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Pricing art is hard. Pricing is also, perhaps, the biggest variable that an artist can control in marketing and selling their work. A couple of thoughts on pricing, a š§µā¦
Pricing should take into account the quality of the specific work in relation to your entire body of work. In other words, your best work should be priced highest. āAverageā work should be priced lower. You know your best work; price it accordingly.
Pricing also has to take into account market conditions and external factors. You can probably price a little higher today than you could a month ago simply b/c market sentiment is better and we're past Christmas.
There is such a thing as pricing too low.
Part of the value that people ascribe to things is based on the price presented. If you consistently price your work at $10, people will generally value it less than if you price it at $50. I've seen some people thatā¦
curate in various places encourage artists to price editions very cheaply - $5, $10, and even $25. I think this is a huge disservice to the artists and does not help them build the collector base or market that the artists should want for themselves. This is not...
to say that you should never do free or very, very cheap mints. There is a time and place for everything, but you should be cautious with those and do them with specific intent. For example, a free mint around Christmas or a very cheap mint...
for your anniversary in the space can be excellent promotional tools. But, if you're going to use them, make it very clear in your tweets that they are the exception and a way for you to give back to the community.
l've also seen some artists believe that edition pricing should equal "floor" (a term that I think y'all know I hate when it comes to art) 1/1 value divided by edition size. For example "floor" value of 10 / edition size of 10 = 1 ETH per edition.
There are two problems with this methodology:
A. It ignores the first tip that I gave above - pricing should take into consideration the quality of the work in relation to your entire body of work. It could be that you choose to create an edition from your best work...
so, using the above example, maybe it should be priced at 2, giving the edition a total value of 20.
B. It ignores that the edition is an edition. In many cases, editions will trade at a slight discount to 1/1s (on the basis of the total value of all editions) simply b/cā¦
there are multiples and thus access is higher and exclusivity is lower.
As with everything about selling art, you need to think about pricing in terms of your long-term career goals as an artist and try to price intentionally to achieve those goals.