Palms
10x10 inches
oil on canvas
See my paintings HERE
Art Notes Blog HERE
Painters Tip
Pricing
I raise my prices every other year in January. There is a sticker shock for a month or two each time I raise them, so be prepared for your sales to drop for a couple of months. The time to raise your prices is when you are selling very well regularly. Don't raise them too often, and don't raise them when you are not selling well.
You will also need to realize that when you raise your prices you are pricing your work out of one market and moving into a different market. You will be losing some of your present market by raising them. That means it will take time to get a new market established.
Think long and hard before you make this decision because you essentially have to live with it. If you are going to lose your current market by raising your prices, you need to find some strategies which will help you to attract a more sophisticated, affluent clientele and establish these strategies before you actually raise the prices. It takes time to build a new market and you would be wise to find a way to keep your current market by offering some miniatures, or studies to attract and keep lower end buyers.
Ask yourself if your work stands up against artists in a higher end market. Be brutally honest with yourself about this. If you honestly feel you are not on the same level of technical ability with them, you will be hurting yourself to increase your prices to their level. This is the time to get rid of your ego and for total honesty with yourself. If you can't know yourself, ask a trusted established artist to be honest with you. If your work does compare in quality, then go ahead and raise your prices gradually to be more in line with theirs, but remember you may have a period of lower sales as a consequence.
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