Welcome to the third part of Art Forecast’s series on how to price your work. If I’ve learned anything from writing and researching these posts, it’s that pricing is an art, not a science. Sometimes it depends on values, a gut feeling, or the market.
You can read the previous posts here:
Part 1:
Part 2:
In today’s newsletter, I dig into price increases: when it makes sense to raise your prices, when to hold, and critical things to think through before you make a price bump. Paid subscribers also get access to a calculator tool that makes it easy to visualize price increases across sizes.
I think it’s important to state that collectors LIKE to see prices go up. If they’ve already collected your work, they feel that their choice has been confirmed by the market. If someone hasn’t already collected your work, a small price increase can prompt them to finally purchase a work before the next increase.
Every collector I know has a story about an artwork they saw and wanted when it was within their price range, only to be priced out. This is a great lesson for collectors to collect as much as they can, lest they miss out ;)
From the artist’s perspective, of course, you don’t want to totally price out your market. Here’s how and when to increase prices:
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