You have put in the creativity, you have worked for several hours and have finally come to the end and created something beautiful.
You need some basic notions of economics and the art marketplace in order to understand where to price your art.
First and foremost, the basic and simple idea is that your art is valued at the price that someone else is willing to pay for it. This is quite easily the simplest and yet most underestimated rule within the emerging art community: artwork prices need to make sense. Looking at it from a wider perspective, the price needs to reflect certain art criteria. Here are a few:
where you have showcased
Where you will showcase
Have you sold before? At what prices?
Remember this one thing: people that buy and collect art use these criteria. They will quickly understand if you’re undershooting or overshooting. Let us stress this once more: most people will buy according to this criteria. You might not have a great CV, and you may not have sold any works, but you feel that your art is fantastic. That is awesome, but it’ll still be very difficult to sell it at certain prices – simply because buyers will look at those points above. Furthermore, remember something else: when you pass certain price thresholds (e.g. £3000.. £5000) you are automatically putting your art on the same level as other bigger, more famous and iconic artists, and that is not necessarily something you would want to do at the start of your journey. So do take some time to think about these things before coming to a price. If you have sold before, then it is much easier: your previous price is a good proxy for your future price. And according to your feel for market demand, you can then increase your next price a little if you feel you have room to do so.
A good idea is to look around you and getting an idea of what similar artists to you are selling at. Consider their style, medium, color, size, and especially their experience and achievements.
Don’t let them change your perceptions. We understand the feelings you can have for that one piece of art which you absolutely loved making. But don’t let them get too much in the way: if anything, try communicating them to potential buyers but don’t price your work solely based on those. And if you feel like that piece is priceless, keep it! It deserves a spot in your personal permanent collection.
Once you have chosen, stand by your price and believe in yourself. At the end of the day, only you can decide what your art is worth. And if the market doesn’t understand that, you can always lower it till you get to where the demand is.
The team at creatyve have built a little pricer that factors in a number of important elements and gives you an estimate of your artwork's price in under a minute.
Share the pricer on facebook!
Please remember the EstimArter is solely a guide: it does not come to a perfect price for your artwork and leaves some important elements out - precisely the ones we talked about above. So use it as a proxy of what your artwork's price can be - at the end of the day, you're the one who knows the most about what your artwork's worth :)