How Do I Price My Art? A Comprehensive Art Pricing Guide for Serious Artists who want to Profit and Thrive
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Do You Want to Sell Your Artwork Online But Feel Hesitant without a Solid Art Pricing Formula? Here’s everything you need to know to step forward more confidently in your art business today!
Hey Creative Soul!
Jenna here! I am an abstract painter and art business coach to hundreds of thriving artists just like you!
I'm so excited to discuss this topic: Art pricing AND profit!
Art pricing is immensely important to artists like you who are determined to achieve real financial freedom with their art. As a full-time artprenuer, I had to learn the hard way. After we chat, you won’t have to! :)
If you’re like most artists, pricing artwork is a real head-scratcher. In my experience selling my artwork (and the many trials and errors), I figured out some major secrets to creating success!
Art pricing is not a decision that can be pulled out of thin air, and it is definitely not a decision that can be conjured without a meaningful strategy (yikes!).
Charge too little, and you devalue your work, severely limiting your revenue potential and marketing abilities in the process.
Charge too much, and you miss the customers right at your feet.
Charge based on emotion or time, and you shoot yourself in the dang foot!
HERE’S THE LINEUP FOR TODAY…
First, we are going to cover some major art pricing truths and myths.
Then, we will talk about art pricing pitfalls that lead to artists undercharging for their work.
Next up, why you should increase your prices. Are you getting excited yet?
After that, I'll share what you should and should not base your prices on.
Finally, you’ll learn why it's so important to use an objective formula to price your art.
Teaching artists like you how to profit long-term from their art as a business really lights me up! I’ve started to see this long-term magic and I want the same for you! If you’re curious about My Artpreneur Story, I've included that at the very end of this post!
Heads up! This is a long blog post. I wanted to pack in the best content, better than anything I’ve seen out there! My goal is to be a top resource for you. If you have any questions you can chat with me in the comments.
Let’s dive in!
ART PRICING TRUTHS AND MYTHS
Most artists overcharge for their artwork.
MYTH. Big time. In fact, most artists undercharge. We will chat about that in the next section.
There is no universal or “right way” to price art. Pricing is different for every artist, even within the same medium.
TRUTH.
Art galleries take 40 - 60% of the sale.
TRUTH.
Retail spaces take about 30% of the sale.
TRUTH.
Artists aren’t considered “professional” until they sell outside of their personal network of family, friends, and acquaintances.
MYTH! In fact, this is exactly how you build your business. Your personal network is especially valuable. Every sale counts as a legitimate sale so please don't fall victim to artist impostor syndrome. As your art business grows you’ll begin selling to people outside of that personal network.
The average art buyer doesn’t understand the value of artwork.
TRUTH. The average person buying artwork from you may not have experience buying an original piece directly from the artist. As artists, it is our job to educate the average buyer on the value of original artwork vs. a print bought at Homegoods. I can feel the eye rolls from here! I know most of us artists have had these conversations :)
Art buyers always expect to haggle or negotiate the painting price
MYTH. Often the customer is looking to follow the artists’ lead. The right customer values you and wants to pay you adequately.
You should negotiate your prices.
MYTH / SOMETIMES. I don't think you should negotiate the price of smaller paintings, period. However, it can sometimes be wise to negotiate the price of larger, more valuable, pieces that require a significant investment. I’m referring to the paintings in the thousands, not the paintings under $500. Negotiating the investment pieces makes the buyer feel better about their purchase when they gained a small win or compromise. You certainly don’t have to wiggle your prices at all if you do not want to.
If you want to launch your art business and you are feeling unsure of the next step, then you absolutely need:
The Ultimate Art Business Checklist!
What’s Inside:
-5 non-negotiables you need for a successful art business
-13 things artists don’t realize they are wasting time on
This checklist will help you eliminate overwhelm and finally launch your art business now!
ART PRICING PITFALLS
THESE ARE SLIPPERY, DANGEROUS MIND TRAPS AND REASONS WHY ARTISTS UNDERCHARGE
HOBBYIST ATTITUDE
If art is a hobby, a second income, or the artist has the attitude of ”I just want to sell to supply my art habit, not build a business” then, Hey Artist, you are probably undervaluing your art!
ARTIST DOES NOT FEEL WORTHY
Or they feel impostor syndrome. Artists early in their careers struggle with confidence. This results in underpriced artwork out of fear that it won't sell. Many are constantly comparing themselves to other artists, which we all know comes with a lot of assumptions and untruths. Comparison kills creativity. Comparison also kills a healthy money mindset. While comparison is a natural impulse, toss it aside as soon as you recognize the negative dialogue in your mind, Babe, because you have this unique magical thing that ONLY YOU can offer!
