Perfect Pricing for Your Art Fair Drawings

Published on 31 July 2023 7 min read

Evaluate your artwork costs
Compare prices in the market
Consider your experience and reputation
Factor in the art fair costs
Decide on your markup
How to present your prices
Adjust prices based on sales
Re-evaluate pricing regularly

Have you ever wondered how to price drawing for a local art fair? Nailing down the perfect pricing can be a bit of a balancing act. You need to cover your costs, make a profit, but also stay competitive in the market. Don't fret! This blog will guide you step by step on how to price your art fair drawings perfectly.

Evaluate Your Artwork Costs

The first step in pricing your art fair drawings is understanding the costs involved in creating your artwork. When calculating these costs, consider the following factors:

Materials: This includes everything from the paper you're drawing on, to the pencils, inks, or any other materials you've used. Don't forget about the cost of materials for framing your work if you choose to sell it framed.
Time: As the saying goes, time is money. Think about the hours you've spent sketching, shading, and perfecting your drawing. Your time is valuable, and it's an important part of the cost of your artwork.
Overhead costs: These are the costs that aren't linked to a specific piece of artwork but are still part of your art creation process. Think about your studio rent, electricity bills, or any other costs that go into maintaining your workspace.

Calculate these costs for each of your art fair drawings. Remember, the aim is to cover these costs and make a profit. So, if you're wondering how to price drawing for a local art fair, understanding your artwork costs is your first stop.

Compare Prices in the Market

Once you've got a handle on your costs, the next step is to do a little market research. You need to know what other artists are charging for similar work. This helps you to understand where your art fits into the broader market and ensures you're not pricing yourself out of contention. So how do you do this?

Visit other art fairs: Take a look around at what other artists are charging for their drawings. Try to find artwork similar to yours in terms of style, size, and medium. This gives you a ballpark figure to work with.
Check online: There are numerous online platforms where artists sell their work. Websites like Etsy, Saatchi Art, and even Instagram can be great places to gauge the going rate for art similar to yours.
Talk to fellow artists: Don't be shy about reaching out to other artists in your community. Most will be happy to share advice and insights into how they price their work. Remember, every artist has been where you are now, and they can be a valuable source of guidance.

By comparing prices in the market, you gain a better understanding of what customers are willing to pay for artwork like yours. It's another essential step in figuring out how to price drawing for a local art fair.

Consider Your Experience and Reputation

When pondering how to price drawing for a local art fair, your artistry journey matters. An artist just starting out will likely price their work differently than an established artist with a solid reputation and a following. And that's okay. Let's break it down:

For the Newbies: If you're new to the art scene, don't be tempted to price your work too high. This could deter potential customers. Start modestly, and as you build a name for yourself, you can raise your prices accordingly. Remember, it's not just about selling your work, but also building relationships with customers.
For the Seasoned Artists: If you've been around the block a few times and have a loyal following, your prices should reflect that. Your experience and reputation are part of the value of your work. People aren't just buying a drawing; they're buying a piece of you and your art journey.

So, take some time to consider where you stand in your art career. Are you a rookie or a veteran? Your experience and reputation in the art world play a significant role in how to price drawing for a local art fair.

Factor in the Art Fair Costs

Participating in an art fair isn't free. There are various costs linked to these events that you'll need to consider. Let's walk through some common expenses:

Booth Fees: Most fairs charge a fee for the space you'll be setting up shop in. This can vary widely depending on the event's popularity and location.
Travel and Accommodation: If the fair is out of town, you'll need to consider how much getting there and staying there will cost. Don't forget about meals and other daily expenses too.
Presentation Material: You want your booth to look its best, right? That means investing in quality frames, stands, lighting, signage, and other display materials.
Marketing: You might want to print flyers, business cards, or invest in online advertising to draw people to your booth. Every little bit helps!

