Pricing is one of the most common questions I get asked by artists (next to where do I get money :-) ). And pricing your art is a challenge for sure. Here are somethings to consider when trying to price your art:
- Cost of materials
- Cost of running the business (advertising, rent, website)
- Time into the piece
- Time on training this far to be able to create this piece
- And yes, personal attachment does come into play (I had a good example of this the other day. I had a very rare piece of orange beach glass with a star etched in it, I sold it within 48hrs of posting it to my website, but felt remorse right after).
Now that you've taken all that into consideration you piece is probably worth $50,000 right? Well, you have at least 2 other things to consider:
- Competitors price
- Market demand (what are consumers willing to pay for this)
The last thing to consider is the concept of premium pricing. When I first started selling my jewellery I priced things very low because for the 4 considerations where very low so I didn't think I could price them higher. As time went on I started to integrate higher pricing based on the last two consideration and WOW what a difference, sales increased by 40% and I made more profit on each piece. If premium pricing didn't work, Starbucks wouldn't still be in business!
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