It’s crucial to be in the right ballpark with your pricing. Price your work too high and it’s unlikely you’ll find a buyer. You’ll feel rejected – a damaging affair for new artists.
Think about why you’re over-pricing – are you emotionally attached to your piece? If this is the case, do you really want to see it go? Make sure you check your ego too.
Set your prices too low and you could be doing yourself and other artists a disservice. With so much competition in the art market, it can seem tempting to lower your prices and sell yourself and your work short. This mindset, however, has led to buyers thinking they can get art for next to no costs. Is this an arts community you want to be a part of?
Additionally, bear in mind that the public perception of what is worthy of time and attention is directly influenced by price. It’s a fundamental rule of economics – goods are only as valuable as we perceive them to be.