Price
Art Marketing Circle III - Product Element 4
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We’re continuing our members-only series outlining our Circles of Art Marketing framework. If you’re a new member, or missed what we covered previously, I recommend you catch up on the series at the following links:
Art Marketing Circle I - The Sovereign Artist
Art Marketing Circle II - Your Art
Alright, with that out of the way, let’s take a look at Art Marketing Circle III - Turning Your Art into a Saleable Product…
When you decide you want to sell your art, everything changes. Prior to that decision, you are creating solely because you have the insatiable hunger to create. You are feeding your soul. You are making the world better, from your perspective, because you are making yourself better. As I said before, an artist cannot serve two masters, so you must serve your soul first, before you sell your art, so that you have no inner conflict.
Once you decide to sell your art, however, you walk a fine line. You must, in short, turn your offering which consists of you, your art and the stories and context in which you talk about all of it into a product, without losing your focus on your own vision and your own inspiration.
Now, to sell art, it’s of critical importance that your art is inspired and that there is something of you in it that makes it unique. And if you’ve done your work properly in the previous circle (Art Marketing Circle II - Your Art), you’ve already nailed that aspect.
In addition to you unique art however, there are five business elements that you must think through to turn your art into a product:
Your Offerings - the mix of products and services you offer (covered here)
Reputational Power - The reputation you build up via magic interactions with people (covered here)
The Category or niche that you mostly work within (covered here)
The Price you charge for your art (covering in this article)
The Stories you tell about yourself and your art
Nail these five elements and you will give yourself a huge tailwind when you start offering your art for sale.
Today we’re going to dive in and look specifically at “Price…..”
How to price one’s art seems to be a never ending mystery.
Price sends an important message to buyers. A Louis Vuitton bag might cost $3,000, while a Coach bag might cost $150 - those are two very different messages sent to buyers. So the price of your originals sends a message about your reputation, about where you are as an artist, that will ripple through everything else in your product mix.
So, it’s important to think through your pricing up front. Products have prices and in the 21st century, it doesn’t fly to lamely tell a potential collector, “well, I’m not sure how much to charge, why don’t you make an offer on that piece?” So with that in mind, let’s talk about how to price your original art.
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