Your art is one of a kind, there is nothing else like it in the world. Even though you might create art similar to other artists, there is no other artist who has your creativity, vision, and talent, therefore it should not be treated or priced like an item from Walmart.
When I first started creating art full time my biggest challenge was pricing my art. I would look at something I had created and say, “that’s a paper towel holder, you can get one at Walmart for $10 so I will put $10 on this one.” It never dawned on me that the paper towel holder I created was made from love, not stamped out in a factory, and there was nothing else like it in the world.
Part of my early pricing “strategy” came from ignorance, and part of it came from fear, what I loving refer to today as Fear Pricing. There is not a price guide to go by or any rule of thumb to follow on how to price your art therefore it has been the most difficult part of my learning process so far. Over the course of time I have come up with a pricing strategy for creating art that removes the Walmart technique and Fear Pricing mentality that I began with. When I first started using the pricing technique I felt slightly guilty. At the time I did not have the belief in myself as an artist and see the immense value in the fact that what I create is one of a kind and nothing else like it exists anywhere in the world. (Your welcome to the people who now have my art at a deeply discounted rate!)
Are you ready? Here it is! You are worth no less than $50 an hour while you are creating art. You heard me right! $50 an hour. For those of you who are saying to themselves right now “no way am I worth $50 an hour” please refer to the first paragraph and read it again and again until that shit sinks in because it’s the truth. Now some artists have been honing their skills and craft much longer than others so some of y’all might be at a much higher rate than $50 an hour, but no artist with their unique vision and skills is worth less than $50 an hour.
Now here’s the rub. If you are creating stuffed animals and it takes you 4 hours to make each one, chances are you are not going to be able to sell one for $200. This is where your challenge comes in. You need to figure out how much your clients are willing to pay for your stuffed animal, say it $150, then you need to figure out a way to make that stuffed animal in 3 hours so that you will be earning your $50 an hour. There are always techniques we can use as artists that will speed up our process without sacrificing quality.
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