I was trying to talk one of my VIP clients into charging $500 + shipping for her painting.
She wrote back to me, “OMG, $500???? Really? They’re only 24″ X 24. You think?”
Now, I have no idea where this imaginary correlation between the size of the work and the price of the work came from. I think it’s kinda crazy.
By that yardstick, muralists should be millionaires.
Here would be some examples of my criteria for deciding if my painting were worth $500 —
1) Is this painting more inspiring and transformational than $500 of therapy?
2) Does this painting raise my spirits more than $500 worth of wine?
3) If I look at this painting twice a day for 10 years, will it give me six cents worth of joy each time (365×2=730 x 10 = 7300; 500/7300 = .068 : )
4) How many compliments will I receive on this work once it’s hanging in my home or office? If I get one a week for ten years, is that worth a dime for every admiring remark?
5) $500 is one medium-sized car repair; it’s two haircut with highlights (at least in LA); it’s three or four college textbooks, it’s five nice-ish date nights out with the spouse… you see where I’m going with this?
It’s not about price, it’s about VALUE.
So….what’s the value your work brings?
Art by Elisabeth Hoffman, www.hoffmannfineart.com.