Pricing work in a down economy

I am interested in hearing how other artists price their work particularly in this down economy. My show is coming up and I am uncertain what to do about pricing the work now. Any thoughts would be greatly appreciated and will be taken seriously!

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Permalink Reply by Joanne Aloni-Boldon on May 1, 2009 at 6:23pm

This maybe standard stuff, but if you look at other artists work that is about the same size and their biographies in the galleries and you find some you and your work is similar to, then you have a guide. Dont forget tax and shipping in that price. Hope this helps Comments to me Joanne Aloni-Boldon

Permalink Reply by Susan (Szn) Kraft on May 3, 2009 at 11:57pm

Hi Joanne,
I just left a heart-wrenching story of my weekend open studios. I didn't say that I stated to people who came in that the sale price was only for an hour once a year. It made an impact. Also, during the first day, I would tell people, I adjusted the prices to reflect the down economy and these prices were artificially depressed and would not stay that way.
Finally, I made sure I had a lot of low prices gestural pieces on 9 x 12" paper slide into plastic sleeves. That would have been my biggest hope for sale (like the year before - where I sold 25 of them). I als had a star on one sleeved piece and asked for name, e-mail and phone number because there would be a drawing for that starred piece. I now have a better stocked mailing list, which is worth something by itself.
Good luck.

Susan
PS I normally use a straight $$ per square inch for my pieces ($$ being .85 to 1.45 depending on size of the canvas - this weekend I dropped the prices as low as $300, $450, $700 and $1,300 - the very large such as 48 x 60", I left at $3,000 and $5,000)

Permalink Reply by Karleen Loughran on May 4, 2009 at 9:22am

thank you so much for this help! It really is giving me a clear idea of what I need to do! Thank you!

Permalink Reply by Karleen Loughran on May 4, 2009 at 9:23am

thanks Joanne!

Permalink Reply by Coleen Ryan-Rivera on May 2, 2009 at 9:25am

Also remember the gallery's commission in the price.

Permalink Reply by Karleen Loughran on May 4, 2009 at 9:20am

thanks, yes, this is always the bigger issue! it is what raises the price!

Permalink Reply by Slone Fries on May 3, 2009 at 9:41pm

I couldn't bring up your bmp...but I agree it's hard to know about what to charge, especailly if you have just been doing it for free. (Joke on me). I see what some artist charge for the same size piece of certain items but then you have to research what you are looking at. For instance does this person have a bit of a following, are they known for soemthing other than art but it makes there art sell price go up. It's tough to determine in a regular market, let alone for a downone. Right now I would just be happy to get my name out there. Check out an earlier discussion on the frorum by Martin I believe. I myself just want to at least cover cost but I know others need to pay the rent so he got some cool ideas.

Permalink Reply by Karleen Loughran on May 4, 2009 at 9:20am

thanks Sloane, it is tough, I don't want to charge too little as if the work had little value but then I don't want to charge too high so that no one in this market will spend for it. I have been selling for years and my prices have increased over the years. Thanks for you input!

Permalink Reply by Susan (Szn) Kraft on May 3, 2009 at 11:46pm

I just finished open studies, a yearly institution around here for almost 30 years. I am in a large industrial converted building with 25 other artists and felt the need to lower my prices significantly. day one, I sold 2 gestural pieces (last year, they were going fast). Day two, I lowered the canvas work to flee market levels. Nothing.

In the last hour I put up a sign in the hall, 50% off. I sold one canvas to a couple.

My background: I am well known in this town. I had a very popular gallery for 5 years and a local TV art talk show. This town has very few foreclosures (if any) in their million dollar average home market. It's that tough out there today.
I hope this never happens again. It sucks. Big time.

However, I am grateful to have some cash in hand and one less canvas to store.

Permalink Reply by Karleen Loughran on May 4, 2009 at 9:15am

Thanks Susan, I realize this is a tough economy to expect people to spend money on luxery items such as fine arts!

Permalink Reply by Casey McKinney on May 6, 2009 at 9:26am

do not price your work lower. if anything price it higher. you want to market your work to the affluent, the group of folks who are effected least by the economy. everyone is trying to figure out how to make more money buy selling things for less. while a few are selling product for more. this is way places like wal-mart will fold, their market is unsestainable. people are trying to sell cheaper hotdogs, and noone is selling a fifteen dollar hotdog, well they will sell, and taste damn good. i would rather sell one 20,000 dollar painting a year than sell 20 1000 dollar paintings. we are lucky in that our craft is something that is always been a luxery to the rich, so they should have no problem paying more in a down economy, i know the people i sell my work to havent flinched at my price increase. and they wont get any cheaper.

Permalink Reply by Karleen Loughran on May 6, 2009 at 9:35am

Great advice, I am appreciative. I actually spoke with the Gallery owner in CA who reps my work there and he said pretty much the same thing you did Casey. I am going to go with that as it does make the most sense.

Again thanks!