Yesterday evening saw Susan Mumford from Be Smart About Art give a 2 hour workshop about “How to price art and establish market prices” to the Photofusion Members on our New Creative Markets programme.
The workshop was very thorough, got lots of great discussions going throughout the group, and answered many questions, including…
• How do you price art?
• Do you wonder if you are setting prices too low or too high?
• Have you set prices for all works that are available to purchase?
• Is it time to raise prices or not – and by how much?
• Are prices consistent at every event where art is sold? And if not, should they be?
• Would you like to know how to establish market prices in differing markets (in different countries for example)?
• Do you think the commission & arrangements you have with your agent/dealer are fair and follow best practice?
• How can commission amounts vary depending on medium, costs of production, event and establishment of artist/agent?
Susan Mumford, the speaker for the evening and founder of Be Smart About Art, covered in her talk: how to price art, change prices, make pricing consistent to establish yourself in the marketplace, arrange fair commission split, and will provide industry best practices on pricing and commission percentages.
The feedback from the event said that the “pricing limited editions” information was particularly useful, as well as finding out about “renting art” as a new concept, and information on “understanding editions”.
“The event was very informative and thorough. I learnt a great deal – it was well researched and presented” – Photofusion Member