Overcoming Scarcity Mentality to Raise Art Prices
Mid-career artists often hesitate to raise prices due to lingering trauma from early career struggles. The scarcity mentality, rooted in past desperation for sales, leads to pricing from fear rather than value. To build a sustainable art business, artists must calculate true net profit by subtracting gallery commission, cost of goods, studio overhead, insurance, and taxes from retail price. If margins are thin, price increases are necessary. Strategies include reviewing margins, examining demand, consulting galleries, and avoiding past struggles dictating future profitability.
Key facts
- Artists often hesitate to raise prices due to early career trauma.
- Scarcity mentality leads to pricing from fear rather than value.
- True net profit calculation includes gallery commission, costs, overhead, insurance, and taxes.
- Thin margins indicate an unsustainable business model.
- Strategies include reviewing margins, examining demand, consulting galleries, and avoiding past struggles.
- Mid-career artists must shed scarcity mentality for sustainable compensation.
Entities
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