Pricing and perceived value

People always ask, how do you price your work? It's a tough thing to do actually.

Some artists price by the square inch. That may work if most of your paintings are similar and take about the same amount of time per size. But to me, it just seemed that you were putting artwork in the same category as laminate flooring and wallpaper. You need to take into account the time spent on a piece and assuming that people can see the difference, you should charge accordingly. Not only that, but you have to take into account expenses--show fees, framing, materials, marketing expenses, etc. If you're not charging enough to cover expenses, the more you sell, the more money you lose.

BUT....if you charge too much, the pool of people who like your work and can afford it will shrink. BUT...if you charge too little, some people may think that your work must not be very good because it doesn't carry a hefty price tag. See the problems we have? It all comes down to perceived value. And the only people who determine the perceived value are our potential customers. It's like what real estate agents say--a house is only worth what somebody is willing to pay for it.

I'm sometimes asked if I give discounts. The answer is yes, for multiple purchases. But I'll let you in on a little secret. Almost all artists will give a discount on some work if it is a "Number 43." What's a Number 43? It's a painting that you've dragged around to 43 shows, and quite frankly, you're sick of it! (Thanks Dale for the terminology). Every artist has at least one. It may be a very good painting but for some reason it just hasn't sold and we want it out of here! But we're not going to tell you which one it is. You've got to find it........