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7 Strategies for Pricing Your Art

Pricing is awkward. Many artists struggle with setting a price on their art, especially when art is something that is so deeply personal, and doesn’t usually have a set market value.

Today, we discuss a few different strategies for pricing your artwork, and look at the various philosophies different artists and collectors have. While there isn’t necessarily a right or a wrong way to price your work, it can be helpful to understand how others are thinking about it to better guide your thinking.

Before we begin, we wanted to share this quote from photographer John Knopf.

With that, remember that the only person who can price your artwork is you. While we discuss 7 strategies to price your artwork below, you are not expected to follow all or even any of them, but rather to use these as inspiration for what feels right for you.

#1: Price your work according to market comparables

Generally, it can be hard to compare your artwork to others, especially when it is something that is so incredibly unique and personal to you.

That said, to get started, it can be helpful to look up artists who may have a similar style, similar medium, and similar years of experience. In fact, the more data you can gather, the easier it will be to identify patterns and understand what you can and should be charging.

Not sure where to start looking? HUG is a great way to browse and filter artists by medium.

#2: Price your work to support your livelihood

Another way to price your artwork is to identify a reasonable hourly wage for yourself, and then add on any costs that you may incur in your craft (e.g. iPad, Procreate, paint materials, and more). This allows you to figure out the minimum pricing required to cover your expenses.

Artist Hyblinxx shares their tip here.

Always consider the sustainability of your prices. While you are still starting out, you may also need to have multiple income streams to sustain you, until you can create quickly enough and find enough collectors to become a full-time artist.

#3: Price your work according to the quality of each piece

Not all of your artwork will be created equal. As such, some artists believe that you should always price your best work highest, and your ‘average work’ lower. This can factor into the way you think about supply as well, with your best work reserved as a 1/1, and other work made as a limited or open edition.

At the end of the day, only you know which is your best work, so price it accordingly.

#4: Price your work to never drop your prices

Some artists believe in never dropping the prices of their work, unless they are doing it in the form of a drop with a greater supply, i.e. moving from dropping 1/1s to limited editions to open editions.

While market conditions may not always grant the luxury to an artist to never drop their prices, there is value in being consistent about pricing. It goes a long way in nurturing and building trust among your collector base, while also avoiding confusion about the value of your work.

#5: Price your work to accommodate a range of price points

This year has seen a growing popularity of (timed) open editions, where artists let the market determine how big the supply should be. At the same time, some artists are eager to let more people collect their work. After all, the more collectors you have, the more exposure you gain, and the greater number of true fans you get to acquire.

This has led to artists dropping work with a range of price points, emphasizing an accessible entry point for prospective collectors, and offering them the opportunity to acquire artworks at a higher priced point later on.

#6: Price your work based on how many collectors you would like

On the other hand, some artists prefer to build close relationships with their collectors, and would rather keep the number of their collectors low.

Artist ripcache asks himself this question when deciding on his edition sizes.

While this approach works for ripcache, it may not work for every artist, especially if you have a different communication and relationship-building style from him.

#7: Price your work according to where you are in your career

Some artists also look to evolve their pricing strategy as they progress through their careers. Artists starting out may value visibility and attracting more collectors by setting lower prices, while more established artists are likely to adjust prices upwards to reflect increased market recognition and demand.

Closing Thoughts

Ultimately, pricing your artwork is a personal decision. No one can or should tell you how to do so.

Additionally, we encourage you to have as many open and honest discussions as you can with fellow artists. While money is an uncomfortable topic of discussion, understanding each other’s considerations can allow you to better guide each other and make sure your pricing is on track.

In fact, we will be having that discussion on Twitter Spaces later this week! Join us as we host Yinkore and Nilus Dantes to discuss their approach to pricing their artwork this Thursday at 4:30PM ET.

In the News

Industry News

• Brands are still launching NFTs despite trading volume on track to fall below $1B for the month of May. Read about why brands like Mattel, Nike, and Starbucks are still interested in rolling out new collections of digital collectibles.

• Pudgy Penguins launched its first collection of toys (which came with an accompanying NFT) on Amazon last week, which saw over $500,000 in purchases over the first two days, and over 20,000 individual toys sold.

• The third annual Art Blocks weekend will take place in Marfa, Texas from September 21-24, 2023. Learn more about the event and RSVP here.

• Doodles artist Burnt Toast is launching a NFT collection with winners of the National Red Bull Doodle Art competition, and the collection will be up for a timed open edition mint during the World Final on May 26.

Tools and Resources

• Prohibition is a new community-driven and on-chain generative art platform built on Art Blocks Engine, and deployed on Arbitrum (a Layer 2 blockchain built on Ethereum), which aims to allow the generative art community to connect over a love for art, without technical or financial barriers. Learn more about Prohibition here, and sign up to get involved.

