Whether you make paintings or sculptures, it is important your art is priced reasonably so that the collectors are able to buy them and you might not end up in a loss. The danger of overpricing is always but you might not want to price your art too low until your reputation is damaged or others might get the wrong perception about you. So what should you do?
Acknowledge and awareness of the art market condition
First of all, you must be aware of what the market is like. You have to know where you are. If you are a new artist, then you know that you cannot overprice your artwork. Check with the gallery and get their opinion about how much you can sell them for. Look at the former artists and how much they used to sell.
Acknowledge your own reputation. If you are a new artist, don’t even think about reaching half of the price of the established ones. Start low and then work yourself up the ladder. No one reach the peak of their career overnight.
Believe not Brag
The price of your art will tell others about where you are and how popular you are. You have to believe in yourself and your work and then look at where you can price your artwork. Most importantly, never brag. Don’t be overly boastful and make demands which are unreasonable. The whole idea is to be moderate and to ensure that while some artwork are exclusive and unique, they are also affordable.
Know your collectors. You can always check with them about how much they are willing to pay for your artwork and then you will be able to gauge the level of expectations. Always remember that they are the ultimate customers and if they like your work, you are in for a long term relationship. If you do not know who they are, then you will never know who owns your artwork.
Do your homework
Where possible, ensure that you have done enough homework before pricing your art. Find out who are the artists who are producing the same type of artwork that you are. This is in some way knowing your competitors. If possible, find out who the galleries are selling to and who the collectors are. Learn about the market rate and if you can, know how much you are worth. Only in doing these homework will be you be able to gauge how much your art is going to be worth.
A lot of artists price their artwork based on the level of emotions they are attached to. This is very wrong. A painting which means a lot to you because of the message or because you spend a lot of time and effort on does not mean that you can price it very high. That which means a lot to you might not mean anything to the collector. If you base your price on this, you might court the danger of overpricing and not selling in the end.
Think of everyone when producing art. Try to work on a series of artwork which can cater to everyone in every price range. You can work on the cheaper and more affordable pieces as well as those in the middle income while in the same series, you can also work on the exclusive or top of the range paintings which are more costly. This will give everyone a chance to buy your artwork.