Every artist struggles with pricing their work. It’s weird to put a price on something that you’ve poured so much heart into. But alas, we must pay the bills and break out of the starving artist shell.
I’ve mentioned before that I’ve been criticized for underpricing my work. I truly believe that everyone should be able to live with art, so I kept my prices low and started my functional art line of work to offer an even lower price point.
The functional art has taken off more than I ever expected. It started as something on the side - an afterthought of my fine art - a side hustle. Last year I had a few local wholesale buyers and consignment shops carrying my products. I now have wholesale buys in the works from all over the state and even one out of state. This is amazing! But it has made me have to go back to that price list and tweek things a bit.
I always want to keep my prices consistent across all venues. I don’t want to offer one price in my online shop and another at this venue and another at this boutique and so on. It’s always up to the wholesale buyer to set their own retail price, so it may vary slightly, but my suggested retail price is always the same. I get that this is a common problem and since I am new to the wholesale world, I am trying my hardest to keep up.
After looking at my numbers from last year (woof), I’ve had to raise my wholesale prices to even make a profit. Which means I’ve had to raise my suggested retail prices. Which also means I’ll have to raise my prices across the board. 😭 This pains me. I know it’s necessary to continue to do what I do, but it hurts.
I’ll be contacting all my consignment vendors to raise the prices on their remaining stock, and next week I’ll be raising the prices in my online shop (update 1/24: I still haven’t done that, so take advantage of it while you can). My prices are still lower than a lot of others out there, and I hope to keep them that way. None of my fine art prices are changing (for now). So please know that I’m still dedicated to making art accessible to everyone. I offer layaway on everything, especially custom work. I know the struggle (obviously).
Are you an artist who struggles with pricing? Or do you have it figured out? Are you a wholesale buyer or a consignment shop owner? Any and all advice is welcome, so please share!
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