How should I approach pricing my original artwork, especially high-end pieces?

Create a pricing range from low to high price points. Include one dramatically expensive piece - even if it seems unrealistically priced - as your showstopper. This serves two critical purposes: First, in the best case scenario, someone actually buys it. Second, and more importantly, it establishes value for everything else you sell. Human beings make purchasing decisions based on comparison. That expensive piece makes your mid-range work seem more reasonable and helps buyers rationalize their purchases - they feel smart buying the middle option because “at least I’m not spending that much.” When challenged on pricing, calmly explain the value: your lifetime of skill development, awards won, time invested, and professional credentials. Don’t defend, simply articulate the worth.

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Asked by a painter selling at art fairs · Answered by Patrick Shanahan · art-marketing-podcast · 2024-11-14