Artists who win awards and commendations can expect to ask for higher prices each year. A 10% per annum increase is justifiable if you are receiving judges’ acclaim on a regular basis, or simply that your standard is improving.
At the end of the day, it’s the art buyers who have the final say.
Today’s economy is tough, especially on artists. We need to set fair prices but ensure that our standards are high. Gone are the good years when art was very popular and sales were strong.
The more experiences and challenges an artist (usually) has, the better they get. Artists need to enter exhibitions and competitions and face assessment by their peers if they are to gauge their own value (and place) in the world of art.
With accolades comes respect with respect comes higher asking prices! Original art will always be valued, whereas copies won’t.
Be prepared to take risks and exhibit your work in the public arena. Seek constructive criticism wherever possible. Listen to what is said about your work and be prepared to undertake change if and when necessary. Always try to be yourself, be unique, be consistent and always aim high. Your next painting will be the best you’ve ever done!
Hard work and a positive outlook will be rewarded. To quote, “it may not happen overnight, but it will happen”.
How do you work out a price for your art?
There are 3 ‘major players’ and one ‘minor’ player involved in determining how much you should charge for one of your paintings. The commission, the cost of framing, what you earn for your effort and the cost of art materials make up the total retail price of your work. I have found over the years that this equates to about one third to the framer, one third to the selling agent and one third to the artist. Framers usually get the best deal! This formula doesn’t apply to work that commands a high price, but it’s one worth considering.
On Wednesday I will reveal my pricing formula.