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7 Tips On How To Price Your Art For Quick Sales

Are you struggling with boosting your art sales? All successful artists have been there. There is not sure-shot increasing your sales just by pricing your art right. But you can always make little adjustments in your marketing plan to make a huge difference. Some subtle nuances that often go unnoticed might be draining unnecessary money from your pocket. These hand-picked quick tips will help you improve your sales strategy and perform better in a dynamic market. They are perfect for people starting, as well as experienced artists!

1. Research Your Market

Art is all about creativity, but selling your art requires a bit of market knowledge. Whenever you plan to sell something, it is good to spend some time researching the prospective market. You can get a lot of inspiration by checking out the prices of similar artists. It is best to pick artists that do the same work or use similar materials. Remember to choose successful artists, learning from people who are just as lost as you are not of help. Try researching about what sells, and what doesn’t. Knowing things in advance means you will be prepared for future challenges.

2. Stick To A Formula 

Pulling numbers out of the blue can be surprisingly difficult for both you and your buyer. To make things easier, come up with a flexible pricing technique. It could be according to the size of your art, the number of materials used, or the number of hours you used on it. Many artists use square-inch formulae, but you can go any way you like. It is important to learn how to price your art if you want a solid customer base.

3. Start Lower

Just like all new brands, start low. It will be difficult to sell your art if your prices are outrageously high for someone who does not have an established reputation in the community yet. Start low, and keep building up your prices once you start having steady profits and sales. New artists usually attract an audience that is looking for a cheap buy. Now that brings us to our next point.

4. Don’t Undervalue Your Art

The last thing an artist should do is to undervalue their work. All the efforts you put into an art piece should not be wasted by selling it cheap. Just because you don’t have customers right now does not mean you should undervalue your art. Good things take time and effort. If you lose faith in your work, it makes you susceptible to rude customers, and the dreaded artists block.

5. Consider the Profit Margin

Are you planning on seeking help from a gallery or a consultant that can help you with sales? That seems like a great choice, but you need to understand your profit margin before you go ahead with this decision. Profit gained from selling your art should also account for all these additional expenses. If you are not careful enough, this could cost you 50% of your sale price. Tally the number beforehand to avoid unnecessary expenditure or loss.

6. Access Your Inventory

Is your art sold out as soon as it is out? If so, you need to reassess your pricing strategies. The chances are that it is time to raise your prices. People love your art and buy it as soon as it is available. This simply means that your art will be sold, even if you raise your prices a notch. Do not miss out on that extra cash! Remember that there is a balance between price. If your art suddenly stops selling, this just means that the price is too high and the customers cannot afford to buy it. Do not opt for the extremes of too high or too low. There is always a middle ground that will work for both you and your buyers.

7. Account For The Materials

Before deciding on a price, step and assess the final sale. Is the ultimate amount covering your initial expenses? Initial expenses are the money you used upon buying the materials, canvas and all other things. Your final price should be enough to cover the starting costs and bring some profit to your wallet.

Conclusion

There is not a single tip as such that will boost your sales. It is a combination of a lot of things that make up a successful art selling business model. Pricing an art piece is a difficult step, and keeps recurring throughout. Beginner or experienced, most artists struggle with putting up the right price. There is no foolproof method of pricing, though. As long as you are aware of the market and your customer behaviour, you will do just fine. The art business is just as booming and dynamic as any other sector. Being quick and flexible is the best way to go. All the best!

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