OnDemand WTP Pricing Research

What Artist Must Know about Pricing Consistency | Artsy Shark

We recently spoke about a hot topic for many artists – pricing your work. She shares insights to help artists gain clarity and overcome the challenges that pricing can present.

AS: Why is art pricing consistency so important?

CM:  Prices for your artwork must be universally consistent. This means that the retail price of artwork in the same medium and the same dimension must be listed for same price, regardless if it is being sold in Vienna, Virginia or Vienna, Austria.

Artwork is purchased for different reasons, which has less to do with investment and more to do with aesthetic pleasure. But most collectors entertain a fantasy that their purchases will increase in value. If artwork in the same medium and the same dimension sells for two different prices during the same period of time, the collector who purchased the work for more money might feel disheartened to learn that the market value of the work has declined. Reducing your market value penalizes the very people who believed in you and your work.

One way of taking measures to ensure that prices for your artwork are consistent is to include a retail price list on your website. This has a very important benefit: it can protect your work from the financial hanky panky that unfortunately transpires in the art world. In other words, unbeknownst to artists some art dealers have been known to charge collectors more than the agreed retail price stated on a consignment agreement, with art dealers pocketing the difference.

Unfortunately, auctions are a component of the art world in which artists have no pricing control.  Over the years I have seen my clients’ artwork prices plunge as a result of auction sales, and with the plunge they are dropped by their galleries.

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What Artist Must Know about Pricing Consistency | Artsy Shark.

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