#1 Pricing Mistake

Let’s talk about Pricing.

How many times have you asked, ‘how do I price my artwork’?

It’s one of the hardest aspects of any business, let alone an art business, where you are putting a dollar value on your artistic voice and personal vision.

Naturally you start asking around. You ask your friends and family what they think you should charge. You ask other artists. You look at artist websites and scrounge around for what they charge (if they even have it online). You ask your teachers and your mentors.

Deep down you want some to just tell you what to charge because you certainly don’t want to charge too much, and heaven forbid you don’t want to charge too little.

But soliciting unqualified feedback from unqualified people is a dangerous practice.  Do your parents and friends know the value of artwork? Do they work in a gallery? Do they know your customers and their price points? Do they have pricing or marketing expertise?

When you set prices by committee you are taking on other people’s money beliefs and blocks. There are as many different perspectives on ‘worth’ and ‘value’ as there are people on the planet. How many times have you heard about ‘starving artists’ or the one I love most is qualifying question ‘well, how long did it take you to make’? Like that has something to do with the value of a piece.

The truth about pricing is there will always be someone who thinks your work is too expensive, and there will always be someone who thinks it’s a great deal. And let’s not forget there are tons of people who make buying decisions outside of your price. If they love it enough. They will buy it. Plain and simple.

You have to know your target market and what they are willing to pay. And you have to know yourself. What fears do you have about money? Do you think you don’t deserve to charge as much as a more established artist, regardless of their skill level? Do you feel like an imposter and the world is going to find out you are really not an artist, so how can you charge very much? Do you tell yourself, I’m not good with money? Or think that your work isn’t good enough? Or that you are never going to make a living out of your art? The list can go on and on. Only you can decide what are your mindset and blocks about money. And then only you can work through them.

So, what should you do? You have to trust in yourself and pick a price. What you decide is personal. How does it feel to try on that price? Think of it as a pair of shoes. Are they too big? Too small? Or just right? You have to be in alignment with the price.

I remember when I had to decide on a price for my beginners’ photo encaustic class. I looked around at what others were charging, but I was early to online teaching and had no idea what price to put on the course. I remember riding in the car with a friend and talking about it. I tried on a couple of prices. And made a decision based solely on what felt right. I envisioned looking at the price on my sales page and how I would feel telling someone the price. I decided on a gut feel. And every year I ask myself if I should increase the price, and always settle back into the current price. It still feels right. Others are charging more. Others are charging less. And that doesn’t matter.  I know it’s my ‘sweet spot’ and it feels comfortable.

Wouldn’t it be nice if there was a formula you could plug this, that, and everything into to come out with the perfect price? Unfortunately, that isn’t reality. We have choices. But as Kendall Summerhawk says, ‘don’t base your net-worth on someone else’s self-worth.’

Let me hear from you.  I’d love for you to join the conversation. What do you think about what I’ve said about pricing your art? What has been your experience?

Be well….be creative,

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