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Old 01-07-2011, 05:04 PM
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How would you Price art for an Emerging Artist

Hello my names stephanie, and i'm not entirely new but i havent been in gallerys that much and dont usually sell. But my question is for a new artist with their name not out there too much what would you suggest for a price on a an artwork?
The customer is a friend of a friend and she had mentioned if i made a piece with such n such colours and what not that she would want to buy it. Now knowing that i've already made it and its 16" by 24" acrylic on canvas. I figured I would price it at 300 - 350$. But upon speaking to my parents and a few other friends I was debating lowering it too 150-200$ because thats the range of artwork that they would spend money in.

I'm in a conundrum, I'd really love to sell this piece but I don't want to be too greedy and also don't want to price myself to low!

Side note the client in question really likes expensive things. ridiculous bags, shoes, etc. So I was also thinking of offering the original at the price I want and if she didnt take it I could sell a print to her for a lower price. again please let me know what you think!!!! new to this!!!

-steph

oh and heres a picture of the piece if it helps
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Old 01-07-2011, 11:34 PM
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Nayana Nayana is offline
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Re: How would you Price art for an Emerging Artist

My advise would to make sure not to out price your buyer. At this stage the buyer is setting the value of the work. Certainly don't ask them what they would pay for it but think about it before you price. You can also look at other people who are producing similar work in the same area and are also emerging artists. Also price by scale not by emotional connection to the work. Some people price per inch, I prefer to assign basic price ranges for each size canvas. The individual price varies slightly within that range.

hope that was helpful, its not an easy thing to do
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Old 01-08-2011, 08:36 AM
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Re: How would you Price art for an Emerging Artist

Try these two from the sticky Threads worth reading you can also do a search of this forum by using the search in the blue bar.
http://www.wetcanvas.com/forums/show...threadid=47337
http://www.wetcanvas.com/forums/showthread.php?t=114378

Pricing is subjective and may change according to where you live and the local economy.

What I would say is don't underprice, you need to sell at a level that will cover all expenses and leave a profit after a 50% commision. If and when you start to sell in a gallery you cannot double your prices.
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Last edited by Greg Long : 01-08-2011 at 08:40 AM.
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Old 01-08-2011, 08:49 AM
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Re: How would you Price art for an Emerging Artist

There is a recent thread here that you should read too.
http://www.wetcanvas.com/forums/showthread.php?t=799351
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Old 01-09-2011, 01:54 AM
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Re: How would you Price art for an Emerging Artist

Thank you all ive used some of the "formulas" and come up with a figure i feel is reasonable haha now to see how it goes with my client.

Personally if she doesnt buy its okay bc i will have more work for possibly a show or competition.

Thank you all for your advice gave me lots to think about
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Old 01-11-2011, 06:38 PM
NightSkyMurals NightSkyMurals is offline
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Re: How would you Price art for an Emerging Artist

First of all, I make a living as an artist... but I am far from it. What you guys can do with paints and pencils I can only dream of. But, I stay busy while other artists go hungry. I even did a mural for an art teacher who was blown away that I was making a living at art while his students couldn't seem to do anything with it.

Now, I mention all of that to set the stage for my comment on your question. Marketing is huge in art and setting the right price is part of the marketing mix. I met with an Interior Decorator (way back in the day), showed her my work and then told her my prices. She told me that her clients wouldn't even consider having something done in their homes that was that INEXPENSIVE. They want things are quality and expensive. That is when I decided to become the best at what I do (I wanted to justify a price increase, not just raise my prices) and then charge for it.

After perfecting my murals... I quadrupled my prices and I have been busy ever since. I fly around the country painting (I paint the night sky with glow paints) my murals and people always pay me with a smile on their faces.

So, you mentioned asking $300-$350 for the painting... and if she didn't like that price, then you would offer her a print for less. That is the way I would approach it. That is basically a "take-away" sale and I'll bet you that your customer will go for the original painting, even if she flinches at first. The flinch is just a way to get you to drop the price. And, once she does the flinch... just offer her the print of the painting. So, you've countered her flinch with another option... but she wants the original and will want to get that from you.

