One of the challenges for me has been to price my work. I cannot compare it with other as no one does what I do and my designs are my own. In that way I am more like an artist than a manufacturer.
This provides a unique challenge with pricing, as most models suggested are based on an ecomonic model where production can be increased and or subcontracted. This is not the case with and artist or artisan, where what they produce is limited to the time they have and a single person producing. The only way to grow income is to charge more. By this very virtue art or artisan work is going to be different.
So how is the price of art determined? I have no clue, as it seems to follow its own laws of whoever in a position of power thinks your are the most "artsy" or thought provoking.
A craftsman would traditionally price as a tradesman.... sum up the hours of labour and costs and add a markup. This is how I have priced my work in the past 20 years.
But it hasn't worked. I have not grown my business nor my income and my time is running out. So this year I am going to work on a different model, one that is based on a dutch auction model.
My newest forged silver jewellery collection will be launched in a few days time. Each piece is unique, signed (hallmarks) and whereas I can be copied, my work is Original.
The prices on this are going to be in 3 tiers.
On launch day the prices will be at the highest. The price is determined by materials, overheads and costs, but the biggest difference is in the price of labour. For each hour worked on the piece employs 3. Myself, someone I wish to hire to do all the office stuff, so I can go and create more and my future self... a pension.
If the piece does not sell in its first month, then on the second month it will be priced so that it employs 2. And on the third month and onwards it will be priced at the usual rate.
This way I will know if I have created something desirable and it will help determine my future course. And it will give me a chance to grow my business and dedicate more time to the creating, as opposed to selling and marketting my work.
Let me know what you think!