Various markets and marketing can make a difference in how the painting is priced. With that being said, just because I say your painting is worth $200 doesn't mean that someone else is willing to pay $500 or vice versa. Factor in how quickly you want to make the sale and how important for you to have a sale.
Some artists prefer to hold onto their art and continue to be the 'staving artist' without building up their confidence and repetoire.
How do you price your art?
It's all relative, isn't it? What you think you are worth is most likely how you will base your pricing. I see many artists with low self worth price too low. I see others who feel they deserve more and price too high. It is my opinion only. Art is subjective. Pricing is subjective.
Do you base your pricing on:
Time spent painting which leads to the question, 'How much is your time worth?'
The medium used?
The cost of your materials?
Your experience and or talent?
Smart marketing efforts?
Your self worth?
The surrounding market and their knowledge and appreciation of art?
Recently we sold a painting and the artist was very upset with the low price it sold for. Others were surprised we were able to sell the painting for the price we offered it. Some people even felt it was 'unsellable'. The buyer was thrilled with her purchase, however, she would not purchase it at a higher price. When an artist knows the feeling that was put into the art and what it meant at that time makes it 'priceless'. When the art sells for a 'dollar' amount, it doesn't match the same emotional feeling the artist had. How do you put a price on that?
My recommendations for pricing your art is to consider the following:
How important is it for you to have the artwork be sold for your portfolio?
Can you use the extra money earned to reinvest into your business?
Is it better for you to put money in your bank account?
Are you attached emotionally to the artwork and what price would make you upset if it sold? Add 50%.
Do you come from a sense of abundance and knowing that the right buyer will be willing to pay your price?
Do not compare your prices with others. Only you can do what you do. Remember it is original art.
When pricing your art, start with what feels good to you. What makes you comfortable then add a tad more. Ask for guidance from people who are successful in art. Do not ask 'starving artists'. Be strong in your conviction, however, be flexible if you need to adjust the price. Who knows! Maybe you will need to increase your prices. We did that recently with an artist in our Bucerias art gallery. We kept saying your prices are too low. She was nervous not wanting to lose sales. Two days after raising her prices we sold 7 of her small 'pocket paintings' and now she is doing a special selection of slightly larger paintings for the gallery at a higher price.
Continue on artists. Be proud of your work. Expression and art changes the world....and that my friends is priceless!