o Establish your retail price. Many art buyers are under the mistaken impression that getting art from the artist’s studio means getting a 50% discount. You have your overhead and marketing expenses just as a gallery does, and you are entitled to a profit margin as well, so keep the same retail price the same no matter where you sell your art.o Be ready to negotiate if someone asks for a discount. Tongue-tied slip-ups that reveal an artist’s insecurities can be taken advantage of, so be ready to state your discount policy. If you don’t have one, create one beforehand. For example, “if you buy more than one piece, I’d be happy to give you a 10% discount on each piece.” Or, “since you bought that piece from me last year, I could extend a 10% discount on a piece this year.” Preparation helps you negotiate with confidence.
o Your lowest price limit should be based on what it costs you in materials and time, the market value based on your research on similar works, and your experience and exposure as an artist. That being said, in an economically challenging time, you may want more than ever before to sell your art and move it out of your studio. Set your prices according to your needs and move on. Don’t let it be an existential crisis; it’s just business, not a reflection of your self worth.
Prepare for negotiating and selling like a professional and you may actually enjoy the act of transferring ownership of your art to someone who likes it enough to pay for it.
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