As the closure date for Sculptures in the Garden 2024 submissions draws closer, we’ve received a number of queries from artists about how to best price their work for sale. It’s a question we get asked year after year, and as SIG is now in its fourteen year, we do have advice to share that may help.
Before we dive into the key points to consider, it feels necessary to call out the elephant in the room: the current climate in which we are living. As the general cost of living continues to rise and high interest rates prevail, it should come as no surprise that intent to buy art among the general public may not be as widespread this year. It’s a disappointing prospect but one we have to be prepared for nonetheless.
What we can do to encourage sales, is to emphasise the importance of pricing your work to sell given the current climate.
If you’re entering SIG with the goal to win one of our major prizes and your sculpture is worthy of the title, then you should price it accordingly.
If your goal is to sell your sculpture to a member of the general public, it may be useful to know that our most popular price point for sales over the last 10 years has been the $800-$2,000 bracket.
As Kay Norton-Knight has told many of our artists in the past: “keep in mind that you never get paid for the hours you put into your work – do it for the love of creating! If you price your work based on the number of hours that went into it, it will be well and truly overpriced.”
As such, we encourage you not to underprice your works, but simply to price it appropriately. Here are a few things you should consider when pricing your work.
Research the market
Start by researching the market to gain an understanding of the pricing trends for sculpture similar to yours. Look at the prices of works by artists at a similar career stage and with comparable styles, mediums, and sizes. This research will provide you with a baseline to help you determine a reasonable price point.
Consider Your Experience and Reputation
Take into account your experience as an artist and your reputation within the art community. If you are an emerging artist or relatively unknown, it may be advisable to start with lower prices to attract buyers. As your reputation grows, you can gradually increase your prices. Conversely, if you have an established reputation, you can price your work higher, based on your track record and level of demand.
Factor in Costs
Calculate the cost it took to produce your piece accurately, including materials, studio rent and other overheads. You should also consider the time and effort invested in creating the artwork as well. Be mindful of the time it takes to produce a piece and the value you place on your skills and expertise. Ensure that your prices cover both your costs and provide a reasonable profit margin, without going overboard.
Assess Demand and Rarity
Evaluate the demand for your artwork and its rarity in the market. If there is high demand for your work and limited availability, you can justify higher prices. Contrariwise , if the demand is low or if similar artworks are readily available, you may need to adjust your pricing strategy accordingly to attract buyers. As a starting point, you can review the 2023 SIG catalogue on our website to see if there were similar submissions to yours last year, and what they were sold for.
Seek Expert Advice
Don't hesitate to seek advice from art professionals, gallery owners, or experienced artists who have knowledge of the current market. They can provide insights and guidance on pricing strategies based on their expertise and experience.
In summary, the above points should all be considered equally when pricing your work. Remember, pricing artwork is a delicate balance between covering costs, reflecting your artistic value, and appealing to potential buyers. It's important to reassess and adjust your pricing strategy periodically based on what’s going on in the market and your evolving career as an artist.
We are so looking forward to seeing your submissions and are already expecting to be blown-away, as we are every year. Keep working – there’s less than three weeks to go until entries close!