Pricing is more than costs plus a profit margin. Pricing is a marketing strategy.

Clear justification for the pricing of your work is simply good business practice. Assigning prices for your art is more than throwing down numbers and hoping you get it right. Pricing helps position you and your work in the art market. Even better, it builds trust - an essential ingredient for sales.

You build trust when you get it right and keep prices consistent with demand. No past buyers will feel cheated. Potential collectors will know what to expect. And you reinforce the value of your body of work. Show them that you are going out for business instead of going out of business.

Artists who have been in the art business game for more than a few years know this. If you are just getting the hang of pricing, you can benefit from their experience.

Established artist Alexandria Levin has been painting since 1975 and exhibiting since 1981. Over the years, she has been deeply involved with most phases of both the business and creative ends of being an artist.

Alexandria has been through a recession before and this one does not scare her. In fact, she recently sold work that she was no longer showing and made some real money. Hopelessly organized, outrageously creative, quite perceptive and always ethical, she has written a book on the subject.

Here are a few sample tips from "Pricing Your Artwork with Confidence"

"Consistency is one of the benchmarks of professionalism in the visual arts, especially when it comes to pricing your artwork. Your pricing structure cannot be based on roller coasters, whims and random pork bellies. Being an artist is too personal a business. It is not just the product you create that interests buyers, but often your reputation and persona are part of the deal. If you want your art to have great value in the eyes of others, then you must behave in a way that demonstrates a high level of value. If you want to be taken seriously, then you must act seriously."

Have a defined pricing policy:

"Never lower the prices on the body of work that you regularly show. If you lower your prices you will never grow the value of your work. Hold them steady and slowly raise them over time. Meanwhile, improve the quality of your artwork and actively work on your career. Undercutting previous collectors is bad for your reputation. It is also unethical. Are you willing to reimburse the difference to previous collectors?"

"Your prices should be consistent both in and out of the studio. Commissions may vary, depending on where the drawing is sold. The same drawing will retail for $900, the buyer will pay $900, but the artist may receive a different final amount for the drawing, depending on where the sale was made. This is to be expected. The important thing is that the retail price remains consistent across the board."

"There is a serious misconception floating about that it is standard practice for artists to sell their work for half price out of the studio, whether they have gallery representation or not. Many collectors expect this and some artists discount 50% automatically when selling out of the studio. Do not do this to your dealer. It is unethical to undercut someone who is trying to help you. You might make an extra sale now, but you will lose so much more in the long run. Your reputation with galleries will be damaged. Many exhibition venues will not want to do business with you."

Add value through the experience you create for collectors:

"The advantages to the collector who buys directly from the artist are not in large discounts, but in visiting the studio. There is a personal interaction with the artist, a positive relationship may build and they get to see where and how the artist works (open studios are very popular for this reason). They also get the opportunity to view and maybe purchase works that are not normally on exhibition."

These tips are excerpts from "Pricing Your Work with Confidence" by Andrea Levin.

It is a detailed guide to understanding and calculating the actual cost of creating artwork. It helps artists of all kinds become well-informed and self-confident, while developing a solid pricing structure. Topics include raising prices, growing your career, being comfortable with money issues, and how to separate business and creativity when necessary. It is written by an experienced artist who believes that knowledge is power.

Price: $22.95 plus shipping and sales tax in CA Buy this book

Are you tired of playing guessing games to price your art?

Alexandria will be sharing her experiences in March. Smart artists are already signing up for:

"Pricing Your Art with Confidence"
Part 1 - "Math is Your Friend"
Thursday, March 12th, 2009
at 1:00 p.m. Hawaii; 4:00 p.m. Pacific; 7:00 p.m. Eastern.
Pricing artwork is both an art and a science. Part 1 is for absolute beginners and for masters who know that there is always more to learn. Alexandria will introduce concepts and tools from her book. $19.95 includes Live Class, Recording, PDF Outline

"Pricing Your Art with Confidence"
Part 2 - "Balancing Value and Price with the Market"
Thursday, March 26th, 2009
at 1:00 p.m. Hawaii; 4:00 p.m. Pacific; 7:00 p.m. Eastern.
Pricing is more than time, materials and overhead; it includes soft concepts like value, which are harder to assess. Part 2 is for artists who are math-friendly and want to create or revise a new formula for pricing your work.
$19.95 includes Live Class, Recording, PDF Outline

Our continuing teleclasses on "Artist Money Matters!" and our new TeleSeries "Artist Life Matters!" are the perfect place for artists who are short on time or money and still manage to balance art, other careers, family, studies and health issues. (I know I am not the only one . . .)
$19.95 includes Live Class, Recording, PDF Outline

Some artists create art while they listen and learn! If that's for you, read on. Set aside these dates and think about joining us for a better life. Can't make the live class? No problem, there will be a recording and handout, so you can learn when it suits you.