Pricing Art Prints for Online Markets: A Guide

Examine your artwork costs
Analyze your target market
Evaluate your artwork popularity
Calculate the price per square inch
Consider printing and shipping costs
Offer different sizes and prices
Price according to the platform
Adjust prices over time

If you've ever wondered how to price print for an online art marketplace, you're not alone. Many artists grapple with the same question. It can feel like a tricky balancing act, trying to find that sweet spot between making a profit and keeping your artwork accessible. But don't worry, this guide will walk you through the steps to help you confidently price your art prints for online markets.

Examine Your Artwork Costs

First things first, let's talk about costs—your costs. Before you can determine a selling price for your prints, you need to have a clear understanding of how much they cost you to produce. To do this, you'll need to consider the following:

Material Costs: This includes everything from the paper you print on to the ink used in your printer. Even if you use a printing service, you still have material costs. You may also need to factor in costs for frames or other display materials if you include these with your prints.
Time Costs: Your time is valuable, and you should account for it. How long does it take you to create the original artwork? What about the time spent printing, packaging, and shipping the prints? All these should factor into your costs.
Overhead Costs: These are the general costs of doing business. Think about your studio rent, utilities, equipment, software subscriptions, and even the cost of maintaining your online market presence.

Adding all these costs together will give you a good idea of what each print costs you to produce and sell. Remember, this is just the starting point. How to price print for online art marketplace involves more than just covering your costs—you also want to make a profit. So, keep reading to understand more factors that will impact your pricing strategy.

Analyze Your Target Market

Now that you understood your costs, the next step in knowing how to price print for online art marketplace is to consider your target market. Just like in any business, understanding who your potential buyers are can significantly influence your pricing strategy.

Who are your buyers? Are they art enthusiasts with a penchant for limited-edition pieces or are they casual buyers looking for a nice piece to hang in their living room? Recognizing the type of buyer you're appealing to can help you figure out what price they might be willing to pay for your work.
What are their spending habits? Some art buyers will not think twice about dropping a hefty sum on a print they love, while others may be more budget-conscious. Knowing this can help you set a price that's attractive to your target market.
What is trending in your market? Trends can certainly influence the buying behavior. Are certain styles or themes popular among your target market right now? If so, you might be able to demand a higher price for prints that fall into these categories.

Understanding your target market doesn't just help you price your prints effectively—it can also help you sell more of them. By aligning your pricing strategy with your buyers' expectations and habits, you're more likely to attract the right audience and make sales.

Evaluate Your Artwork Popularity

When you're figuring out how to price print for online art marketplace, you've got to factor in your artwork's popularity. It's like the law of supply and demand; the more popular your art is, the more you can charge for it.

How many people are following your work? If you have a substantial online following, it indicates that your artwork has a high demand. In this case, you might consider pricing your prints higher.
Have you sold similar pieces before? If you've successfully sold art prints at a certain price point in the past, it's a good sign that you can do it again. Don't shy away from using your past successes to guide your future pricing decisions.
Have you received any awards or recognition? If your artwork has been recognized in art competitions or by industry experts, it can add to its perceived value. This recognition can justify a higher price tag.

Remember, the popularity of your artwork isn't a static thing—it can increase over time. So, if you're just starting out and your work isn't widely known yet, don't worry. Start with a price that feels right for where you are now, and remember that you can always adjust it as your popularity grows.

Calculate the Price per Square Inch

When you're learning how to price print for online art marketplace, another handy approach is to calculate the price per square inch of your artwork. This method offers a straightforward way to determine your art's value based on its size.

Here's how you do it:

Measure your artwork: You need to know the length and width of your artwork in inches. For example, if you have an art print that's 8 inches by 10 inches, you have 80 square inches of artwork.
Decide on a price per square inch: This is entirely up to you, but let's say you decide to charge $0.50 per square inch.
Do the math: Multiply the number of square inches by your chosen price per square inch. So, for an 80 square inch print priced at $0.50 per square inch, you would charge $40.

This approach can be especially useful if you're selling prints in various sizes. It ensures that your pricing scales up with the size of the print, and it also makes it easy for customers to understand why larger prints cost more.

