The Eternal Dilemma of Pricing

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This topic contains 2 replies, has 3 voices, and was last updated by Profile photo of BeqArt BeqArt 1 month, 2 weeks ago.

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  • #74890
    Profile photo of traceyleedawes
    traceyleedawes
    Participant

    Pricing is something I really struggle with. An artist friend is of the opinion that if you price your work too low, then you are cheapening yourself and art in general. I would love to know what you guys all think and how you price your work –
    – is there a formula for setting a price?
    – how do you find the balance between ‘print from Target’ prices and pricing yourself out of the market?

    cheers in advance, Trace:)

    #75136
    Profile photo of Patricia Reust
    Patricia Reust
    Participant

    Dear Tracey lee,
    I suggest to my students when starting up to assess their costs (for example, add up canvas/supplies/framing) and make that sum total be a third of the overall selling price. That way, they have a third available for a commission if sold in a gallery or venue, and a third to jiggle with if someone wants to haggle, and they hopefully will still cover costs. I have a set price (depending on sizes and surface) for works that I do as demonstration pieces or which are created during my giving a workshop, and separate costing system for those works which come from my heart and that I work on in my studio. Best wishes for resolving your problem with pricing, sincerely, Tricia http://www.triciareust.com

    #75335
    Profile photo of BeqArt
    BeqArt
    Participant

    In the Netherlands some galleries use a kind of formula, where they take into account the number of years of art education and the size of the work, and come up with a price tag based on that . I used this method to price some of my works, and then reduced the part a gallery would have claimed. It worked fairly well, only I don’t know how to translate it into your currency.

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