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Pricing
Ask just about any artist and they will tell you that setting prices is one of the hardest parts of being an artist. I'm no exception.
There are a lot of issues involved when pricing artwork: self worth, value of our time, what the market will bear, value of our art, supply, demand, etc.
There are also a bunch of rules. Don't price too high. Don't price too low. Don't price differently for different markets. Don't increase your prices too much. And certainly never ever lower your prices.
Add in all of our limiting beliefs about money that we carry with us from our life experiences, and pricing artwork becomes a daunting task.
In early 2009 I raised my prices. I went from a non-sustainable pricing structure to prices that I felt very comfortable with, and that would translate into an income that could and would support me.
I had a marketing plan and was set to move forward implementing my ideas. Then life had other plans for me and I got sidetracked. Art took a back seat for the last year.
As a result my plans didn't quite work out.
I'm ready to start creating my life again. So, I asked myself, now what. How do I get this train back on the track and running smoothly.
The answer I came up with was to lower my prices a bit and get a running start at my plans.
Ignoring the rules and the voices that tell me I can't do something as it will ruin my art career (those are just limiting beliefs that don't serve me), I am now lowering my prices again.
Alhtough not down the crazy low levels where they were in late 2008, when I was selling my art faster than I could make it.
As I ramp up The Plan again, the prices will rise again, although a bit slower, probably over the course of 2 or 3 years.
With a goal that by 2014 (or sooner) my prices will be right back to where they were a few months ago.
My new price structure is simple. My artwork is $450 a sq ft, with the exception of smaller textile paintings. For this artwork the prices are as follows:
12" x 12" - $475.00
8" x 10" - $275.00
6" x 12" - $250.00
8" x 8" - $225.00
6" x 6" - $190.00
4" x 4" - $90.00
3" x 3" - $55.00
2.5" x 3.5" - $40.00
Want to see the new prices in action? Check out my collectible small art webpage with my smaller textile paintings for sale at these new prices: Collectible Small Art.
As always, if you'd like to purchase a piece of art but would like to arrange a payment plan please email me and we can work out the details.
PS - one of the fears of lowering prices are that the collectors who purchased art at the previous higher prices. I've worked with everyone that was impacted by this decision and we came to an agreement as to how to handle the price change. All is well and everyone is satisfied with my decision. Thank you all for your support.
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