principles I Keep in Mind when Setting Price:

1. Both the art buyer and the artist need to be happy with the price.

2. Prices need to make logical sense--small paintings priced less than larger paintings.

3. Once a painting is priced, that price doesn’t change, even if prices rise in the future, the price remains locked at when it entered the market.

4. Prices should not be determined according to emotions or taste.

5. If I’m emotionally attached to a piece, rather than raise the price so that it doesn’t sell, I won’t put it on the market until I’m ready to let it go, and it will be priced at the going rate at that point.

6. Price remains same no matter where it is sold, whether through plein air event, gallery or artist.  I want my collectors to be confident that they’re always getting the best price, no matter where it is purchased. I also want my business partners (galleries, plein air event coordinators) to know that I am not undercutting them.

7. Prices may increase once per year, usually in August. (As long as sales percentage is high--40-50% sell rate.)

8. Prices may stay the same, but will never decrease.  (My art collectors’ investments should always increase.)

9. Non-portrait commissions are currently priced the same as other work, except that commissions require a 30% non-refundable deposit.