Learning to Be a Sellout
By reese, published on 10/20/2008,Category: Beyond the Basics Level: Intermediate
There are many factors that help you decide how to correctly price your prints. There is really no concrete formula that can tell you exactly what price to charge, only approximate price ranges, and even then you must still consider your experience level and audience among other things. By being aware of all the important factors, you will be better equipped to put a decent price on your work.
Consider Your Venue and Audience
When it comes to pricing, you can possibly set prices independent of the circumstances, but for the most part, the circumstances surrounding the sale and the potential buyers themselves may dictate the appropriate prices you should charge. You would not charge the same prices at a church flea market as you would at a high-end art gallery.
If it is an on-going event, like a flea market that occurs multiple times a year, you can try visiting it once to walk around and see what kinds of prices people are charging for similar work. You don't necessarily have to follow suit and charge the same price as they do, but it's a good idea to at least know what you're up against. Once you have a good idea of the general price ranges people use, you will be able to better price your own work.
If you don't have the ability to check out the prices at the venue beforehand, a good rule of thumb is to think about the type of environment. A holiday craft fair is probably the place for people to do impulse spending. They might not plan to go to a fair and spend a large amount of money on objects there, so you may want to price your items appropriately.
The Bells and Whistles
You can just as easily sell someone a print alone as you can also sell them a mat and a frame to go along with it. If you decide to include a mat or a frame with the print, you will have to factor these charges into the overall price of the item.
Including a Mat
Selling a matted print will automatically increase your value as it will help your buyer when it comes to framing the print. A custom-cut mat means you can charge a bit more than if you used a pre-cut mat from the store. You may want to use a custom-cut mat if your image is not a typical size. Film negatives and some digital SLR cameras may have a 2:3 size ratio which will not fit into a standard 8”x10” mat (a 4:5 ratio) or 5”x7” mat (5:7 ratio). If you don't mind slightly cropping the edges of your image, then a store-bought mat may be the easiest, and most cost-effective way to make your prints look professional. Besides, it is easier for customers to really visualize what your print will look like in the frame if they can see how it looks in a mat.
Throwing In the Frame
If you're going to sell matted, framed prints, then your selling price will go up considerably. Frames can be expensive and you are giving the customer a very convenient, ready-to-hang image. They no longer need go to a framing shop, pick out a frame, and pay for it to be mounted. Also, you can select a frame that will best fit your image, but keep in mind that it may not best fit your customer's décor. Some print shops will print your photo on a canvas and mount it to a stretched wooden frame, ready to hang on the wall, without having to worry about mats or a frame at all. This option can be quite expensive, however, so you may want to consider a more affordable method if you are just starting out.
Making a Profit
No matter what bells and whistles you might want to include with your photo, an important consideration is that you make a profit at the end of the day. Some costs you may have to take into account are:
- Printing fees
- Framing and mounting costs
- Presentation expenses for your display, or booth rental fees, e.g., for a craft fair
- Mailing costs such as postage and packaging
In addition to any of these costs, the most important part is learning how to pay yourself for your time and effort. You spend time advertising yourself, finding and contacting potential customers, packing and mailing prints, etc, and you should be paying yourself for your hard work. At first, it may be difficult to factor your own effort into your pricing scheme, but it's a very important reality that you will need to face at some point. It may help you at some point if you can find established photographers and ask them how they set their prices for their own work.
Whatever you decide to use as your pricing scheme, it will surely be a learning experience and as you begin to sell more and more of your work, you will have a better understanding of how much to charge for each piece.
