Many artists make the mistake of overpricing their work. They believe the emotional attachment they have to their art justifies a high price tag. However, this approach can discourage potential customers from considering their work in the future. It also appears unprofessional if the artist does not have a sales history or reputation to back up their price.
To justify your asking prices, you need to present documentation. It’s crucial to show that you’ve been consistently selling art for dollar amounts comparable to what you’re now charging. This means keeping good records of recent sales through galleries, dealers, agents, or directly to collectors from your studio. The more relevant records you have, the better.
Uniqueness has never been and never will be the sole criterion for setting prices at any particular level. Don’t make the mistake of thinking that your art is so unique that nothing else compares to it. Remember, all art is unique, and every artist is unique.
So, avoid overpricing your work and instead, do what galleries do. Keep records of your sales, and quote prices relevant to the situation at hand. By doing this, you’ll set reasonable prices for your art. These prices will attract more customers. They will also help you build your reputation as a professional artist.
I tell people about my last sale before my stroke, which was for $85,000. I explain this by showing them two things. I show them the $5000 deposit. Then, I present the $75,000 wire transfer to prove it. Of course, I have many transaction details. I suggest you maintain one bank account solely for art sales. This way, you can easily demonstrate your pricing history over the years.
It’s also important to document the sale with photographs, even if they are just mobile phone photos. These photos show the collectors at the time of sale. In this case, they are professional collectors with millions of dollars invested in art. Include images of the raw piece of art and the art installed with them at their home.