COMPETING ON PRICE ALONE
Competing on price alone is a big pitfall for artists. The customers you want are those who connect with your art and fall in love with it. When your buyers fall in love with your art, they will buy it. Even if it is out of their budget initially, they will find a way to own it no matter what - because their heart tells them they MUST own it. When you have identified something you MUST have that is out of your price range, do you find a way to make it happen? I suureeeeeeeee do! You may either take on an extra work shift, more clients, or cut back on your shopping budget that month in order to make it happen. People who are loyal to discounts and chasing the lowest price are not your target customer. Period.
Do you agree that artists often undercharge for their work? Why do you think this is true or false? Let’s chat about it in the comments!
WHY YOU SHOULD INCREASE YOUR PRICES
Setting your worth is just one reason you should increase your art prices.
If you set your prices like a crafter, hobbyist, or amateur artist, you will feel like an amateur, be perceived as an amateur, and be paid as an amateur. If you set your prices according to the professional artist that you are, you will be valued as a professional.
It is a privilege to own an original work of art and have the opportunity to work with the artist directly. Comparing original artwork to a print at ZGallerie, Homegoods, or Target is like comparing plastic costume jewelry to custom gold and diamond stunners from the jewlers. It should cost more to own your beautiful, original art than an art reproduction from a retail store (aka an art print).
Knowing the value of your paintings is another discussion. I do have some step-by-step ways to determine your prices, more than I have the time to cover in a single blog post. I would love to jump out of this blog and show you step-by-step how to raise your prices numerically and practically. I can’t help it - it's the corporate trainer in me (that’s a nod to my old life… lucky I do this art thing full time now). :)
HOW DO I PRICE MY ART?
The one thing we artists need to all get on board with is that our art has tremendous value. And we don’t work for free.
YOU CANNOT AFFORD TO PRICE YOUR ART LOW, YOU’LL LOSE MONEY!
To ensure your art is priced to earn a profit, you must account for the cost of doing business. Art pricing must reflect the true value of the work while taking into account your skill and materials. Much more affects your art price besides price per square inch. The key to profit from your paintings (art, sculpture, digital illustations, etc) over time is knowing what objective pricing factors to weigh in, and how your pricing affects your overall business plan. Yep, your art pricing must tie-in with your overall profit plan.
The key to profit from your paintings is knowing what objective pricing factors to weigh in, and how your pricing ties into your overall business plan + profit strategy.
Art Pricing Formula
I teach my Artpreneur Academy Students my Sustainable Art Pricing Formula.
We have everything worked out in my downloadable art pricing spreadsheet. It’s a complete system. This formula is awesome because it is fair to you (you earn a profit) and you tell the customer what you charge without batting an eyelash.
Confident. Simple. Objective. The customer walks away feeling great like they have WON too, because we teach you how to close the sale from a high-abundance place (serving the customer, not selling).
It’s always fun and feels like a great exchange of energy. That’s what money is, after all! Energy. We work on a healthy money mindset in the program, too.
How Kristen used the Artpreneur Academy Art Pricing Formula to grow her art sales!
POPULAR ART PRICING METHODS - WHAT WORKS AND DOESN’T
There are several methods out there and you’re probably wondering where to begin. Or maybe you selected a pricing method and you constantly second-guess your prices. Either way, I’ve been there. It’s so aggravating.
After my experience selling original paintings, I would never tell an artist “this is exactly how you do it” without getting to know their business on an intimate level. You can’t get a straight answer on art pricing out of the gate because the pricing factors are both objective and subjective. Pricing is different for every artist - there is no one-size-fits-all approach.
As I mentioned above art pricing is not just a concept. It is an entire system, a mindset, and tailored to the individual artist. That’s why I love coaching artists through the complex and helping them step into uber-confident art pricing power! Just like I did with Kristen in the video above!
Today, we can start here…
WHAT YOU SHOULD NOT BASE YOUR PRICES ON
POPULAR ART PRICING METHODS
Here are the pricing factors that are popular in the artist community, but not part of an objective, consistent, and sustainable strategy. Here is why I don’t believe in them… I’ll tell you straight up.
Time spent
The customer can’t control this.
Time doesn't actually make the painting better or more valuable. The time you spent on your painting doesn't actually make it better than another painting. Your failed attempts will make you very emotionally tied to the final product.
