AM101, Assignment 5
Read pages 74-80. The chapter is short, however, the work from it might take a good bit of time. We'll be talking about pricing this week. How much is our art worth?...always a hard question to answer. Smith talks about some pricing strategies that should make deciding a bit easier.
1. There are two types of pricing: time and overhead pricing or market value pricing. Time and overhead pricing is a formula that involves tracking expenses, average paintings completed per month, an hourly salary, and a few other factors. The system that Smith uses is simple and easy to follow (you'll find it in the book). I'm terrible about keeping track of the amount of hours or amount of pieces I complete, so it won't work for me unless I improve that. Market value pricing is basically just doing research on sold paintings. Compare work of artists who might have a similar reputation to you, as well as similar style, medium, etc. If they are able to sell in a particular range, then you should be able to also. I personally like this method better, but you could even use a combination of the two. Perhaps you could use the time and overhead pricing to decide what you THINK you should charge, then use market value pricing to decide if your expectations are realistic.
2. Thoroughly review and become familiar with the pricing tips section. I recently had a show to prepare for and was clueless about how to be comfortable with my prices. Many of the points Smith brings up proved to be very important, especially the tip about never underselling work. I may or may not sell in the venue that my paintings are currently in, but one thing I know I won't do is regret selling for too cheap.
3. Document your work. Develop a system that records date, title, inventory number, etc. This process is preparing us for our future career and will help our work gain value. Part of this process should also be titling and signing our work. In reading this chapter, I discovered that I was making a major mistake when signing my work. It should have been obvious to me, yet I never realized that by not signing my name the same every time, I was making it difficult to to establish authenticity of my work. How will someone ever be able to tell a forgery (when I become collectible) if I sign my name differently every time?
I expect these tasks to be a bit time-consuming if we go back and apply them to all of our current inventory, as well as future work, but we'll be glad we did it! If you have any additional tips to add on establishing price, coming up with interesting titles, or an easy documentation system, please share them.
Last edited by jolie : 04-24-2004 at 07:59 PM.