How should I think about pricing formulas for my art?

Pricing formulas based on time spent, material costs, or square inches are largely irrelevant if you have genuine demand for your work. The real factor in pricing is whether people want your work or not. If you don’t have demand, no fancy formula will help you. If you do have strong demand - evidenced by consistent sales and emotional connection with your audience - you have much more flexibility in pricing. Focus first on building that demand through authentic work and emotional connection. Once you have demand, you can price based on that demand rather than arbitrary formulas. You should also regularly test raising your prices - keep increasing until you see sales drop off, as you may be leaving significant money on the table.

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Asked by general teaching point · Answered by Patrick Shanahan · art-marketing-podcast · 2024-08-07