Pricing work in a down economy

[Karleen Loughran]

I am interested in hearing how other artists price their work particularly in this down economy. My show is coming up and I am uncertain what to do about pricing the work now. Any thoughts would be greatly appreciated and will be taken seriously!

[Casey McKinney]

it is advice i got from a friend who is not an artist. how did you go about getting a rep out west?

[Karleen Loughran]

he used to rep me in NYC. when he went out west he took my work with him! ArtHaus is the name of the gallery.

[Michael Marling de Cuellar]

May 14, 2008
Lucian Freud's Benefits Supervisor Sleeping sells for record $33m

Highest price paid for a living artist work. Price your work accordingly. If your patron buys your work and enjoys it for twenty years what is it costing them for each day over the twenty year period? A penny a week or a nickle a day? I really don't adjust my cost for the economy but then again I am also not paying all the bills with proceeds from sales. I had seven pieces framed last week at a cost of $700.00. Those pieces will be in the $800-1800 range. Another thing to consider is do you devalue the work of patrons who have already purchased your work by lowering your prices. I cannot
drop my price on a woodcut print in an edition of 20 that I sold to Coca Cola ten years ago. If anything raise the price. If you lower the price the collector will think it is of no value. Set a minimum price and never go lower. If I don't sell it unframed for $500 I don't sell it.

[Karleen Loughran]

Very helpful and encouraging, thank you!

[sylvia aronson]

fine art photographic prints are different to work with on prices than a $20,000 painting. I have always tried to be involved with galleries that also hold fundraisers for them. Yes, even though it is "donating" a print you are connecting your reptuation with that gallery. The gallery remembers you and an opportunity may come about for a fuller scale show in the near future. Also, it is getting a new "home" for your artwork. Most galleries will let you know who bid on your particular artwork. Last, if you can go represent yourself at the reception, EVEN BETTER. This ties in with Casey's adding to your mailing list.
P.S. I gave up years ago on offering lower print items;like photo notecards. Too much time for little profit

[Karleen Loughran]

thank you for this good advice!

[Donald Kennedy]

My art is not a commodity and it won't go bad if I don't sell it, I don't sell it by the pound or by the square inch. There has never been anyone like me before nor will there be anyone like me again, I have a destiny to fulfill as an artist if I don't fulfill it nobody will. My art is for sale at a price which is commensurate with my abilities, my years of study and the unique quality that makes my art special. My art is visceral and passionate yet it is tempered by the skill of long hours of hard work. My art is unique to me yet it has a connection to art of the past, Mozart died in his forties and Michelangelo in his eighties and what is a square inch of the Sistine Chapel worth? Do certain figures command a higher price than lets say, the sky. I have a three by four foot drawing in graphite on rag paper, of a historic mill, sale price $15,000.00 a year and a half ago a client offered me one half in cash and one half in oil shale stock. I refused the stock is now worth $ .35 a share and the value of the drawing is now $20,000.00 and is being considered for a major how on historic buildings. If you keep working try to improve your art the value will be commensurate with your efforts. Van Goth work was and is valuable, because it had value to him and he worked on a daily basis to make better paintings not better sales and you would go out of your way to see one of his paintings.

[Karleen Loughran]

Donald, thank you, very encouraging. Just what I needed!

[Ted Schaal]

I feel your pain. It is really tough to decide what to do in the down economy. I have to sell or I can't pay my mortgage. Some pieces I can't sell for less than what the last collector paid because I think that my collectors would get pissed. I had one collector sitting on the fence and needed some prodding to buy. I sold the piece for the regular price and let his daughter pick out a small piece for herself no charge. it was a $1000 sale where the bonus for the collector cost me $30 out of pocket. It was typically a $225 piece so it was a good deal for every one. I try give people more art for the money rather than less money for the art. I almost always get full price for the pieces this way. Sometimes people will try to get the $225 off the sculpture and I refuse.

[Margie Guyot]

I've been pondering the question of pricing this past year or so. Read another helpful column where the writer said there are still deep pockets out there, hungry for art. The key was that buyers are looking for VALUE -- not cheap art.

[Kimberly Mickelson-Slocum]

Here ius my advice and it has worked for me. price it what your gut tells you it is worth. Not what you need out of it but what you feel it is worth. THe physcology of pricing is very interesting. If things are marked cheap people precieve it as something wrong with it. Why is it so cheap. Pic your prices and stay with them wiether you are at a show in a gallery or selling them out of your home. No body wants to see your prices fluxuate. It shows in secruity and people transform that into problems, somethings wrong etc. I once a had painting that I really didn't want to sell . It rested on my mantle and looked very nice atop it. A local little show was coming up. The art group ( amatures asked me to particpate , I am known in my area for my artwork as I recieved national recognition) So I thought awe i just price it sky high and no one around here will buy it....Wrong... I got 900 dollars for it. so price away girly and good luck

[Catherine Ruane]

Hello, I suggest that whatever price you choose be sure it is in line with work previously sold. Don't go lower (ever). Discounting fine art or selling work on SALE is really bad for your business and your previous collectors.

Hope that helps.