How to Price Art Effectively: A Guide for Online Artists

Are you an artist looking to sell your work online but unsure how to price it? Figuring out how to price art can be tricky, especially when you're just starting out. It's a balance between valuing your hard work and keeping your prices competitive in the market. Don't worry - we're here to help you learn how to price your artwork effectively.

In this guide, we'll walk you through the key steps to price your art. You'll learn how to understand the value of your work, factor in your costs, research pricing in your niche, and set consistent prices across different platforms. We'll also share some tips on how to sell art online and make the most of your art business. By the end, you'll have a clear idea of how to price your paintings, drawings, or digital art commissions in a way that's fair to you and appealing to buyers.

Understand the Value of Your Art

When it comes to pricing your art, it's important to know what your work is worth. This isn't always easy, as art value can change based on who's looking at it, where you are, and your story as an artist. Let's break down some key factors that help determine your art's value.

Skill level and technique

Your skill level plays a big role in how much your art is worth. Think about where you are in your art journey:

1. Beginner: You're just starting out, trying different styles, and maybe selling at local markets or online platforms like Etsy.
2. Part-time artist: You've developed some skills and have a growing following. You might be selling to friends and family or starting to get online sales.
3. Full-time artist: Your style is well-developed, and you're selling regularly at events or online.
4. Established artist: You have a strong following, and people recognize your work right away. You might be showing in galleries or prestigious art fairs.
5. Seasoned pro: You can pretty much set your own prices based on what your fans are willing to pay.

As you move up these levels, you can usually charge more for your work.

Uniqueness and style

Your unique style can make your art more valuable. Ask yourself:

• Does your work stand out from others?
• Have you developed a special technique?
• Do people recognize your art without seeing your name?

The more unique and recognizable your style, the more you can potentially charge.

Artist reputation and CV

Your reputation as an artist has an impact on your art's value. This includes:

• Exhibitions you've been part of
• Awards you've won
• Press coverage or reviews
• Galleries that represent you

Keep track of these achievements in your artist CV. As you build your reputation, you can gradually increase your prices.

Remember, pricing art isn't just about the time and materials you put in. It's also about the value people see in your unique creations. As you grow as an artist, don't be afraid to adjust your prices to reflect your improving skills and growing reputation.

Factor in Costs and Expenses

When pricing your art, it's crucial to consider all the costs involved in creating and selling your work. This ensures you're not just covering your expenses but also making a fair profit. Let's break down the main costs you need to think about.

Materials and production costs

Every piece of art you make needs supplies. Whether you're using paint, canvas, clay, or yarn, you need to keep track of how much these materials cost. Don't forget about the tools you use too, like brushes or spatulas. These wear out over time and need replacing.

Here's a tip: Don't buy huge amounts of supplies just to get lower prices. This can hurt your cash flow and might even lead to debt. Instead, buy what you need and include these costs in your pricing.

Overhead and business expenses

Running an art business comes with ongoing costs that you need to cover, even when you're not selling anything. These include:

1. Studio space rent
2. Utilities (electricity, water, internet)
3. Insurance
4. Accounting services
5. Software subscriptions (like Adobe Creative Cloud or Canva)

Don't forget about the equipment you use for your art and business. This could be things like a kiln, sewing machine, computer, or phone. The cost of buying and maintaining this equipment should be spread across the pieces you sell.

Gallery commissions

If you're selling through galleries, keep in mind that they often take a big cut of the sale price. This is usually around 50% of the artwork's price. While this might seem high, galleries provide valuable services like marketing, sales, and customer service.

When setting your prices for gallery sales:

1. Double the cost of your materials and framing (if applicable)
2. Add your desired profit
3. Double the total to account for the gallery's commission

For example, if your materials cost $150 and you want to make $800 profit, your calculation would look like this:
($150 x 2) + $800 = $1,100
$1,100 x 2 = $2,200 (final retail price)

This way, when the gallery takes their 50% cut, you still get your materials cost covered and your desired profit.

Remember, pricing your art isn't just about the time and materials you put in. It's about covering all your costs, valuing your skills, and setting a price that works for both you and your buyers. By factoring in these costs, you'll be on your way to pricing your art effectively and running a sustainable art business.

Research Pricing in Your Niche

To price your art effectively, you need to understand what's happening in your corner of the art world. Let's look at three key areas to help you set the right price for your work.

Analyze competitor pricing

Start by checking out other artists who make art similar to yours. Look at their prices and see how well they're selling. This gives you a good idea of what people are willing to pay for art like yours. Here's what to do:

1. Find at least 5 artists in your area who make art like yours.
2. Look at their prices, experience, and how well they're doing.
3. Compare their work to yours. Are their pieces bigger or smaller? Do they use the same materials?
4. Think about their achievements. Have they had more shows than you? Or are you more experienced?

Remember, don't just copy their prices. Use this info to help you set a fair price for your unique work.

Consider your target market

Knowing who might buy your art helps you price it right. Think about:

1. Age and income: Are your buyers young and on a budget, or older with more money to spend?
2. Tastes: Do they like traditional or modern art? Big pieces or small ones?
3. Buying habits: Do they buy art often? Are they looking for a deal or happy to pay more?

Understanding your audience helps you find the sweet spot between what they can afford and what your art is worth.

Factor in your location

Where you sell your art can make a big difference in its price. Here's why:

1. City vs. small town: Art often sells for more in big cities than in smaller towns.
2. Online vs. gallery: Prices can be different if you're selling online or in a fancy gallery.
3. Local tastes: What people like (and will pay for) can change from place to place.