• Two new marketplaces are coming to the Avalanche blockchain, including one by art powerhouse Superchief Gallery. Read more about Avalanche’s plans to grow its artist ecosystem.

• Want to learn more about memecoins? Zeneca breaks down how they are like NFTs without pictures.

Notable Creators

• We’ve all heard the saying, ‘Behind every successful man is a woman.” Read about how Vincent Van Gogh went from unknown to famous, thanks to his sister-in-law Jo Bonger.

• How much do you know about artist Alpha Centauri Kid (ACK)? Read his detailed interview in the Monty Report - Part 1 focuses on ACK’s latest collection featuring 48 1/1 pieces inspired by a piano, and Part 2 discusses his inspiration and his plans for the future.

• One of Tyler Hobbs’ Fidenzas, which was auctioned by Sotheby’s, fetched over $1M, well above the original estimate of $120K-180K.

• Truth Labs, the creators behind Goblintown, announced collaborative licensing deals with 2 of their community members, which gives them separately negotiated rights that aim to bypass the shortcomings of a CC0 license.

• SuperRare's Latest NYC Gallery Pop-Up Will Bring Human Connection Back to NFT Art with AI artist Claire Silver’s solo show - “Artifacts”

• Check out how ripcache is pushing innovation in their latest physical + digital art drop entitled Public // Private.

Artist Grants and Opportunities

• Want to get displayed in the Dream Hotel in Los Angeles or NYC? The Crypt Gallery is running an open call for artworks celebrating pride, love, and art. Learn more and submit your work below.

• ObscuraDAO is looking for artists to submit up to 4 artworks, and a short description with your interpretation of the theme ''Augmented Humanity'' using AI or any other medium. Learn more and get curated here.

• Submit your application for the Transient Labs Logo Remix Contest by June 1st and receive the chance to be curated in future galleries and receive cash prizes.

• The Adobe Creative Residency program supports creators of visual digital work, offering grants of $500–$5,000 for either a portfolio project or a paid Adobe project commission. Applications are accepted on a rolling basis, learn about the program and application process here.

• Get featured in the Daily Ralpha, a Web3 newsletter with a daily circulation of 75K. All you have to do is apply for your own HUG artist profile, and submit your interest here.

• Post your best work to Creatively every week, let the community vote, and stand a chance to win a $5,000 cash grant each month.

This Week’s Art Drops

• Summer Time by Alimo (Timed Open Edition, $75): A collection of 4 open editions, these pieces evoke a sense of nostalgia, reminding us of the joy of being outdoors, breathing in fresh air, and fully embracing the present moment with friends.

• Amongst the Pines by Amber Vittoria (1/1, 250 tez): An AI-generated piece inspired by Amber Vittoria’s abstract paintings, travels to national parks, and studies of sculpture while in university, this artwork is a celebration of the physical self, a reminder that our intricacies are one with nature.

• At Home by Alemac (Limited Edition, 10/10, 0.045 ETH): A minimalistic piece that celebrates the feeling of being at home.

• Composition #2 by Grisha Kim (Timed Open Edition, 0.05 ETH): Composition of shops folded into the facade of the building.

• Whispers of Petals by Debra B Designs (1/1, 0.15 ETH): A mixed media piece, which is a collage of Debra’s own photography and vector art. Curated as part of #sundayspotlight led by avril15.

• Public // Private by ripcache (Open to offers): A statement about permanence, Public // Private represents a fully on-chain digital artwork stored on the Ethereum blockchain, while being linked to a physical screen print on a metal panel. Collectors can only acquire the digital artwork by purchasing the physical artwork.

• Floral Lovescapes II by Mayra Rae (1/1, 0.25 ETH): A collection of 10 1/1 35mm experimental portraits that is an ode to the natural unfurling that occurs in one’s life, which only helps to unearth the next iteration of one’s self.

• Hipócrita by Anandhika (Limited Edition, 11/11, 6 tez): Graphite on paper.

Creator Spotlight: Yinkore

Yinkore (b. 1998) is a self-taught digital artist who lives and works in Nigeria.

As a person with multiple minority statuses, exploring the intersectionality of all these statuses by creating pieces that primarily focus on the minority issues relevant to her, is not only an issue of preference, but an obligation so as to ensure the multicultural portrayal of every identity possible as advancements in art continue.

In the last five years since she first started her digital art journey, she has participated in multiple group exhibitions, most recently; #ALLWOMXNMATTER Exhibition hosted by the Julie Miller African Contemporary (South Africa, 2020) and the Paradise exhibition hosted by Chicago’s own imnotArt Gallery (United States of America, 2022). Yinkore has also been featured in Teen Vogue, Morning Brew, and has collaborated with companies like Consensys and Blockworks.

Learn more about Yinkore in her HUG Artist Profile, or follow her directly on Twitter here.

Yinkore shares a pricing story of her own here, where she chose to bet on herself and not listen to the advice of others to lower her pricing.