Sales and Compensation TIPS
If you’re just starting out, it’s generally a good idea to price your work at a level that will be attractive to collectors who are interested in new or emerging talent. As the market responds, a gradual increase in pricing will generally follow. Pricing of the work should remain consistent from gallery to studio and from gallery to gallery. The last thing you want to do is confuse the marketplace or run the risk of alienating collectors because your prices are all over the place. Consistency in regulating your market is very important.
Galleries
When you’re working with a gallery, the retail price that the gallery will ask for the work should be consistent with the price you’re asking from the studio. By working with a gallery, you’re agreeing to forego a percentage of each sale for the privilege of exhibiting in that gallery space. The percentage a gallery will take may vary, but a typical split would be either 50/50 or 60/40. The benefit to the artist is increased exposure, resulting in more sales. Whatever may be lost in giving up a percentage of the sale will likely be made up in sales volume.
Corporate buyers
Often, when you’re dealing with corporations, because they’re buying in volume or working with an art consultant, you may find yourself being asked to provide a discount. This discount may vary between 10 and 20 percent, so consider this when you’re approached by a corporate buyer or an art consultant. It’s best to know this up front, especially if they’re purchasing more than one piece. Again, in keeping with good business practices, the price is the price. Avoid marking the piece up to accommodate the discount. Remember: It’s good for your work become part of a corporate collection.
Interior designers
Interior designers and architects give you an opportunity to expand your customer base. They can give you access to patrons you may not otherwise be able to reach. Through their close working relationship with clients, they can provide insight into their customers’ tastes in art. Like corporate buyers, designers and architects will generally request a percentage of the sale as compensation for their time. This, too, will generally vary between 10 and 20 percent of the retail sale price. To protect yourself, it’s best to have this conversation early in the process— before you meet the client.
Art fairs
The way you price your work at an art fairs should be consistent with the way you price your work in your studio. If you’re put in a situation where a customer is asking for a discount, think twice. You may want to establish a policy where you only offer discounts for clients who are buying more than one piece. As is often the case with discounting your work, where do you draw the line? As a best practice, be judicious with discounts.
Galleries
When you’re working with a gallery, the retail price that the gallery will ask for the work should be consistent with the price you’re asking from the studio. By working with a gallery, you’re agreeing to forego a percentage of each sale for the privilege of exhibiting in that gallery space. The percentage a gallery will take may vary, but a typical split would be either 50/50 or 60/40. The benefit to the artist is increased exposure, resulting in more sales. Whatever may be lost in giving up a percentage of the sale will likely be made up in sales volume.
Corporate buyers
Often, when you’re dealing with corporations, because they’re buying in volume or working with an art consultant, you may find yourself being asked to provide a discount. This discount may vary between 10 and 20 percent, so consider this when you’re approached by a corporate buyer or an art consultant. It’s best to know this up front, especially if they’re purchasing more than one piece. Again, in keeping with good business practices, the price is the price. Avoid marking the piece up to accommodate the discount. Remember: It’s good for your work become part of a corporate collection.
Interior designers
Interior designers and architects give you an opportunity to expand your customer base. They can give you access to patrons you may not otherwise be able to reach. Through their close working relationship with clients, they can provide insight into their customers’ tastes in art. Like corporate buyers, designers and architects will generally request a percentage of the sale as compensation for their time. This, too, will generally vary between 10 and 20 percent of the retail sale price. To protect yourself, it’s best to have this conversation early in the process— before you meet the client.
Art fairs
The way you price your work at an art fairs should be consistent with the way you price your work in your studio. If you’re put in a situation where a customer is asking for a discount, think twice. You may want to establish a policy where you only offer discounts for clients who are buying more than one piece. As is often the case with discounting your work, where do you draw the line? As a best practice, be judicious with discounts.