Bear in mind, though, that this method doesn’t take into account other factors like the popularity of your artwork, the quality of materials used, or your time and skills. So, while it’s a useful starting point, you may need to adjust your prices based on these other factors, too.

Consider Printing and Shipping Costs

When setting your art print prices for online marketplaces, it's easy to overlook the costs associated with printing and shipping. However, these costs can quickly add up and eat into your profit if you're not careful.

Here's how you can calculate these costs:

Printing costs: Check with your print provider to determine the cost per print. Some online art platforms offer printing services, but you might also consider local print shops or online printing companies. The cost can vary depending on factors like print size, paper quality, and the type of ink used. Make sure you include these costs in your price.
Shipping costs: You'll need to factor in the cost of packaging materials and postage. Remember that shipping costs can vary based on the size and weight of the package, and the shipping destination. Some artists choose to include shipping in the price of their artwork, while others charge it separately. You'll want to decide which method works best for you.

By taking into account the costs of printing and shipping, you can ensure that you're pricing your art prints in a way that covers all your expenses and still leaves you with a decent profit. After all, the goal is to make money from your art, not just break even!

Offer Different Sizes and Prices

As an artist, variety is your friend. Offering different sizes of your art prints not only caters to customers' different needs and budgets, but also helps you maximize your profits. Here's how to go about it:

Choose various print sizes: Not every customer will want a large, statement piece. Some may want smaller prints to fit certain spaces or to use as gifts. By offering a range of sizes, you're catering to a wider audience. Smaller prints cost less to produce and ship, so you can sell them at a lower price point than larger ones.
Price accordingly: Pricing should reflect the size of the print. Larger prints should cost more, but remember that it's not just about the size. The complexity of the artwork or the amount of detail might also affect the price. Consider these factors when setting the price for each size.

Offering a range of sizes and prices helps to attract a wider customer base. It gives your customers more options and makes your art more accessible. Remember, it's all about finding the right balance between what your customer is willing to pay and what you need to earn to make a profit.

Price According to the Platform

When you're figuring out how to price prints for an online art marketplace, it's super important to keep the platform in mind. Different online marketplaces cater to different types of customers and have different fee structures, which can greatly impact your pricing strategy.

Understand the platform's fee structure: Each online platform has its own set of listing and transaction fees. Some platforms may take a percentage of your sales, while others charge a flat fee. Make sure you understand these costs so you can factor them into your pricing.
Research similar products: Browse the platform to see what other artists are charging for similar artwork. This can give you a good idea of what customers are willing to pay on that platform.
Consider the platform's audience: Each platform attracts a specific type of buyer. For example, a platform like Etsy tends to attract customers who are willing to pay a bit more for unique, handcrafted items, while a platform like eBay may attract bargain hunters. Tailor your pricing strategy to the platform's audience.

Choosing the right pricing strategy for each platform can help you attract the right buyers and maximize your profits. Remember, the goal is to strike a balance between making your art accessible and ensuring that you're fairly compensated for your work.

Adjust Prices Over Time

Art is a living thing — it evolves and grows, and so should your pricing. Your journey in figuring out how to price prints for an online art marketplace doesn't end once you've set initial prices. Over time, you'll need to adjust your prices to reflect changes in your costs, the market, and your own growth as an artist.

React to market trends: Pay attention to the art market. Are certain styles or themes becoming more popular? If your work falls into these categories, you might be able to increase your prices. Just remember, trends can be fickle, so don't rely solely on them.
Take stock of your progress: As you improve as an artist and gain recognition, your work becomes more valuable. Don't be afraid to raise your prices to reflect this. Your loyal customers will understand and new customers will be attracted to your growing reputation.
Consider your costs: If your costs go up — say, due to increased material or shipping prices — you'll need to adjust your pricing accordingly. You shouldn't have to absorb these costs yourself.

Remember, adjusting prices isn't a one-time thing. It's a continuous process that's part of the life cycle of an artist. So, don't worry if you don't get it right the first time. You can always adjust and adapt as you go along.

If you're looking to further your understanding of pricing your artwork, especially for online markets, don't miss Olivia Ghalioungui's workshop, 'How to Price Yourself as a Creative.' This workshop will not only help you establish a reliable pricing structure for your creative business but also give you valuable insights into pricing art prints for online markets.

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