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Representing The Visual Artist - Arnold White, President
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Winner's Circle Gallery
Representing The Visual Artist - Arnold White, President
Back To Index of Articles by Arnold White
Pricing Your Artwork - What To Do,
What To Do by Arnold White
Do you know the value of your work and how to price it? Probably not. As a
publisher, distributor and consultant in the art world, I have personally reviewed the
work of thousands of artists over the last 30 years. In all of that time only a handful
were able to say, “Yes� to that question. Pricing art is actually not that
difficult. It is basically no different than pricing any other product. The problem
with artists pricing their own work is that they generally don’t view their work
with the same eyes that other businesses do. This is because they are emotionally
tied to their product.
Let me make it simple and easy. First, you have cost of materials. Second you have
cost of labor.
Such items as paint, brushes, canvas, and other supplies becomes your cost of
materials. The cost of labor is the actual time spent in creating your image
(product). Determine a value for your time $25.00 - $100.00 per hour. Add the
cost of materials to the value of your time and you have a starting price.
What you can do next is to take that price and check comparables. Comparables
are works similar to yours in size, style or subject. You obtain comparables by
going to actual or online galleries, trade shows, fairs or festivals.
An interesting exercise would be to apply this to previously established pricing for
your work, and compare it to the formula provided above.
What should an artist do about “Wholesale vs. Retail?� First of all it is
important that you fully understand the difference. As the manufacturer of your
product, you are the one who needs to establish both retail and a wholesale price
for your art.
The retail price is the asking price to consumers or collectors – the person
purchasing your work to hang in his/her home or office. The wholesale price is the
lowest price for which you are willing to sell your product to a gallery or other retail
entity. Usually the difference between the retail and the wholesale is 50%. So, if
your retail price is $3,500.00 your wholesale price will be $1,750.00.
It is always better to price your work higher than lower. It is easier to start high and
go down than vice versa.
When selling your work directly to a collector or consumer, it is essential to protect
the integrity of the retail price. Otherwise, you will be in direct competition with
your gallery affiliations. If you are still having difficulty with the pricing of your art,
you can refer to the contact information in www.artmarketingbook.com. Art agents
or consultants can be of great assistance to an artist struggling with the pricing and
marketing aspect of the art world.
Remember that every year the cost of living increases and so should the price of
your art. A good rule of thumb is to have a yearly increase of between 5 and 10%.
Finally, the second rule of thumb is to try and maintain objectivity and to apply the
formula. It’s only natural that artists have emotional ties to their work, but
emotions can cloud their vision and dilute their business judgment.
Copyright usage: No permission is needed to reproduce an unedited copy of this
article as long the About The Author tag is left in tact and hot links included.
Arnold White has been a publisher and distributor of fine art prints for over 20
years. He is the President of Winner’s Circle Gallery, a firm that represents
artists seeking to enter the print market. Mr. White serves as a consultant and
reviews work from artists wanting to enter this market. You may contact Mr. White
at Winner’s Circle Dept. AB, P.O. Box 4814, Palm Springs, CA 92263 or call
(800) 748-6400. Comments or questions can be sent directly to Arnold White
swhite@DC.RR.com
What To Do by Arnold White
Do you know the value of your work and how to price it? Probably not. As a
publisher, distributor and consultant in the art world, I have personally reviewed the
work of thousands of artists over the last 30 years. In all of that time only a handful
were able to say, “Yes� to that question. Pricing art is actually not that
difficult. It is basically no different than pricing any other product. The problem
with artists pricing their own work is that they generally don’t view their work
with the same eyes that other businesses do. This is because they are emotionally
tied to their product.
Let me make it simple and easy. First, you have cost of materials. Second you have
cost of labor.
Such items as paint, brushes, canvas, and other supplies becomes your cost of
materials. The cost of labor is the actual time spent in creating your image
(product). Determine a value for your time $25.00 - $100.00 per hour. Add the
cost of materials to the value of your time and you have a starting price.
What you can do next is to take that price and check comparables. Comparables
are works similar to yours in size, style or subject. You obtain comparables by
going to actual or online galleries, trade shows, fairs or festivals.
An interesting exercise would be to apply this to previously established pricing for
your work, and compare it to the formula provided above.
What should an artist do about “Wholesale vs. Retail?� First of all it is
important that you fully understand the difference. As the manufacturer of your
product, you are the one who needs to establish both retail and a wholesale price
for your art.
The retail price is the asking price to consumers or collectors – the person
purchasing your work to hang in his/her home or office. The wholesale price is the
lowest price for which you are willing to sell your product to a gallery or other retail
entity. Usually the difference between the retail and the wholesale is 50%. So, if
your retail price is $3,500.00 your wholesale price will be $1,750.00.
It is always better to price your work higher than lower. It is easier to start high and
go down than vice versa.
When selling your work directly to a collector or consumer, it is essential to protect
the integrity of the retail price. Otherwise, you will be in direct competition with
your gallery affiliations. If you are still having difficulty with the pricing of your art,
you can refer to the contact information in www.artmarketingbook.com. Art agents
or consultants can be of great assistance to an artist struggling with the pricing and
marketing aspect of the art world.
Remember that every year the cost of living increases and so should the price of
your art. A good rule of thumb is to have a yearly increase of between 5 and 10%.
Finally, the second rule of thumb is to try and maintain objectivity and to apply the
formula. It’s only natural that artists have emotional ties to their work, but
emotions can cloud their vision and dilute their business judgment.
Copyright usage: No permission is needed to reproduce an unedited copy of this
article as long the About The Author tag is left in tact and hot links included.
Arnold White has been a publisher and distributor of fine art prints for over 20
years. He is the President of Winner’s Circle Gallery, a firm that represents
artists seeking to enter the print market. Mr. White serves as a consultant and
reviews work from artists wanting to enter this market. You may contact Mr. White
at Winner’s Circle Dept. AB, P.O. Box 4814, Palm Springs, CA 92263 or call
(800) 748-6400. Comments or questions can be sent directly to Arnold White
swhite@DC.RR.com
