Print Pricing Made Easy

How do I price my prints? That has got to be the Number One question I get when talking to artists and photographers about entering the print market. For this article, I will concentrate on the simplest method for calculating resale pricing on your prints. That method is Multiplied Print Cost.

1. Artists and photographers just starting to sell prints of their work usually make one of two mistakes: pricing too high for their market or pricing too low and not making a profit. You have to find that happy medium. (Did I hear you say, “Duh?”)

2. The easiest method to calculate your print price is to figure out how much the print cost you to produce, and then multiply that number by four to get your retail price. For example, if you are selling an unframed, un-matted 16x20 print on Somerset Velvet paper, and the print cost you $47 to produce, your retail price would be $188. This pricing system works well if you are selling through a gallery that takes a 50% commission. After the gallery takes its $94, you are left with $94. Out of that you subtract your print cost of $47 and end up with $47 in profit.

3. If you are not selling in galleries or shows that charge a commission, then you have a little more leeway. Try multiplying print cost times three – in the case of the above-mentioned 16x20, your retail price would be $141. When you subtract out your cost of $47, you are left with a profit of $94. In this case, you can play around with the numbers to see what “feels” right. If $141 seems too high for your customer base, try multiplying by 2.5, for a retail price of $118, etc.

4. Another common mistake is forgetting to add in all the costs when figuring out your prices. If you have matted and framed your print, then you have to add that into your total cost. If you spent $100 framing your $47 print, then you have to make $147 to break even. If you are selling through a gallery, and they are taking 50%, then you have to at least double the cost of the framing ($200) and then add that to your print cost x 4 ($188). You won’t make money on the frame, but you won’t lose, either, and your profit will be the same as in #1. Some artists tack on a “framing fee” to the original framing cost. Even if you are just poly-bagging the print, you have to add that cost into the “cost to produce the print.”

5. When you are first starting out, it is better to sell for as low as you can and still make a profit. One way to do that is to reduce the cost of the print. The example above was for a single giclée print on Somerset Velvet paper, which costs $47 through our custom service.  If you order at least 4 of the same image/size, your cost goes down to $37.50 each.  Or consider going with a more economical  paper. The same print on Decor Textured paper would be $38 if ordering one, or $30.50 each if ordering four. Or, if you want to order one at a time and lower your single print cost, use our Express service.

See, it is not too difficult. Like most things in the art world, there are no hard and fast rules, no “magic bullet” for success. As I mentioned, if you are just starting out with prints, you will probably want to start as low as you can and still make a profit. If you are not selling through galleries, then you can even just double your print cost to start out. It is easier to raise prices if prints are flying off your shelves than to lower them if they are just languishing. And if this method doesn’t work for you, there are plenty of other formulas for pricing out there. This just happens to be one that I think is easy – and works for me.

Here’s a bonus tip:When establishing the price, try to keep it under the “barrier” numbers. So instead of $50, sell for $49. Instead of $100, sell for $98. Strangely, once you’ve broken a barrier, you can go higher. For instance, if someone is willing to pay $125 for something, they’d probably not blink at $149. Study pricing in retail stores and you’ll see what I mean.

OK, one more tip.
Sell in “package deals.” A photographer I know sells matted 5x7 prints at shows. One matted 5x7 is $39. If you buy two, you get them both for $59. But if you buy three, you get them all for $65. Guess what he sells most of? Yep, three prints.

Kate Dardine has been helping photographers and artists market their prints for over 25 years. She is currently Marketing Director at Fine Print Imaging, as well as a professional artist selling original paintings and prints. Need one on one advice?  Call 970-484-9650 or email info@fineprintimaging.com to learn about our marketing consultation service.

The Sky's the Limit!

A recent post by Lori Woodward on Fine Art Views got me thinking about limited editions.  In the post, Lori asks the question, “Does limiting editions create value?” You can read the post here.

Her conclusion and mine are similar. In my experience, both with over 25 years in the printing industry and as a professional artist selling prints of my original paintings, is that limiting editions, for most artists and photographers, does NOT create value (or increase sales!)

Before I go into my reasons for not limiting editions, let me say that there are a few occasions when limiting an edition makes sense.

My Top Three Reasons for Limiting Print Editions:

  1. When the artist has achieved “star” status – originals selling in the tens to hundreds of thousands of dollars, when the demand for the artist’s works outpace his or her ability to produce it or when the artist is a celebrity, like Grace Slick, Tony Bennett or Tony Curtis. In cases like that, a hand-signed and numbered limited edition print has perceived value and may increase in value over time.


2. When the prints are made to be sold to raise funds for a non-profit, such as a Museum, and only a specific number of prints will be made.

          3. When the prints ARE the original, such as in works created using the computer as a medium, or hand-pulled original prints such as monotypes, serigraphs, etc.

My Top Three Reasons for NOT Limiting Editions:

1.  Bookkeeping. Because giclée and photo prints can be printed on demand, the task of numbering them becomes more difficult without a good system in place for keeping track of the numbers.

      2.  If you limit the edition and the print is popular, once you sell out the edition you can’t make money on that image anymore. Why limit the income you can make on an image?

3      3. Unless you are a top-tier artist whose new works are sold for $$$$ before the paint is dry, people buying prints from you are not likely looking at the purchase as an “investment.” They like the image and want to hang it in their home.

  

Don’t Limit, But Do Sign!

A signed print holds more appeal than one that is not signed by the artist. A while back I took an “unofficial” poll of people who bought prints. Most people said they liked it when the print was signed – that it meant more to them and had more value than if it was not signed. A few said that given the choice between a signed or unsigned print, they would choose signed and might even pay a little more. Very few said they would pay more for a print because it was a limited edition, unless “the artist is well-known/famous.”

If You Are Set on Limited Editions:

1       1. Do keep good records! An Excel spreadsheet is a good way to keep track of which print numbers have been used.

       2.  Make sure you know from the outset whether you will have separate editions for different sizes or whether your edition includes all sizes.

3         3. Include a Certificate of Authenticity with each limited edition print, stating the type of print, title, original medium, number and size of edition. At Fine Print, we give Certificates with each custom print order which document the type of print, expected longevity, and proper care. The artist can then fill in their name, title, original medium and edition. Our certificates can also be used for open editions.

       Kate Dardine is a professional artist and the marketing director for Fine Print Imaging and Colorado Frames. You can see her work at www.katedardine.com.