HOW TO PRICE YOUR ARTWORK
Pricing your originals appropriately is critical to selling your work. As an artist, you should always be prepared to explain how and why you have arrived at your prices. Therefore, it’s very important to adopt consistent, fact-based pricing principles and methods.
If you’re new to the market, the following are some basic pricing principles and methods for you to consider.
Price your art based on comparables. Set your prices similar to those of other artists with similar experience and who work in similar mediums. When comparing your works to others, consider factors such as dimensions, medium, materials, and the artists' achievements such as prizes, exhibitions, press, etc., as these will have a bearing on pricing. Also, when looking at price figures for comparison, always consider art that has sold, not art that has not yet sold.
Price your art like a retailer—at two times the cost of materials.
A common practice for new artists is to establish prices based on time, labor, and the cost of materials. Set yourself a reasonable hourly wage, multiply that by the number of hours it took to make the work and add that figure to the cost of your materials. For example, if the cost of materials is $50, your hourly rate is $20, and you spent 20 hours creating your art, then your work would be priced at ($50 x 2) + ($20 x 20) = $550.
You should also be consistent in your pricing. If you are selling one work in multiple channels, make sure its price is consistent everywhere. Similarly, be consistent about pricing works within your portfolio--for example, your larger works should be consistently priced higher than your smaller works.
Broaden your appeal by offering works at various price points. If someone likes your work but can't afford a $3,000 painting, they will find a $500 painting more attainable.
You can always increase your prices after you have made some sales and have factual evidence to justify a price increase. Keep records of all your sales and the prices at which you've sold works. Remember that it's much better to competitively price and sell your work now to gain exposure (increasing your prices in the future) than to have your work sit unsold.
If your artwork sells, the cost of packaging and shipping costs for the artwork is the responsibility of the artist. The cost of packaging materials and shipping costs should be included by you in the price of your artwork. We recommend that you contact your favorite shipping carrier and receive estimates for shipping your artwork to different cities in the United States. For example Los Angeles and New York City. Use those estimates to determine how much money to include for to cover those costs by you. Please read our packaging guidelines to review the required packaging materials in the event that your artwork sells
Note that for larger, oversized artworks that require a wooden crate, please add an additional 30 - 35 lbs (13 - 16 kg) to the physical weight of the artwork during your upload to account for the crate. Also, if you require professional crating services, note that these services may cost up to $500.00 USD. We highly suggest that you first research your total crating costs, and then factor these costs in when pricing your artworks. When your artwork sells, the shipping of your parcel and the cost of proper packaging is responsibility of the artists.
Please note that on occasion, we offer promotional discounts as an incentive for new and returning collectors to explore the constantly updating selection of artwork on our site.
On occasion, we offer promotional discounts as an incentive for new and returning collectors to explore the constantly updating selection of artwork on our site. We find that offering promotions from time to time allows artists to gain the attention of collectors previously unaware of their work and a better chance to make future sales.
The discount codes typically give collectors between 10% - 15% off original works, and do not exceed these amounts. For works sold to the trade - interior designers and architects, for example - we give tiered discounts of 10% - 15% off original works.
It is worth remembering that Rising Art Star’s commission is 40%, whereas the gallery standard is 50%. This means that very often even with a discount you will be earning more through your sales with Rising Art Star than if you were to sell through another gallery that takes 50% or more commission.
It's also important to note that during your initial sign up, you agreed to the following condition (included in our official statement of terms and conditions.
Rising Art Star reserves the right to promote and market Original Works of Art and/or Digital Works through the use of sales and/or discounts. The sale or discount amount will apply to the listing price of Original or Digital Works of Art. After the discount code is deducted from the sales price, our usual commission of 40% will be applied.
All-In Pricing (includes Shipping)
All-in pricing means that when a potential collector sees your work on Rising Art Star, the price you enter will include the price of the artwork as well as the cost of packaging and shipping costs for the artwork .
We know from our collectors that they would prefer to know the total cost of a purchase, including shipping fees, before they start the process of buying a work. By giving them this information upfront we are confident that we will be able to sell more of your works.
In doing this, we believe that collectors will respond well to a more streamlined buying experience, which will result in more sales for our highly valued artists.