by Connie Smith

Created on: March 03, 2007   Last Updated: May 08, 2007

Pricing tips for two-dimensional fine art

When you have an exhibit, always have at least one piece priced at twice the price of one of the highest pieces. Perhaps you don't want to sell this piece, as it's your favorite (this is the piece that often sells first!).
People expect a small work to be priced lower than a large one. Though this does not make sense to an artist, as miniatures are more time-consuming to produce than large pieces, this is the psychology of the general public. If you don't think you can price smaller pieces for less, create large pieces.

The price that you charge from your studio and the price for which your dealer sells must be the same. You get to keep the commission when you sell a piece from your studio. Some collectors mistakenly expect your studio price to be 50% less, but it should never be.
Develop a long-term strategy connected with the pricing of your artwork. As you sell more, your prices will, of course, rise. Soon your pricing will establish itself, rising slowly-no more than about 10% per year. As your prices increase, have smaller works or prints available in the lower price range.
Keep your work affordable to all your previous clients.
Studio inventory should always be at least 10 pieces. If you only have four pieces in stock, it might be because you're selling at too low a price.
Always note the retail price on your price list.
Your prices should not vary from state to state.
Don't undersell your work. You must feel comfortable with the prices you decide on; otherwise, you will feel resentful.
Never prepare a proposal or model of a piece for anyone unless you are being paid for it. This is customary for architects and interior designers, and, as an artist, you need to make it customary, too. Clients will respect you more if you do this.
Your clients should know that the price on the tag does not include sales tax, packing and shipping. If the frame is not included, you need to note that.
Know your prices. When you have studied the market and know the various factors involved in pricing a product, you will have more confidence when someone questions a price.
A gallery owner wanted a lower price on a work by an artist I was representing. Since it was a rather simple-looking piece, he thought he could get me to come down on the price by asking me how long it took the artist to paint it. It was my favorite piece and the artist's first in a series, as well as the best of the series. I answered the gallery owner that it took the artist 60 years to paint. That was true. The artist was 60 years old, and until he painted that particular piece, he could paint none like it.

Discount policy
Did you know that it is illegal to charge one customer a lower price than another customer on the same product? The Robinson-Patman Federal Act is designed to prevent unfair price discrimination. There are ways around this policy, however.
Discount when purchasing a second piece.
Discount with cash in hand, usually 2-5%. In all other cases-check, credit card, money order-the full retail price is paid.

The Golden Rule
Don't sell anything that you wouldn't want to be known as your work. It might reach the wrong hands and bring you bad publicity someday. Be proud of every piece you sell.

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