Is My Artwork Priced Correctly?
We understand that pricing artwork can be difficult. Here are some things to think about when pricing your items:
- Price is one of the more important factors buyers use to search and purchase. The Trade likely has a strict client budget they are trying to meet and a Collector has their own price range in mind when shopping for artwork.
- Use your experience in pricing from sales you have made in your area or at shows or fairs where you have exhibited and research your competition. Make sure to check their experience & sales level, which should be close to yours.
- Do a search here on EC and other retail sites to check your prices against your competition.
- Know your market. Know what’s selling at what price, not just what’s for sale.
- RESPECT YOUR EXPERIENCE! Do not price a piece too low because you’re scared “no one will buy it.” When you target buyers that feel the benefits they’re receiving from you and your art match the price you’re asking, you have a sale!
- Pricing your work so that it is accessible to both new and existing buyers is important to consider.
- Remember, price doesn’t just attach to the artwork, it’s also attached to the Artist, their reputation, their background and experience, and the client care they give.
- BONUS: To gain a very clear and detailed understanding of how to realistically price your creations, for both retail and wholesale and how pricing works with your business overhead and profits, set up a private session with EC Founder, Andrea Bogart.
IMPORTANT: Note that Embrace Creatives requires (and enforces) price parity, meaning that if you list a piece at a certain price on Embrace Creatives, you are not permitted to list it for less elsewhere. All EC Sellers have agreed to this term as well as others on our Sellers Agreement form.
What is Price Uniformity?
Are your prices uniform across all sales channels including your website?
They need to be. Price uniformity is an industry standard. Price uniformity instills confidence in buyers, collectors and anyone you sell through, like EC. Plus, having uniform pricing helps you avoid price-related discrepancies.
A good rule of thumb is to do a sales channel audit quarterly. Review your artwork listings in every digital platform you use to make sure that your prices are the same for each item. Adjust where needed.