Price ranges
 

Just out of curiosity; what do you think that a portrait artist's price ranges should be for those just starting out in the portrait business?

Pricing for Joy
 

Hi Judson,

That's an interesting question.

Some things interfere in the price of a "product".
The forum members could help with the list, but here are my two cents.

Quality of materials, skills and what status it inspires.

A couple of days ago, I received the following article from Robert Genn:
Pricing for joy

July 5, 2005

Dear Bonfim,

This morning, Matt Krumenauer, a student of Fine Arts and
Theatre at the University of Wisconsin, asked: "Do you have any
suggestions on how to determine a starting selling price?
Especially for a younger artist with no reputation. I've
entered works into various showings and contests--and have been
asked to sell. What to do?"

Thanks, Matt. My advice to young artists of all ages is to
start off cheap. My rationale is that your prices can always go
up but should not come down. Early low prices ensure that
people will take an early position in your career. Nothing
better than a penny stock that goes through the roof. At your
stage, it's easy to feel that the investment in your education
entitles you to higher prices right out of the gate--especially
when you see the substantial prices of instructors and others.
Not so. Minor "green feedback" is better than finding yourself
dead in the water.

After a few sales at the bargain-basement level, you can then
look to price management in a more professional manner. In my
view, prices should rise sensibly and regularly. Ten percent
and once a year is the reliable norm. With gallery
representation there has to be a reasonable base so their
percentage will make it worthwhile for them. Consultation with
galleries is useful. Comparative price-checking is useful but
not always germane to your uniqueness. There is no single axiom
that determines at what price paintings or other works of art
should be. Generally speaking, size, not the amount of detail
or time taken, is the better guide. Thus an artist can provide
a range of prices that have various price points. At the low
end there's an opportunity for entry-level collectors, while at
the high end you can see if the big spenders will go for your
work. As a guide you might take a look at the pricelist on my
website: http://www.robertgenn.com/dealers.html Don't forget
that I've been in the business for a few years and have stuck
pretty closely to the 10% rule.

The joy of your art process is one thing. The commoditization
of your art is another. It's something we learn to live with if
we wish to stay in the game and have a life. My advice is to
start low and yet keep an eye on the big picture. There are
rewards for those who do.

Best regards,

Robert

PS: "Artists should separate pride from price." (Eleanor Blair)

Esoterica: There's something to be said for making up your mind
on a pricing plan that will last a lifetime, setting it in
motion, and forgetting about it. With compounding you'll get
there anyway--much to the satisfaction of your early
collectors. When work is half decent, there's justice. The main
thing is to catch the breeze and sail on. "There is too much
talk and gossip; pictures are apparently made, like
stock-market prices, by competition of people eager for
profits. All this traffic sharpens our intelligence and
falsifies our judgment." (Edgar Degas)

Hope it helps Judson.

Pricing is probably the most difficult part of marketing art. I put my marketing research hat on last year to make a study of fine art pricing in my area.The results were more than interesting. I surveyed art galleries, art expos and art fairs in my area (Scottsdale, Arizona and environs) and got the price, size and type information for more than 200 different paintings (figurative, landscape, abstract, etc.).

After doing all sorts of data manipulations, a startling conclusion popped out of the data. Almost the sole determinate for pricing was the area of the painting! Gallery paintings sell for $11-$16 per square inch. Art Expo (20 to 30 artists in temporary studios at a common location for 8 to 10 weeks creating, showing and selling) paintings sell at $6-$9 per square inch. Art Fairs (weekend or week long events) tend to sell paintings at $3-$6 per square inch.

The type of art had virtually no bearing on price. Quality of the art, while necessarily subjective to this artist, also had virtually no correlation to price. Typical artists sold in these price ranges. Well know artists sold at much higher price points $20 -$30 per square inch. Some like Howard Terpning sell at prices that are off the charts.

CAUTION! The data set was only 200 and confined to a local market so the conclusions can't be taken as universally applicable. The price points shown are the 80% spread under the bell distribution curve. There were higher and lower prices in each group.

I had suggested to Cynthia a while ago that we ask all the forum artists to blunter to provide their sales and size figures for the last 2 years for me to analyze. If we could get more than 1000 data points on an international basis we might get some really good results to provide guidance to forum members.

I don't recommend starting out selling low and then raising prices. Try to set your prices in the median of the field and spend half your time selling yourself through various marketing channels like direct mail. public relations and such. Get the book "Gorilla Marketing". It has some great ideas. If someone sells too low it gives the impression in the mind of the average buyer that the art is not valuable enough to hang on the wall as fine art. People want to brag about their fine taste. It has to cost to make it worth bragging about.

The ultimate objective is to set a price point that maximizes annual net profit. Sell too low and you will have to create art at a fever pace to make a living. Price too high and you will have a great profit per painting but you may not make enough to live on for the year.

Hope this all helps.

Judson, what helped me when I did my pricing a long while ago was go to a lot of the sites Cynthia has created and click on ones that match my demographic, meaning my type of area where I live.

I would pick artist that were better, same and not as good - of course this was all just in my opinion, so I had to be really honest with myself.

I then printed out their price sheets and averaged the ones that were equal. It took a bit of time but I think it was fair. Once you start getting your asking prices you will feel more confident about your commission cost.

If you are just starting out, just reduce what you think is fair, but don't under sell yourself.

The structure Richard discusses is one I have heard too, but I find it more applicable to "figurative" pieces, not commissioned portraits. One thing I am finding is that I should really up my cost for posthumous work, which is something I never really gave thought too.

Good Luck!