How to Price Art, Profitably - A Downloadable Workshop for Creative Professionals [USD]
Many artists and dealers struggle to get pricing right, making it difficult to be confident about what they are asking and to make real money from sales of art. Yet with insider knowledge of how pricing works in the art world, you can get it right, to benefit your creative enterprise.
In this workshop (1.5 hours) with Susan Mumford, an art world specialist (see bio below), you learn about pricing to sell, the psychology behind pricing art, the impact that the marketplace has, the 3 golden rules to pricing art, commission split between artists and gallerists and editioning art. And as the recording was taken with a selection of artists in attendance, the following specific genres are addressed: photography, sculpture, painting, works on paper and craft-based art.
The following important questions will be answered:
- What is meant by ‘market price’, why is this important and how is it established?
- If an artist and dealer are working together, who determines the price?
- What are the impacts of setting prices too low or too high?
- How do you know if prices are right - or not?
- How are prices increased over months and years?
- What is the ‘value’ of a work of art? Is it the wall price or selling price?
- How are prices established in different markets (in several countries for example)?
- What are best practices for setting commission arrangements between artist and dealer?
- How can the cost of frames be fairly incorporated into the commission structure?
- What are acceptable discounts to give when selling art and how can you still get enough profit?
- What pricing strategies should be considered from day one, when making work in editions?
- How does VAT factor into pricing and sales of art (for UK and EC sales)?
Participants will leave this intensive workshop with an improved understanding of how to price art, with key information needed to build your creative enterprise.
About the speaker:
Susan Mumford is a game-changer in the 21st Century art world. She’s an entrepreneur, mentor, speaker and author. While running a gallery in Soho, London, she founded the Association of Women Art Dealers (AWAD), a non-profit trade network with London and New York chapters, and members dotted around the globe. Several years later, she started a social enterprise called Be Smart About Art, which helps art world professionals thrive in a changing industry. In late 2015, her first book was published: 'Art is your life. Make it your living.'