How to Price Your Original Artwork for Maximum Profit

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In this episode of the Empowered Artist Podcast, I address the crucial mistake of underpricing your art, a key barrier to earning more money and transitioning to a full-time artist career. I delve into market price points and how emerging artists often undervalue their work, along with five severe consequences of underpricing, such as devaluing your labor and missing growth opportunities. You'll learn strategic pricing techniques to enhance the perceived value of your art and attract serious collectors. Access my new art pricing guide for practical tools that can transform your pricing strategy, positioning you for long-term success and greater financial freedom in the art world. Tune in to elevate your art career and embrace the journey towards becoming a full-time artist.

00:00 The Pricing Mistake Emerging Artists Make

00:27 The Podcast is back! - Reunited and it feels so good!

01:11 Personal Update and Podcast Changes

01:53 The Profit Problem Among Emerging Artists

02:52 Understanding Art Market Price Points

05:57 The Consequences of Underpricing Your Art

07:29 Strategies for Confident Pricing

09:53 Personal Reflections - Highs, Lows, and Life Lessons

14:59 Affirmation

Transcript

Jenna Webb: 0:00

One of the most prevalent and detrimental mistakes emerging artists make is pricing their artwork to low. You may be wondering, well, what is too low? So today we're going to analyze two specific price points in the major art market. How emerging artists typically price, and then I'll share a five long-term consequences of under pricing, so you can totally avoid them.

0:27

Welcome to the empowered artist podcast, where you'll get all the strategy to sell your art online. I'm Jenna Webb. I've helped thousands of artists realize and achieve their dream. I'm an artist, marketing coach, founder of art preneur academy, and your new art business bestie. As the how to girl, i'll give you all the tips and tricks that will actually grow your art business. So tune in each week as we simplify art marketing, make selling your work fun, and elevate your art preneur mindset so that you can feel like the bad-ass that you are even on the tough days. i am on a mission to transform the mindset and income of artists everywhere so if you're ready to live your dream life as a full-time artist, let's do the damn thing

