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Pricing
Pricing is a very delicate and difficult exercise that triggers uneasiness and fear in all of us. Our internal critic screams back at our questions:

Is it worth it? (NO WAY!)

Is it too much? (YOU BET!)

Am I giving it away? (DON'T EVEN DREAM ABOUT IT!)

Am I worth it? (OF COURSE NOT!)

There are many theories and "formulas" to establish a price for your art. Among the most popular are the following:

1. Cost-based: cost of materials, plus time spent producing your art.

2. Competitive: you see what similar art is selling for and match that price.

These are commodity-based pricing schemes: how you would price yogurt or MP3 players.

These commodity-based pricing methods lead to amazing recipes like "$2.50 per square inch for an artist with more than 2 years experience but less than 5". Who invented these? Really?

These formulas may appear helpful but in the end they all fail for the same reason. They are not based on what your Patron is willing to pay.

So, let's start by looking at pricing from their point of view. What is the right price for them? Consider the price that triggers the following comment: "This art is expensive, but worth every penny!" In other words, your Patron values your art and is willing to pay a healthy price for it. How do we get to this price?

It starts with a simple question - what is YOUR art’s value?

For your true Patron, the one who will resonate with you and your art, the value of your art is directly proportional to the relationship that they have with you. This relationship starts with your Story, how your Story enlightens them about you and your art, how your Story touches your Patrons spirit, enlightening or inspiring them.

So drop the rulers and calculators and sharpen your pencil: it’s time to tune your Story to get more bucks for your art!

Thought To Ponder?
Do you believe a fine art photograph, a painting or a sculpture is worth less than $50.00? Check on eBay whether you can find art for less than $50.00. (You will be amazed to see how many artists underestimate the value they deliver to their Patrons.)

Tip of the Month
Ask your existing or prospective Patrons what value they derive from owning your art. What exactly do they value? What do they like about it? Why does it matter to them?

Exercise
Let’s try different pricing formulas:

1. How much does a piece of your art cost you to produce (material + labor)?

2. What does a comparable piece of art cost in a gallery? Go and check.

3. Ask your Patrons the value they find in your art?

4. Take the highest price of the answers to 1, 2 or 3.

5. Check how developed is your Story today? Does your Story justify this price…or even more?

Lesson Learned
Your art's pricing is a function of doing your research and writing your Story to help your Patron connect with your art and its value.

Next Month...
Plan for success.