What Can Your Collector Afford?

Have you ever said, “They won’t pay that for my art”? I know I’ve thought it about a million times. And most artists I know circle back to that thought a lot. It feels really true, right? Like it’s for sure. But, here’s the thing. 

We don’t know. 

We have now way of truly knowing if someone can or can’t pay the prices we set for our art. This is because we have absolutely NO IDEA of a buyer’s personal finances. Or how important art is to them. It can feel really certain that we do, but in reality, we don’t know. 

Usually when this thought is passing through our minds, filling it with doubt about our prices, it’s self-generated. There may not even be a person standing there in front of you saying they can’t afford a painting of yours. It’s like this statement springs to life and starts hopping around in our brains when we start thinking about selling our work. 

It’s our job as artists and creatives to stay out of our collector’s wallet. We can’t manage their money. Only they can decide if they can afford and want your art. 

Something that can be done to help quiet this nagging thought is to do your homework and make sure that you feel 100% confident in your prices. When you do, you can stand tall in the prices you ask for because you understand why your art is priced the way it is. This is a great tool to hush your brain when it starts to think about your buyer’s financial abilities and budget—which is something you have zero control over.  

If you haven't validated your prices in a while, grab a copy of The Number One Way to Price Your Art here and work through the worksheet. It’s a free guide to know the number one way to confidently price your art to ensure you're making money. 

Let me know your questions and thoughts about this in the comments. I’m curious if you’ve caught yourself thinking “they can’t afford it.”

Cheering you on to make selling your work easier,

Kate

You’re Not Your Best Collector - Stop Pricing Your Art This Way

This week I had a conversation with an immensely creative friend who was feeling a lot of resistance to asking for the amount her work is truly worth. Part of her could see that it was worth raising the price to be in alignment with the market, and part of her was like, no way! 

After talking it through, she had an ah-ha moment. I realized that her ah-ha moment is also a concept that artists often miss when it comes to figuring out how to price their art. This thought keeps your prices below market value which isn’t good for anyone. It’s sneaky. And so subtle that I had to share it in case it’s helpful to you, too.

As an artist, you know how to make a piece of art, whether it’s a painting, a sculpture, a photo or art in some other medium. So when you put prices on your work, they can feel too high because you wouldn't pay that for it. 

The reason you wouldn’t pay that price for it is because you have the skills, expertise and experience to make it yourself. You don’t value the painting, the photograph or the sculpture in the same way that someone else does. This is because you know how to make it yourself. 

Others are willing to pay more for your work than you’re willing to pay because they don't have the skills and knowledge to make the piece of art you just made. They can appreciate your work but they can’t replicate it themselves. In other words...

YOU ARE NOT YOUR IDEAL BUYER. 

When pricing art, it’s easy to think about what you’d pay for it but in real life, it’s not a helpful pricing method. This is because you wouldn’t buy your own work because you don’t have to. You have the skills to make it instead. 

Here’s an example to help demonstrate this concept….

You love bread. The ingredients to make bread are simple and you probably have them on hand in your kitchen. You have the Tartine recipe book so you have directions to make an amazing loaf of bread. But every time you’ve tried it, it doesn’t taste or look nearly as good as the loaf you buy from the store. And it’s nowhere near the level of that artisan loaf from the farmers market that tastes amazing. 

So, you’re happy to buy a loaf of bread for double or triple what it costs to make because you don't have the skills or expertise to make the same quality of bread yourself, even if you have all the ingredients. 

The baker on the other hand is less willing to buy bread because the baker knows how to make a great loaf and is always making great loaves every day. The baker is not their own ideal customer. 

Knowing that you are not your ideal buyer can expand your willingness to raise your prices. Especially if you’re an artist who’s always being told that “you should charge more for that.” It may be time to level up to what others, who see the value in your work, are willing to pay for it. 

What do you think? Have you found yourself considering what you’d pay for your own work as a pricing strategy? Let me know in the comments. I’m curious if this thought has influenced your pricing.

Cheers,

Kate