This has been an interesting year, hasn't it!? It's been scary at times, and uncertain to say the least. But lately we've been catching little glimpses of light at the end of the tunnel. People are starting to build again, we've found out that consumer spending is up, and the housing market isn't as bad as we thought it would be this quarter...most importantly, people have begun to buy art again. Suddenly we find ourselves more at ease with our own work. Nothing has changed per se...it's just that with our better outlooks on the future, we suddenly start to work harder.

Silly, isn't it, that when we truly have the time to paint, we instead wallow just a little bit in self-pity at our lack of business (or "busy-ness)? This frame of mind was first brought to my attention several years ago by a gallery owner. He mentioned that, in fact, most artists do this; when business is down, they fail to take full advantage of the time to both improve their talent and build up a nice inventory for the next busy season...and when business is booming (ie.: lots of sales!) the artists suddenly kick it into high gear, yet struggle to fill the immediate demand due to lack of inventory and poor working habits.

I think this "syndrome" might simply be due to the fact that we, as human beings, naturally seek praise for our work. If, like a child, we get immediately rewarded for our good works, we will be more likely to repeat that action. In other words, if this week we sell that great painting that we worked so hard on all last week, we naturally get excited by the "reward" and want to do that again (ie.: paint more great paintings). We also naturally believe that the painting that just sold must have been a good painting. After all, someone out there saw our good work and was willing to reward us for it (with their hard-earned money).

But, on the flipside, if that same painting were to hang on the gallery wall untouched for several months, we might begin to wonder if what we did was good. I admit, this is a difficult dilemma. After all, we have to face the fact that perhaps the painting (or sculpture, or whatever it may be) truly isn't up-to-par (which is actually a healthy consideration, since it ultimately encourages us to raise the standard and improve our work); but then again, if we're confident with a painting, and especially if others whose opinions we trust agree with us, then we can probably safely assume that it was a good painting, in which case it will likely be purchased and given a loving home...if it doesn't sell, that won't change the fact that it was a good painting, if indeed it was.

Vincent Van Gogh is now one of the best-known artists ever, but barely sold anything during his lifetime. It's tragic that such a good artist wasn't recognized during his lifetime, but I also guarantee that Van Gogh never sent out an email newsletter to those who showed interest in his work...if he had even scratched out an occasional quill-and-ink letter to neighbors advertising a show of his new works on display in his bedroom, his story might have been profoundly different.

Bad timing can prove to be good timing, if we use the time well by either working on our art or working on marketing it.

Some artists today have been selling just fine during these hard times because they've developed relationships over the years with people who continue to collect their art, and they've also consistently proven to those people that their art is worth collecting (they turn out better and better art each year). These artists who do well even in the hard times have proven that years and years of consistent improvement and marketing do in fact pay off. They've earned the rewards of their good works and patience.

With a little bit of patience and persistence, we, too, shall be rewarded for our good works. The patience part is the hard part, and there's no secret to it except to use our time well by always being anxiously engaged in a good cause. That "good cause" could rightly be our efforts to build relationships with potential clients, or it could also simply be the time we spend in the studio practicing our talent and improving it...there are so many ways to engage ourselves in worthwhile things; just choose something good and do it. Action is the prescription for impatience, and is also the way that we continue to persistently further our artistic careers. With persistence in our marketing efforts and our work habits, we will certainly improve our chances of making that next sale sooner than later.

Build relationships, improve your work, send out your newsletter, be creative in your marketing, spend more time in the studio... in essence, use the down-time effectively, and the "up-time" will be "upper" than ever. :)

Remember, we are artists, which is a truly noble calling! Happy painting!

-Trent Gudmundsen

REALISTIC PRICING PRACTICES: (4/30/09)
Click here for the re-published article on FineArtViews.com

Last night I was introduced to a young woman who, more than anything in the world, wanted to be an artist. Her passion was obvious, and she had already produced quite a number of paintings; each of which was full of expression and passion, but which were also somewhat lacking in basic principles of design. I, nevertheless, enjoyed looking through her makeshift portfolio, and let her know that she had a potential and a good chance of eventually making it as an artist.

She was excited by my encouragement and mentioned that she was planning on setting up a booth at the local art fair this summer. I agreed that this would be a great way for her to try to break into the local market. I then pointed to a painting in her portfolio and asked her what she wanted to charge for it. Her quick reply, “I was thinking around $10 a square inch." Wow! Over $4,000 for an 18x24 painting, by a completely unknown artist who, regardless of her talent, still had a lot to learn?

I was reminded all too vividly of my early years as a cocky young artist, eager to show the world what I had to offer, and eager to charge a hefty fee for it (this was still several years before I was good enough to sign my first gallery contract). Obviously, this aspiring young artist felt that what she has to say with her art is important; but at that price, it's not likely many people would take a chance on her work.

This inability to sell overpriced art can greatly interfere with an artist's ability to continue their work, due to lack of funding. Without an audience, the best speech in the world doesn't really count for a whole lot. Most of the time, art by budding new talent has an intrinsic value that collectors are willing to pay for...but there is a right way and a wrong way to introduce your work to a competitive world of talented artists and savvy collectors.

When you're just starting out, it's wisest to remember that you can always raise your prices to keep up with demand, but that you should never lower your prices (unless you want to confuse and/or anger your collectors—they want to see their “stock” in you increase, not decrease). ***[It was pointed out to me by Clint Watson that sometimes it's advisable to lower prices temporarily, if the choice is between that or stop painting altogether...what I suggest in this article is the ideal approach].

The WRONG way is to scare people away with world-class prices at your local booth (if that's your chosen market). Just because a painting may be the best you've ever done, and while you value it as much as one of your children, that doesn't mean you charge $1,000,000 (unless you honestly don't want to sell it -- in which case, go ahead and ask that much). I can almost guarantee that, at that price, a buyer will never come.

So, here's the RIGHT way to price work at the beginning of your career: Price it as low as you can possibly stand, even if it's ridiculous. You'll be able to tell after the first 5 minutes at the art fair if your prices are too low. Here's a hint: if it's looking like you'll sell out before the end of the fair, raise your prices next time. If you come close to selling out, then I would personally consider that a huge success. You will have effectively found the perfect price point for your work. After all, in the world of business economics, if you're able to sell all your inventory with no back-orders or leftover stock, you've hit your perfect price point.

Your annual price increases probably shouldn't exceed 10-15%, unless you're suddenly selling so well that you can't keep up with the demand. I've occasionally raised the prices of certain special paintings at the request of my current galleries, but I've found that it's best to follow a structured schedule.

Make sure to keep your increases palatable. You don't want to scare off your new loyal followers. If there comes a time when you'd like to approach a gallery with your work, I would suggest simply asking the gallery what you should charge. If they're interested in representing you, they'll be happy to suggest a good beginning price structure. In my case, back in 2001, my prices were set at $4 or $5 per square inch -- for a “no-name” artist in a big-name gallery.

Remember, it's always better to make a small profit than to price your work so high that you never make a sale. It's a hard thing to price your work correctly—probably one of the most difficult parts of the whole marketing process. But with a basic knowledge of the principle of supply and demand, you can price your work like a good businessperson and greatly improve your chances of “making it” as an artist.