Jenna Webb: 1:11

Oh my gosh. Hi, my love. It's so good to be back. I have a really miss connecting with you. Let me just tell you, my summer has been a very steep rollercoaster of highs and very low lows. Stay tuned for the lessons I learned this summer and an announcement of how the podcast will be changing into. A new flow. Key word is flow. We will wrap up today with one of my all time favorite daily affirmations. I think you'll find it just as powerful as I do. I'm really excited about today's topic. We have a profit problem among emerging artist. In my years of coaching thousands of artists, I know one thing. This problem, undoubtedly correlates with pricing and confidence. And I hate that so much. So I'm here to help because confident pricing means competent sales, and I want to help you reach your full potential. The quickest way to get the confidence and pricing clarity you seek is by downloading my brand new art pricing guide. It's totally free and available to you in the show notes or go to Jenna Webb art.com/. Art pricing guide. If you're on my email list to be on the lookout for a special private invitation, I'll be hosting a one-time workshop on pricing, your art for profit. You won't want to miss it. So let's dive in. One of the most prevalent and detrimental mistakes emerging artists make today is pricing their artwork too low. You may be wondering what is too low. Today, we're going to analyze two specific price points in the major art market, how emerging artists typically price, and then I'll share five long-term consequences of underpricing. So you can totally avoid them. Before I share the industry prices. I want you to think about what you typically sell a large original artwork for. Hold that number in your mind now. So I did some research and among the top of websites where art.com and so tachy.com and their average prices for large artwork arm. art.com.$200 to$500. So tachy art is$2,000 to$5,000. Is that not an astounding difference. Can you guess why there is a 900% price difference? This stark contrast in pricing reflects the fundamental difference in value between originals and prints. Now, of course we aren't comparing a single original to its exact print counterpart. But generally speaking, so tachy art, which specializes in original artworks. Commands prices of 2000 to$5,000 for large pieces. art.com focuses on prince. Uh, selling large artworks for only 200 to$500. Many emerging artists, lacking confidence or market knowledge price, their original works closer to the art.com range. Essentially valuing their unique creations as if they were mass produced prints. This underpricing typically reflects the price of a print rather than an original painting. Which can have severe consequences for the artist's career and the perception of their artwork. There's a reason that the market and collectors value, prints and originals very differently. Original paintings are unique. One of a kind creations, each brush stroke, texture and nuance is irreplaceable. Prince on the other hand are reproducible. This uniqueness factor, significantly impacts perceived value. And should be reflected in both pricing and marketing strategies. So think about that price point that you had in your mind earlier. And how that is affecting the perception of your artwork. Here are the five long-term consequences of underpricing. Number one. De-valuing artistic labor. Pricing original art at print prices fails to account for the time. Skill. And creative energy invested in creating a very unique piece of art. Number two. Market perception. Low prices can signal to potential buyers that the work is of lesser quality. Or that the artist doesn't value their own creations, highly. So think about what your price is communicating to your buyer. Number three. Difficulty in price increases. Once established at a low price point, it becomes really challenging to raise prices significantly without alienating existing collectors. Number four missed opportunities. Serious collectors and galleries often equate price with quality and potential. Under priced work may be overlooked by these important market players. Number five. An unsustainable business model. We're talking about profit. So consistently underpricing makes it really difficult for you as an artist to sustain your practice financially, potentially forcing you to compromise on materials or time spent on each piece. So it's really crucial for you in all emerging artists to understand that pricing strategy is not just about making sales, but about positioning yourself in the art market. When you price your original artworks appropriately you're signaling value and quality to potential art buyers and collectors. You're leaving room for galleries to apply their standard markup. You're creating a sustainable business model. That allows you to continue to grow. So you're allowing room for profits. Where you can invest back in your business. In other words, price your artwork for profit. Not only do you need to cover those expenses, but your business needs to grow. When you recognize the significant difference between the value of an original painting and a print. And price it accordingly. You can position yourself for long-term success and recognition and the art world. This approach not only benefits you as an artist, but also contributes to maintaining the overall value and integrity of the original art market. It helps us all. So, if you're ready to transform your art business and price, your work with confidence. Don't let under pricing hold you back. Download my free art pricing guide to navigate the world of art valuation and maximize your profits today. In this essential guide, you'll discover how to bus common pricing, mess, critical pricing, mistakes to avoid. There's a great comprehensive art pricing chart that shows what works and what doesn't. The proven art pricing formula, that's helped thousands of artists and strategies to confidently set prices that reflect your worth. Head over to Jenna Webb art.com/art pricing guide now to get your copy for free. Or click the link in the show notes. Remember proper pricing. Isn't just about making more money. It's about respecting your craft and positioning yourself for longterm success. Don't wait another day to start pricing art, like a pro. You deserve it and confident pricing equals confidence sales. It's just one click away. Do you ever feel like life is a crazy rollercoaster and you're never going to get off. But once you finally survive the roller coaster. And all the adrenaline stops. You actually have some clear takeaways and you know how you're going to move forward intentionally. And I have found that with my summer highs and lows, and I want to share a little bit of that with you. And wrap up today with a beautiful affirmation. So. My summer highs were definitely the amazing concerts I got to go to. My boyfriend and I had a season pass to our local concert venue and we saw the most incredible performers. We saw Hosier, which we agreed was one of the best. We traveled and saw Chris staple 10 and then post Malone was definitely the top. But my major bucket list item, I have been a Bruce Springsteen fan since I was a little girl traveling to all my sports. Practices and out of town. Meets and competitions with my mom. Um, we'd listened to like seventies rock Bruce Springsteen, the Eagles, all of that. So I finally got to see Bruce and the east street band and. Trevor is a big fan too. It's something we connected with as a couple. When we first met. And so we saw not only one. Bruce show, but to Bruce shows. It was a summer of musical highs. It was awesome. On the flip side. My health has taken a significant hit. I have just been battling the worst intractable migraine cycle of my life. With consecutive migraine days that seem in lists. It just feels like blow after blow. It's led to a lot of missed. Opportunities, honestly, whether it being work or opportunities to have fun. And despite an outpatient procedure relief just has remained elusive. And to add to this challenge, I developed a new chronic auto immune disorder, which I'm still learning to manage. So I really feel like this has been a wake up call. You know, you have to listen to your body and honor that, and it's pushing me to live differently. I have immersed myself and study and practice. I've been focusing on living a more balanced lifestyle. That's less. Boom and bust and more peacefully productive. And I'm really happy to say that I'm emerging. On the other side, I'm feeling a fresh surge of energy, excitement, and motivation. I'm really excited to be back. Podcasting and connecting with you. And I'd love to know what kind of things you want to learn from me. So. Right to me. Please let me know. Now that the empowered artist podcast is back. And I am living life in a new flow. The podcast will have a new flow as well. You can expect all the content that you've come to love, but with a twist, so episodes will be released without a set schedule. Adding an element of surprise to your listening experience. To ensure you don't miss out on any of the upcoming tips, tricks and insights. Please be sure to hit the subscribe button and turn on notifications. That's honestly the best way to never miss a show. So hit pause and do that now. Trust me, you won't want to miss what I have planned for you. So, thank you so much for your patience and support during. The podcast break in between seasons. I am so excited of what's to come and continue our journey of empowerment together. I want to share an affirmation that has been so powerful for me every day. If you're in a place where you can stop what you're doing. And take a second to close your eyes. Take a nice deep inhale. And slowly release. Everything is happening for me. Everything is happening in divine timing. Everything is happening for me. Everything is happening in divine timing. I tell myself this every day.

15:00

If you love this episode and want more content, please consider supporting the show by sharing with a friend and leaving a five-star written review. To grow your art business right now, check out the free resources in the show notes or head directly to Jenna webb art.com. If you don't want to miss a single tip or trick, I highly recommend following the show with notifications turned on because the podcast is released on a surprise schedule. Can't wait to catch you next time.