I do love a good chat with other artists! As usual today, I did my live Ask Me Anything Monday over on Instagram. All sort of people join me, sometimes for the whole half hour, sometimes dipping in and out. Some artists, some followers, some life models and so on.
Today I was asked about how I price my work for Open Studios.
The truth is, I don't price for a specific event, I price to sell wherever I sell, be it in a gallery that takes 30-40% commission or if I am selling direct to my Lovely Customers at an art show, open studios or via my website or social media.
My main premise is does that figure make me happy? Am I happy with that? I take into consideration if I am happy/ok with the amount I'd get back if it sold through a gallery. I take into account the framing costs too. I don't price per inch, or by how many hours it took me. I just find this unsatisfying, personally. So when I am looking at a framed original painting, A2 size perhaps (59x42cm), I consider the framing cost and then name a price. Ask myself if I'm ok with that. No? so I increase or decrease accordingly until I get to a figure that makes me happy. Not ok. Happy. This is part of my job satisfaction, being well paid for my skill and my work. This is normal!
So after this, I am also careful to consider having a broad range of price points. Everyones pocket, budget, price point is different. So I have everything from a huge, aspirational, eye-catching original painting on canvas for £3000 to small studies, sketches, and off-cuts in my "Orphans & Runts" box for £10 and £5! I have the very best of my life drawings from live sessions available, unframed, for £95 and small screen prints for £40. I find this gives a broad enough range for most people who enjoy my work.
Everyone does this differently, and it is something I am often asked about. I pick my prices and I stick with them until they stop feeling good, then I go through the process again.
I'm happy to report that at Open Studios this year I sold at least one thing at most levels (except for the big whopping eye-catcher at £3k that is!) and that also makes me really happy that have got it right.
How do you evaluate your prices or the value of your work?