Peer pricing levels

To have a clear idea about pricing your work, you need to know what comparable artists are doing. Your peers could be considered as comparable artists to you right now; artists who are at a similar place in their career to you and whose medium is comparable to yours (i.e. If you paint oil on large canvases do not compare yourself to a sculptor who works in marble or video artist; look for another painter working with similar materials).

This research is important to give you a realistic and relevant view of the market.  If everyone else that you compare yourself to is selling work at between, say £1,500 and £3,000 but you want to sell your work at £5,500, you may want to consider lowering your prices.  Similarly, if you are considering selling your work for around the £400 in this scenario, you might want to increase your prices (and your self-confidence in pricing your work).  In effect, you are ‘benchmarking’ your artworks within a pricing range and giving yourself realistic limits to work within.

© Medeia Cohan-Petrolino

This article is from the Artlaw Archive of Henry Lydiate's columns published in Art Monthly since 1976, and may contain out of date material.
The article is for information only, and not for the purpose of providing legal advice.
Readers should consult a solicitor for legal advice on specific matters, and artists in London can get free online legal advice from Artquest