Updated: Sep 19, 2019
Pricing is important. It is the last thing you would mention to your client, but the most important decision making information needed. So how much does it worth?
Pricing is industry specific. For art industry, it has a lot to do with the artist, the size, and the skills. Antiques is by date, quality, and artist & story. For jewellery it has to do with material, for watch it has to do with the internal movement. For photographers, it has to do with the artist, and the material printed on, and the location of selling. Sculpture, ceramics, crystals and other materials.... all depends on slightly different factors.
So what are the factors you should consider while deciding on the price?
1. Material - Rarity, market value
3. Quality - skills and craftwork, composition and ratio, color and contrast
4. Artist/ Design name - How famous are you and for what are you famous for?
5. Market - high end? mass production? tailor created?
6. Location of production - did you make it in a city or country that is famous for the craftwork?
7. Location of selling - auction house, gallery, store or online?
8. Competition - are you located in a place with a lot of competitors?
9. Demand - how eager are your clients?
Start with the most impacting factor, then add and subtract as you go through the list. Set a bottom price, an ideal price and mark price.
Also take into consideration the agency fee if you are not selling directly. The shipping fee, insurance fee, and card transaction fee.
A reminder for high value items, people do compare designs and art pieces online and offline, as well as in which country would save them more tax.
Good luck on your deal!!