Pricing your traditional crafts can be difficult. Many factors go into determining what the price of your work should be.
Things to Consider
You should research the market to see what similar artists are producing, where they are selling, and for how much.
Produce What Sells
Be aware of what is selling and what is not. You don’t want to be stuck with excess inventory.
Quality Outweighs Quantity
It is better to sell fewer good quality pieces than it is to sell more poor quality pieces.
When Should I Increases Prices?
When your demand is higher than your ability to produce is when you should considering increasing your prices.
Selling directly to your customers
Selling your art to galleries and gift shops can increase your sales, but retailers will need to purchase your work at a wholesale cost in order to cover their own overhead costs.
A customer can pay you to create a specific piece of art for them. You may request a down payment depending on the size and cost of the project.
An agreement with a gallery to show and sell your work and then pay you once a sale has been made. Consignments are common with higher end works of fine art that fetch a higher price.
Factors to Consider
- Labour – estimate an average hourly wage for yourself
- Expenses – Fixed money costs, tools, advertising and promotion, and shipping
- Materials – Needles, thread, hide, fur, beads, duffle, etc.
The retail price you have calculated should be the price of your piece of art, whether you sell it on your own or through a retailer. This consistency will establish the value of handmade, original works of art in the marketplace, and help you build and maintain your reputation.
Here's an equation to help you determine wholesale and retail prices for your art:
Labour + Expenses + Materials + Profit = Wholesale Price
Wholesale Price x 2 = Retail Price
Download: GUIDE TO PRICING YOUR ART.
For more information or to arrange a group workshop on pricing your art contact your regional office.