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