Let’s say that you have made a fantastic electric art and you are thinking of selling it. But you have absolutely no idea about how this industry works. Even if you aren’t an electric artist but a regular one or a photographer who wants to legally sell prints of his photos, you will first need to set the prices for them.
If you are in one of these situations, this is the right place you could start in the selling industry with. So scroll down and read patiently.
Factors to Consider When Pricing Prints
Before you can sell your print, there are fundamental factors you need to consider. These factors would help you determine the level of pricing that your print deserves.
Costs
Costs include everything that you spend on making the art. This can be the fixed cost of your assets like office space rent, lighting, heating, etc. These costs depend on your budget and can be spread out across one month to a few more.
Then there are the variable costs which vary based on your activity. If you are a photographer, then the amount of clips you are using is your varied cost. If you are an artist, the variable prices include your canvas, brushes, the paint you used, and your time on a single paint.
Goals
Before you can even make a print of your art, you need to make an end goal. This end goal will have a vast influence on the amount of money you will be making. Your goals usually include the type of people you want to sell your art to. You can sell your prints to an agency or an individual.
This also includes how much money do you want to make after each sale? If the basic cost of your art is 200 USD, you might need to make ten prints and sell them each at 20 USD before you can catch up to your original amount. Your goals should also include such calculations regarding your income.
Research
After you have worked upon your cost and fixed your goals, it is time to look into the market competition. Find out how much other professional artists sell their work. Etsy is a great place to research market prices.
Then consider whether your painting is better or worse than your competitors. You might want to set up your selling price based on that.
Test
As you have merely just dabbled into the market, there is a high chance you will not get to sell a print at all. Instead of giving up, you should take the trial and error route and cut your profit margin.
You could also price out a few pieces at a few different pricing levels and see which ones sell the most. You could make more prints and sell the one that appears to be more profitable.
How Do the Materials Affect Your Pricing?
The materials you decide to paint or make the print of your paint will drastically change your art piece to be either very highly-priced or too low priced. There are two reasons for this.
If you print on expensive material, you have to set your selling price more to recover costs. Different materials would also have different values. For instance, if you decide to print on cheap material, your art piece might not be printed with good quality.
Nowadays, people love to use canvas prints over traditional laminated papers. They are very easy to print and give a lovely effect with outstanding quality to the printed photo. They can also be used to do framed prints, photo collages, triptych prints.
Size is Important to Determine Your Pricing
It is considered a thumb rule in art- the bigger the art piece, the more expensive it will be. If you want to consider selling your artwork for above 300 USD, you should consider printing on a larger canvas.
People will pay for your painting based on its size rather than its quality in this way. However, you should avoid producing a print that is too small. No one in their right mind would pay that much for a print unless it was signed by a celebrity.
Profit Price Curve
A profit price curve is an idea to show that the price is too low, or you can’t sell enough products to make up the difference in profit that you would have made if you just charged more. It also shows that if you overprice your prints, you will never make a single sale.
Using a profit pricing curve, the idea is to find your artwork somewhere in the middle of the curve. It’s the point at which you’re making the most money and maximizing sales. If you’re selling a lot of prints but not making much money, you might be on the wrong side of the curve.
If you discover that you are barely making any sales, you may be overpricing on the price axis. If you find yourself in one of these situations, don’t give up. You will gradually improve your sales skills as this is a skill that takes time to master.
Presentations
Like every other media, selling prints of your artwork will require you to have some presentation. If you make a quick and haste presentation of your art, you will have to make sales at a lower price. You could present your art or photograph by putting it on a frame. This could make a big difference between the price of selling your print with and without the frame.
Conclusion
With the information in this article, you should have the basic knowledge of how to price each print of your artwork accordingly. While you could figure it out on your own, you could also hire a specialist to price your prints. You could also ask other artists for their advice as long as you are on a good term with them.