All these costs need to be factored in when you're figuring out how to price drawing for a local art fair. After all, you're there to make a profit, not just break even. So, make sure to take a careful look at your expenses and adjust your prices accordingly.

Decide on Your Markup

Once you've evaluated your costs, it's time to decide on your markup. This is the amount you add to your cost price to determine your selling price. It's what you'll earn as profit.

But how do you decide on a fair markup? Here are some points to consider:

Artwork Complexity: Did it take you hours to create an intricate, detailed piece? Or was it a quick, expressive sketch that took less time? More complex pieces often justify a higher markup.
Material Costs: If you've used expensive materials in your drawing, like high-quality paper or premium inks, you'll want to ensure your markup covers these costs.
Unique Selling Point: What makes your art stand out? Is it a unique technique, a particular theme, or an unusual style? Anything that makes your work distinctive can warrant a higher markup.

Remember, your markup isn't just about covering costs. It should also reflect the value of your time, creativity, and skill. So, don't undersell yourself when figuring out how to price drawing for a local art fair. Markup is a key part of making sure you're rewarded for your hard work and talent.

How to Present Your Prices

So you've done the math and decided on your prices. Now, how do you present them to your potential customers at the art fair? Here's a couple of tips that might help:

Price Tags: Keep it simple and clear. Use neat, readable tags on each piece of art. Include the title of the artwork, your name, and the price. This way, people can easily see how much each piece costs without having to ask.
Price List: In addition to individual price tags, consider having a master price list displayed at your stall. This can provide an overview of your pricing range, and it's handy for potential buyers who might be interested in more than one piece.
Consistency: Keep your pricing consistent. If two pieces are similar in size, complexity, and material cost, they should be similarly priced. Consistency helps to build trust with your customers.

Remember, how you present your prices can impact how potential buyers perceive your work. So, take time to think about presentation when you're figuring out how to price drawing for a local art fair. It's not just about the number—it's about the whole package.

Adjust Prices Based on Sales

Once you've set your prices and presented them at the art fair, it's time to pay attention to how your artwork is selling. Are your drawings flying off the shelves, or are potential buyers hesitating? This feedback is valuable and can guide you in adjusting your prices.

High Demand: If your artwork is selling quickly, it's a sign that your work is priced accurately—or perhaps even a bit low. Consider a slight increase in price for similar pieces in the future.
Slow Sales: On the other hand, if your sales are slower than expected, it may be a sign that your prices are too high. You could consider reducing the price slightly to see if that boosts sales. But remember, don't undervalue your work. It's about finding the sweet spot.

Adjusting prices based on sales is a dynamic process. It's about being responsive and adaptable. So, if you're wondering how to price drawing for a local art fair, remember to stay observant and flexible. After all, the market can be as unpredictable as the creative process itself!

Re-evaluate Pricing Regularly

Even after you've mastered how to price drawing for a local art fair, it's important to remember that pricing is not a one-and-done deal. Just as you continue to grow and evolve as an artist, your pricing strategy should also adapt and change over time. Here's a simple way to approach this:

Biannual Check: Aim to re-evaluate your prices at least twice a year. This doesn't mean you have to change them each time, but do take a moment to assess whether your current pricing still makes sense.
Reflect on Progress: Have you developed new techniques that enhance the value of your work? Have you gained recognition in your local art community? These factors can justify a price increase.
Keep An Eye on the Market: Stay informed about pricing trends in your local art market. If average prices are rising or falling, you might need to adjust your prices accordingly.

Remember, regular re-evaluation ensures your prices remain fair—for both you and your buyers. So, if you want to know how to price drawing for a local art fair, don't forget the importance of regular price checks. It's all part of the art business game!

If you're looking to master the art of pricing your drawings for art fairs, don't miss Olivia Ghalioungui's workshop, 'How to Price Yourself as a Creative.' This workshop offers valuable insights and strategies that will help you confidently price your art for fairs and ensure fair compensation for your talent and hard work.