There are people painting similar murals to what I paint (I say "similar" because they are just that... similar. They use glow paint and they paint little dots. That's as far as the similarity goes though :-) ) and they will charge $200 for what I get $800 - $1000 for.

If you drop your price to $150, then that is what you are telling the lady it is worth. If you do nice work... then price it accordingly. There is something called the "Snob Effect" and it is what that Interior Decorator was referring to. And, you mentioned that you know that this customer already likes expensive things. And, if that is the case and she likes your painting... then she will go for the original painting versus the print of it... because it has snob value.

I even had a customer tell me that she went with me because of that. She also saw that I had been featured on HGTV and the Fine Living network, as well as some magazines, which only enhanced the "snob value", but she also liked the fact that she was paying more than what most of her friends couldn't afford. And, she had me back out to paint a second mural for her.

So, to make a long post even longer... don't sell yourself short. Don't listen to people who tell you to price something because that's what they would pay. You set the price and be unique in what you do.

Good luck.

Jeff
www.NightSkyMurals.com
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Old 01-13-2011, 03:34 PM
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Re: How would you Price art for an Emerging Artist

hahaha thats actually great advice jeff!

I called my client up and let her know my price 300 (after some formula checking n such) and yes she did flinch then she leapt on it. I'm still getting the piece photographed before I say goodbye to it but it just goes to prove that the snob effect is there and it does work.

but beyond all that WHOO HOO!!!! haha
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Old 01-15-2011, 05:18 AM
NightSkyMurals NightSkyMurals is offline
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Re: How would you Price art for an Emerging Artist

Very cool... congratulations! Now, it'll be easier to sell your next piece at a higher price too. Another big part of selling is to believe "yourself"... that the work is worth what you are asking. And, each time that you make that sale, it gets easier and easier to come across confident that your work is worth is. And, when you believe it... so will your client. So... good for you.

Now, another thing is that the best time to make a sale is right after making a sale... so get painting and make another one now! :-)

Good luck!

Jeff
www.NightSkyMurals.com


Quote:
Originally Posted by raindrops
hahaha thats actually great advice jeff!

I called my client up and let her know my price 300 (after some formula checking n such) and yes she did flinch then she leapt on it. I'm still getting the piece photographed before I say goodbye to it but it just goes to prove that the snob effect is there and it does work.

but beyond all that WHOO HOO!!!! haha
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Old 01-15-2011, 10:38 AM
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Re: How would you Price art for an Emerging Artist

Quote:
Originally Posted by raindrops
hahaha thats actually great advice jeff!

I called my client up and let her know my price 300 (after some formula checking n such) and yes she did flinch then she leapt on it. I'm still getting the piece photographed before I say goodbye to it but it just goes to prove that the snob effect is there and it does work.

but beyond all that WHOO HOO!!!! haha

Congratulations on your sale.
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Old 01-22-2011, 04:12 PM
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Re: How would you Price art for an Emerging Artist

Thanks
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Old 01-22-2011, 11:56 PM
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Re: How would you Price art for an Emerging Artist

The "snob value" is a valid point. I recall many years ago when I was working as a staff artist for a major sportwear company, the owner of the company commissioned some portrait artist he'd seen in Southern Accents magazine to paint a portrait of his wife and kids, and paid the guy $65,000 to do so. When we later saw the work, it was obvious that any of the three artists already on his payroll could have done a better job, and that price would have paid our salery for two years.
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Old 01-23-2011, 12:51 PM
TheArtistLance TheArtistLance is offline
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Re: How would you Price art for an Emerging Artist

Excellent advice there Jeff of NightSkyMurals.com ...Thanks
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Old 01-24-2011, 03:26 AM
NightSkyMurals NightSkyMurals is offline
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Re: How would you Price art for an Emerging Artist

Thanks! As I mentioned before... I am not an artist, though I make my living as one. Go figure! My background is in sales and I have just come across so many people all buy for different reasons. So, deciding who you want to sell to is pretty important when deciding on what, and how, to price.

Jeff


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Excellent advice there Jeff of NightSkyMurals.com ...Thanks
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