How to Price Your Paintings to Sell: 10 Tips

Of the many questions I receive from artists the issue of price is the most common. Behind this question is, of course, the BIG question. How do I sell more paintings? After all if you are selling many paintings you are probably happy and looking to increase prices. Or maybe you are debating whether to increase your prices at all? Let us take a close look at the pricing issue.

​There is no doubt that selling paintings is a massively subjective issue. For the regular living artist getting the price right is a process of experimentation, frustration and sometimes wishful thinking.
On the other hand collectors want to find the next bargain, but mostly they want a quality painting that will also look good on the wall. It would also be nice if the painting held it’s value. How are these two viewpoints reconciled?
 
10 Timeless Tips for Artists
 

1. Start Low: You can almost be assured that your pricing will, at first, be wrong. Usually too low while others may urge you to price high. Often too high. The new artist tends to undervalue her work although with time this may change as her confidence grows. While I do not suggest that under-pricing is good, it is better to start off with a reasonably low price. Rather increase prices steadily over time than have to backtrack and lower prices later.
   
2. Have a consistent method of pricing by size of the painting. If you have a price per square centimeter, for instance, then you have a reliable system to work with. Note that this approach is fine for smaller paintings. However it could get out of hand with larger works due to the compounding effect of this method. A way to curb this is to measure the diagonal of the large painting from top left corner to bottom right corner. Your square centimeter price can be multiplied by this diagonal measurement. The result is a more reasonable price.
   
3. Increase prices consistently every year. An increase of ten to twelve percent is reasonable. This is also a way of adding value to your paintings over time. This is good news for collectors, the market and your estimation as a serious artist.
   
4. Sales Yes or No? Hold a sale now and then, but I caution against having a set date for an annual sale. You do not want collectors to grow accustomed to this procedure as it does hurt your growth over time. Rather work on your paintings and the added value that you can offer to collectors. Examples of this could be free delivery or framing. Building a relationship with collectors is more important than planning sales.
   
5. Be wary with how you use discounts. This can quickly get out of hand leaving the artist unhappy and the collector undervaluing the painting. Sure a little discount here and there between you and a favored collector is okay. Especially if they purchase two or three paintings at a time. In general avoid this for the once off purchase. A discount is earned and is not simply for the asking.
   
6. Artists should avoid gaming the system. Tricks, like adding red stickers to paintings to create a sense of urgency to purchase the “remaining” painting,s are silly. So is trying to convince buyers that your work is a great investment for the future. Who can say? Keep things straight and professional. Improve your art and be honest in your dealings and you will benefit over the long haul.
   
7. Work on your business. This remains the key point. You must be an artist one day and a businessperson the next. Your business needs clear, consistent and objective attention to grow. This attitude will help you price your paintings fairly too. Look at the market and other artists that you admire. Try to assess your place in this arena to determine a fair price for your work.
   
8. Grow your relationship with the public. Market your work on your website. Build a mailing list. use social media correctly. All of this is a tall order and does require plenty of study. Experimenting and taking action is all important. Remember that you need to “own the customer” and not let someone else take this from you. This means that no third party like a gallery or social media channel can block you contacting the collector direct. Only by having the mailing list or other means of direct contact do you have some security for the future. Treat this relationship with respect and nurture it over time. It is golden!
   
9. Work with galleries, but not for them. It is at best a partnership of sorts for mutual benefit. Do not place your hopes on a gallery to make your living. It is only viable for a tiny portion of artists. Remember that if you sell direct your price is better for you and the collector. But to succeed requires work. You need to decide what route is best for you.
   
10. Quality Work Plus Marketing: As with all things good quality work and marketing should ensure sales at a fair price. An artist must be bold and confident when it comes to pricing and sales. Selling paintings is a long term plan and not a quick road to fame and fortune. Hopefully this is understood by artists already. But with a dedicated approach to business and perseverance a career in art is attainable.

One thing I cannot do is give artists a price to use although this often seems what artists are asking. Only the artist can decide on the actual price. With some research and honest assessment a price can be determined. Then move forward from there. It takes guts sometimes when sales are slow. This is when some variety in marketing approaches can make all the difference. It is not ONLY price that determines sales. Think laterally and ideas will come to you.

Do you have any suggestions or experiences on this topic? Leave a comment below.