How do I know when it's time to raise my prices significantly?

When you’re spending 250+ hours on a single piece and selling it for less than the hourly rate would justify, it’s definitely time to raise prices. Have someone help you calculate your actual time investment, then price accordingly. One approach is to increase everything by 30-40% at once—you can even ‘shut the lights off’ for 24 hours, update all your pricing, and turn it back on to see if anyone notices. For highly detailed, time-intensive original work especially, your pricing should reflect both the hours invested and the caliber of clientele you’re targeting. High-net-worth collectors often don’t blink at premium prices for quality work.

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Asked by an artist underpricing detailed original work · Answered by Patrick Shanahan & Brien Cole · art-marketing-podcast · 2024-10-04