It must be something in the air. Pricing art has been on the minds of a number of my clients in the last few weeks. Almost all are interested in raising their prices and almost all of them should raise their prices.
Raising prices isn’t something I take lightly or recommend frequently. In fact, just a few weeks ago I was at an exhibit and was aghast at the high prices on one emerging artist’s work. Increasing your prices happens only after you’ve taken into account a number of factors. Here are six to consider.
Keith Bond, Oakley Winter. Oil on linen, 20 x 26 inches. ©The Artist
1. You did the math and it just didn’t add up. You finally sat down with a pencil and paper and figured out that you’re paying yourself $1.50 an hour. Stop
You’re tempted to ignore this post because you don’t like to think or talk about money. That would be at your peril. If you want to make more money as an artist, you can’t ignore the unpleasant stuff. Read on if you dare take care of your financial health.
1. Don’t rely on a spouse to take care of all the financial stuff for you. YOU need to know how to do it. You need to be aware and able to take charge if, heaven forbid, something should happen to your spouse. And I hate to even bring it up, but I’ve heard so many stories recently about people being duped out of their life savings by their spouses who made poor financial decisions. These weren’t in the paper or a television exposé, these were artists I was talking to.
This is the new weekly feature where I group things together for you and highlight the best of the Art Biz Blog, the Art Marketing Action newsletter, and my book, I’d Rather Be in the Studio! Today, it’s pricing.