How To Price Your Artworks

Pricing in the art world is not necessarily logical or rational, and it can be a challenge to determine the price of an artwork. I have seen many artists who build their prices based on size multiplied by a factor or by comparing their prices to other artists (“If this artist can charge X amount, I should be charging Y”). None of these principles work. 

A good way to find the right pricing is to look at what buyers are willing to spend. Here are a few numbers to guide you:

• The majority of online buyers spend less than $5,000 annually
• In art galleries, the average price for a contemporary artwork in 2018 was $9,335. If you are selling your work straight from the studio, then buyers may expect it to be half the price that they are quoted by galleries
• In the auction world, 92% of works are priced below $50,000 and 70% are priced under $5,000

There are two compelling reasons to keep price points below $5,000: first, $5,000 matches current buyers’ spending habits; second, the largest customer group, the rookies, have never bought before. So it seems advisable to suggest artworks at the lower end. In my online class I talk to mega collectors Susan and Michael Hort and Mera and Don Rubell. In these interviews you will learn what price point they consider attractive to make a purchase.  

Consider your prices as a marketing tool that needs to align with your brand and your target audience. Keep in mind that one of the biggest reasons people don’t buy artwork is their insecurity about what to buy and how much to pay for it, so don’t make it too painful for them to part with their money. But it is also true that higher prices may attract wealthier buyers and if it is priced too low, it will give the message that your art is worthless. It isn’t necessarily an easy balance, but experience will help.

Based on a thorough review of existing pricing structures and buyer spending power, I propose the following guideline:

Remember—state your price, then stop talking! Never explain. Never apologize. And don’t be too worried: In my online class I explain to you how to best price your works. You can sign up via the link below.

Best, Magnus

P.s. My online class helps artists to sell more artworks. It’s based on my teaching at Ivy League Universities and 20 years of experience in the art market. And the best art market experts contributed to the class. The class has helped thousands of artists around the world, in every medium and age group. Find out more and sign up to my free masterclass by clickling on the link below.