Art is only worth what someone is willing to pay for it.
As stated in the previous post Pricing Your Artwork Part 1, art has a perceived value. Meaning it is based upon what people think it’s worth. Someone may have a painting priced at $15,000 but unless they have sold work previously for that amount or until this one sells for that amount, it’s all just speculation.
Currently the majority of my work sells for between $1000-$2000 per original painting. That is my average, some are less some are more. In the greater art universe, this is hardly big money when it comes to original paintings. However for my area, it is considered pretty good.
When I started out, my originals went for $200-$350. (Ummm . . . The picture shown here is perhaps a just a tiny little bit, before then.) Frankly, the work was probably worth only that at the time. Occasionally I run across someone who bought a piece long ago and they are thrilled the value of my work has grown.
I painted and then I sold the work. With more experience, I created better art that I was able to sell for more. It is cyclical. As I develop better skills, I get better known with more collectors and the value of what I produce increases. It (like everything) takes time to build.
Back to the Question.
So why did I raise the price of the Natural Grace painting even though the painting wasn’t selling?
Well, the prints were going well and there was serious interest in the original. I had greatly under priced it to begin with. (Mind you, it wasn’t really all that large of a piece being 10×30 it just looked like it was.) So if a serious patron was looking at it and then noticed this painting was priced lower than the rest on display of a similar size. There is a subconscious “Well what is wrong with this painting” that happens. Yes, a painting can be priced too low. So I kept raising the price until it was in line with the rest of my work and it sold quickly.
As I look back at it now, I am certain though I got a good price for it, I could have sold it for at least double than what it went for. It had that certain quality that people connected with. Horse people buy it. Young girls buy it as a symbol of the horse they want. And people who have no interest at all in horses buy it, though they usually can’t tell me why other than they like it. (I guess that is what it is all about.)
True Story: A young woman bought the print as a symbol of the horse she wanted. A little over a year later I ran into her at a warmblood trial. She bought a horse greatly resembling Natural Grace, and was excited to show me her new boy. He is a handsome dark bay Percheron cross (or perhaps he was a Friesian Sporthorse) and she loves him. She truely felt the artwork helped connect her to her new horse.
Where I’m at now
The reason I began making prints in the first place is that demand exceeded my capacity to fill it. At the time all of my work was water soluble pencil and often a painting of moderate size (around 22×30) could take 4-8 weeks to complete. If I wanted to make a living at my art I had to work faster, charge more or make prints. In the end I did all three.
As far as pricing my new originals I do factor in time spent (though it is by far the least important aspect.) Basically it comes down to how much I like the painting. How big of a check will make parting with it agreeable, within the pricing structure I currently have. Also, having the original on display usually is a boost for selling the prints. That also factors in.
When I do something completely new, like say . . . the small handmade paper paintings. I look at my usual pricing for paintings that size and begin there. If they sell quickly (which they have been) I will raise the price slowly, by $50 increments. I do this as long as they continue to sell well. When they quit selling I may back up a price break or two and let it rest there, until once again demand exceeds production.
Upcoming Posts
For my last Pricing Post I will give a very breif overview of what has already been discussed and add a few extra bits that didn’t really seem worthy of expansion. Also I will probably do something soon concerning exposure. (No I don’t mean nudity in public.) I am talking about exposure in terms of getting your art seen.