10 Nov 2017

Compiled by Art Prism Team

The Art industry is a global business worth over $15 billion! This thriving market has many opportunities for artists who want to be successful. However, they need to be aware of the fundamentals of the art business, to accurately assess the significance of their art, regarding its quality and quantity of similar art available elsewhere. Making distinctions between their art with that of others helps the artist in realizing the value of their art, and to price it accordingly, which is every artist’s right, but many make the amateur mistake of raising their artwork prices too quickly.

Buyers expect clarity and consistency in the prices of your art just like they’d expect it for the other standard items they buy. Your artwork prices represent your work’s credibility. A buyer unable to understand your price structures won’t be interested in making the purchase, which will eventually reduce sales. Artists who want to launch themselves should refrain from abruptly increasing their price because it might backfire, and go against your business interest.

If you are starting out, it is essential to sell as much work as possible to increase your audience. A sharp incline in your prices can be a nightmare and will hinder the acquisition of a broad audience.

If you’re a new artist in the art business, being greedy can mean stagnation for your career. It’s essential for the artist to compare their work with similar works by other artists because the buyer will inevitably do, and will consequently go for the artwork that’s more inexpensive. Artists are advised to make their work affordable because buyers who haven’t bought anything from the artist before will tend to spend less on their first purchase of your work.

Sometimes, artists misinterpret their unsold work as not being good enough. However, in reality, it is the price of the artwork that discourages the interested ones from buying it, because it doesn’t do justice to the integrity of the art itself in the buyer’s eye. Despite these misconceptions among amateur artists, pricing high doesn’t influence the quality of the art they’re presenting, no matter how expensive or cheap it is. It’s just a matter of pricing it according to what it’s worth.

Art is the first thing the observer notices; price is secondary. If the price fails to align with the quality of artwork that the viewer has assessed, then it will revoke the buyers’ interest. Art followers keenly keep up with the price trends of any artist. Unprecedented increases in the price would raise questions in the buyer’s mind. Raising your prices too high too fast will jeopardize your credibility as an artist and might also lose even your long-term supporters, which is the last thing an artist would want. Instead, it should be a priority to keep your potential buyers interested and amongst your pool of fans