On the flip-side:
When you create a painting with ease, on the first try and it hardly took any time - you feel “guilty” and may price the art too low. In this case, you aren’t valuing all the skills you’ve gained to reach this exact point in your art career.
Picasso in 5 minutes:
“Woman sees Picasso sitting on park bench drawing. Says, “Oh my, are you Picasso?” Could you do a drawing for me? He quickly sketches out something lovely for her and says “that will be $5000.” She says, “You have to be kidding, it only took you five minutes!” To which he replied, “No, my dear, it took a lifetime”.
Cost of art classes or art school
This doesn’t make your paintings more valuable than other artist’s paintings. Or more valuable in general. Sorry.
The cost of your materials doubled or tripled
This fails to account for other crucial factors, like your skill and labor.
What someone else charges
More about competition below in “what you can base your prices on”.
Your emotions, mood, if you’re having a good day
Sentiment
How much you like the painting and don’t want to let go of it.
Whatever the customer can pay
First of all, you are a fine artist, not bargaining at the flea market.
It can be tempting to say yes to someone’s offer and marking the painting SOLD so you can do a little dance. Trust me, I get it.
We have to consider WHY we feel this way. What emotions are playing a part?
The artwork may feel old and uninteresting to you, but it is brand new and magical to the customer.
If you would consider letting your art go for less than it’s worth - are you scared it won’t sell at full price? Are you trying to make someone think you are nice or cool? Try to remember the VALUE the artwork is bringing to the customer’s life and how owning the artwork will make them feel.
So how do you beat the feeling of scarcity and step into an abundance mindset with your art?
Your art is not less valuable because you are feeling different about it today. Use an objective pricing formula and stick to it.
The customer who connects with your work and values it will be the right customer. Focus on the ways you can connect with your ideal client more often.
Have goals and a plan for your art business. Your prices should tie into your art business plan. Your goals will keep you on track for selling your artwork at their true value.
Tip: Art pricing should be objective and follow a formula for consistency.
WHAT YOU CAN BASE YOUR ART PRICES ON
ART PRICING SHOULD BE OBJECTIVE AND FOLLOW A FORMULA FOR CONSISTENCY.
Your Skill Level
The Market:
What rate you have actually sold artwork for successfully
This is an example of product demand. You can think of it as the “going rate”What the market bears / your competition
A collective average of your competitors prices for work of a similar offering (media) or skill level
Research your competition in order to validate market demand, not to set your price. This is simply a point of reference.
Size
Materials:
Substrate (works on paper vs. canvas)
Specialty materials like resin, expensive embellishments
IN SUMMARY
Your pricing model should consider several of these factors, but should NOT be based on a single factor alone.
Use as many objective factors as possible.
You should use a pricing formula to maintain consistency in your pricing.
To ensure your art is priced to earn a profit, you must account for the cost of doing business.
Your pricing formula should tie into your overall art profit plan.
Don’t undercharge, my friend!
In fact, you should increase your prices.
MY ARTPRENUER STORY
Let's face it. Entrepreneurship is totally terrifying. Not knowing what direction is the RIGHT direction in a new industry is daunting.
But instead of choosing fear, I was committed to working smart and creating a plan. I knew I could leverage my Business and Marketing degree and 10 years of corporate experience to figure it out (this was my dream!).
Each year my art business has experienced compound growth! What’s amazing? I actually sold fewer paintings for a higher total profit by focusing on what really matters to grow a sustainable business. Then I created a proven blueprint for other artists like you to follow in my footsteps!
What I need to share with you is, I grew my business in spite of many personal challenges that drained my time and focus.
For instance.... my daily chronic disabling migraines that put me in the hospital. I also moved from NC to FL, and back again, for a broken engagement. This caused me not only a lot of heartache, but having 3 studios in 3 years wasn’t my plan for stability and focus.
My point is if I can achieve art success despite my many challenges, so can you, no matter your circumstances. You deserve it!
I coach hundreds of artists just like you to turn their craft into their careers in my Signature Program, Artpreneur Academy.
If you want unshakable clarity and confidence in your next art business move, take my Free Masterclass, Secrets of a 6-figure Artpreneur:
If you want to launch your art business and you are feeling unsure of the next step, then you absolutely need:
The Ultimate Art Business Checklist!
What’s Inside:
-5 non-negotiables you need for a successful art business
-13 things artists don’t realize they are wasting time on 🤷♀️
This checklist will help you eliminate overwhelm and finally launch your art business now!
I hope you found this blog helpful today. Cheering you on!
Love and Positive Vibes,
Jenna