For example, the same painting might sell for $500 in a small-town craft fair, $2,000 in a city gallery, and $20,000 in a top New York or London gallery.

Remember, pricing your art isn't just about covering costs. It's about finding the right price that works for you and your buyers. Use this research to help you set prices that reflect your art's value and appeal to your target market.

Set Consistent Pricing Across Platforms

When it comes to selling your art, keeping your prices the same everywhere is super important. This helps build trust with your buyers and keeps things simple for you. Let's look at how to do this on different platforms.

Your Portfoliobox store

Portfoliobox is a great tool for selling your art online. It's easy to use and lets you set up an online shop quickly. Here's why it's awesome:

1. You can show off your art with high-quality images.
2. It handles payments safely, so you don't have to worry.
3. You can manage your art inventory right on the platform.
4. It's open 24/7, so people can buy your art anytime.

When setting prices on Portfoliobox, make sure they match what you charge elsewhere. This way, buyers know they're getting a fair deal no matter where they find your art.

Galleries and exhibitions

If you work with galleries, it's crucial to keep your prices the same there as in your online store. Here's why:

1. Galleries put a lot of effort into selling your art.
2. They usually add about 50% to your price as their fee.
3. If you sell cheaper elsewhere, galleries might not want to work with you anymore.

Remember, the art world is small. If one gallery finds out you're selling for less elsewhere, others might hear about it too. So, keep your prices consistent to maintain good relationships with galleries.

Direct sales

When selling art directly from your studio or at art fairs, stick to the same prices you use online and in galleries. Here's how to handle it:

1. If someone asks to buy directly from you, charge the same as your gallery price.
2. Better yet, refer them to your gallery. This shows you value your gallery relationships.
3. For art fairs, use the same prices as always. Don't change them just because you're at a special event.

By keeping your prices the same everywhere, you make things clear for buyers. They know they're getting a fair deal, whether they buy from you, a gallery, or online. This builds trust and can help you sell more art in the long run.

Remember, pricing your art isn't just about making money now. It's about building a strong, long-lasting art business. So, take your time, think it through, and stick to your prices across all platforms.

How to Sell Art Online with Portfoliobox

Portfoliobox is a great tool to help you sell your art online. It's easy to use and lets you create a professional website and online store without any tech skills. Here's how you can use Portfoliobox to sell your art:

1. Get started: Sign up for an account on Portfoliobox. It's quick and easy. Once you're in, you can pick a template that fits your style and start customizing your site.
2. Set up your store: Adding products to your store is simple. You can upload pictures of your art, write descriptions, and set prices. Portfoliobox works with PayPal and Stripe, so your customers can pay safely and easily.
3. Make it your own: Change colors, fonts, and layouts to make your site look just how you want. This helps your site stand out and show off your unique style.
4. Show off your art: Upload high-quality photos of your work. You can even add close-up shots to show details. Good pictures help sell your art!
5. Connect with buyers: Link your social media accounts and start a blog on your site. This helps you stay in touch with your fans and keep them coming back.
6. Sell around the clock: Your Portfoliobox store is open 24/7, so people can buy your art anytime, anywhere in the world.
7. Track your sales: Portfoliobox gives you tools to see how your store is doing. You can check which pieces are selling best and learn about your customers' habits.
8. Offer deals: You can easily set up discounts to attract more buyers and boost your sales.
9. Handle orders: Keep track of your orders, inventory, and customer info all in one place.
10. Get your own web address: You can get a unique domain name for your site. This makes you look more professional and helps people find you online.
11. Use a custom email: Set up an email address that matches your domain. It's a small touch that makes your art business look more legit.

Portfoliobox has everything you need to start selling your art online. It's built for artists like you, making it easy to show off your work and talk to customers. Whether you're selling physical art, digital files, or prints, Portfoliobox can help you reach more people and grow your creative business.

Key Takeaways

Pricing art can be tricky, but with the right approach, it becomes much easier. By understanding your art's value, factoring in costs, researching your market, and keeping prices consistent, you can set fair prices that work for both you and your buyers. Remember, your prices should reflect your skill, style, and the value your art brings to people's lives.

Using tools like Portfoliobox can make selling art online simpler and help you reach more people. As you grow your art business, keep learning and adjusting your prices. With time and practice, you'll get better at pricing your art and running your creative business. Keep making great art and sharing it with the world!

FAQs

1. How should digital art be priced?
To determine the sale price of digital art, you can use this straightforward formula: Artwork Costs + (Artwork Costs / 100 * Desired Profit). This method allows you to calculate the price without needing a calculator.

2. What constitutes a reasonable price for digital art?
The price for digital art commissions often starts at a fixed amount agreed upon by the artist and the client. For instance, a basic digital artwork featuring a cat might start at $50, but the price could increase for pieces that are highly detailed or created as digital paintings.

3. What pricing formula do artists use?
Artists frequently use the Square Inch Formula for pricing their work. First, calculate the area of the artwork in square inches (Width x Height). Then, multiply the total square inches by your price per square inch to get the base value of the artwork. Add any material and additional costs to arrive at the final art price.

4. How much money can be made by selling art online?
The income from selling art online can vary widely. Artists might earn anywhere from a few hundred to several thousand dollars per artwork. With consistent sales, this can lead to a significant income over time.