It’s never been easier to sell your artwork online. But in such a saturated market, how do you determine its value?
There are many things to consider before attaching a monetary value to your images. These include: your skill level, running costs and intended profit margin. To help you decide what number to put behind that dollar sign, we’ll take you through the most important things to take into account when pricing your prints.
Working Out Your Costs
Firstly, to avoid spending more than you make, you must first assess the cost of your materials and labour. Secondly, you will need to consider any overhead costs you may incur in setting up your business.
When we talk about overhead, we are referring to initial spending or consistent costs. As an independent artist, this may include things like software, lighting, hardware, backdrops, studio space, utilities, or insurance.
The aim is to be able to cover this annual bill, while also returning a profit.
Once you have a lump sum in mind, evaluate a conservative amount of prints you intend to sell. For example, in order to cover $10,000 worth of running costs, you may estimate that you will sell 200 prints at $50 each. To include profit, you would simply add to the $50 price accordingly.
On a platform like Pikcha, you don’t have to consider sale, production or shipping costs as this is covered for you. This would typically amount to a large portion of the sale price, and will save you money in the short- and long-term.
Determining Your Business Plan
Your business plan is something that you should consider before stepping behind the lens of your camera. Ask yourself, is your aim to capture images to sell as prints? Or, would you like to work as a photographer who sells prints on the side?
The way you price your images should also depend on your skill level. New photographers are more likely to sell their work at entry-level prices. On the other hand, photographers with more experience will usually feel comfortable selling at a higher price.
Think also as to whether this is a full-time venture, or if this is extra income. If your photography store is working solely as extra income, you may choose to be more selective in your prices. This is compared to someone who may need to upload more images at a lower price to garner more sales.
When pricing your prints, it’s essential to look at the marketplace in which they exist. Here, you can see what’s selling – and, more importantly, what isn’t.
While you may have a great photograph, it may not always work as a print. Customers love to insert themselves into the narrative of your piece; the more people it appeals to, the better it will sell.
We recommend heading to the Top 100 page on Pikcha to get a sense of what is selling well. Remember, Pikcha is an international platform. What might not sell in your own country, may appeal to others around the world.
Use Pikcha’s search tool to find visually similar images to gauge the prices of other artists.
Pricing your images is all about balance; you need to find a happy medium between them being so cheap that you don’t make enough profit, or so expensive that you alienate potential buyers.
In terms of pricing your artwork on Pikcha, we advise that you initially go higher rather than lower. Don’t sell yourself short. There are only 100 editions of each print to be sold – so that scarcity counts for something! In the event that you have priced your images too high, don’t fret; you can amend the price of your product at any time.
Pricing your artwork is an art unto itself, and something that you will only perfect through trial and error. Trends come and go, and markets fluctuate, but one thing should always remain; the passion behind your work – this will always inform how much customers are willing to spend.