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ABN a piece, but if the price is too low she be- gins to question her taste. Remember, pricing is arbitrary—your art is worth what you are asking for it. One last clichéd anecdote and then I'll move on: A jeweler was once asked what he did if a particular line wasn't selling. "It's simple," he replied, "I raise the price." 5. DON'T PRICE YOUR WORK AT LOCAL PRICES TO THE DETRIMENT OF NATIONAL SALES. "But I live in __ (fi ll in the blank), and in __ (fi ll it in again) we can't get the kind of prices you are talking about. We just don't have a strong art market here." First, it is amazing to me that I hear this exact line no matter where I am. I believe it is a variation of "the grass is al- ways greener" mentality, and it is a moot point. If you can't price your work where it should be priced simply because it won't sell in your local market, the solution is simple: Don't sell in your local market! You would be amazed by how many suc- cessful artists there are out there who do not sell their work in their hometowns. If you simply cannot sell your work in Cleveland because the art market won't bear it, fi nd galleries in markets that will bear your prices. 6. DON'T LOSE MONEY. T is commandment seems almost too elementary to mention, and yet it must be mentioned because it might be the most oſt en broken of these particular commandments. T e truth is simple, if a little harsh: If you are not profi table in your artistic endeavors, you are a hobbyist, not a professional. Track your sales closely and track your expenses. If there is no signifi cant margin between the two, it is time to determine how to cut your expenses or raise your prices. 28 I had an artist talk to me about sales several years ago, and I could hear the frustration in her voice. "I sold a tremendous number of pieces in the last 12 months and I was thrilled, until I sat down and did my taxes. I had worked myself nearly to death; 12-hour days in the studio, numerous shows and endless market- ing, only to realize I could have made more fl ipping burgers in a fast food restaurant." While painting may be more glam- orous than fast food, the point is well taken. And while it is tragic this artist's work wasn't bringing her the kind of income she probably deserved, what's even worse was her not knowing this until well aſt er the fact. Keep careful tally of the materials and time ex- pended in your work; then make sure you can recoup your costs when work sells, together with enough to compen- sate your eff orts. 7. DO NOT OVER-PRICE. I've spent a good part of this ar- ticle convincing you that your work is under-priced and that you need to profi t from your sales; now I need to hit you from the other side. I'm certain you've been pretty excited to learn you are underpriced and just need to raise your prices to start selling more. I stand by this strategy if you truly are under-priced, but don't overdo it! I have advised artists to increase their prices and watched in amazement as their valuations doubled or even tripled. Remember that once you have raised your prices you are married to them, especially if you have sold a piece or two. Raise your prices if nec- essary, but be reasonable about it—you can always raise them again in six months or a year down the road if your work is fl ying out of your galleries. In- cremental increases are most eff ective. 8. DON'T OVER-ANALYZE; IF YOU'RE STRUGGLING, JUST PICK A PRICE AND MOVE FORWARD WITH CONFI- DENCE. I am reminded of a young artist I met who was struggling with price. To solve the problem and end his insanity, he and his wife fi nally wrote a range of prices on a sheet of paper, cut the paper into small squares, folded them and placed them in a hat. T e number they drew became the factor by which they priced his work. I'll say it again: Pricing is completely arbitrary. Select a price based upon your competition, your profi tability and your goals. Once you have done this, get behind the price and push your work in markets that can bear the value. 9. REVIEW YOUR PRICING REGULARLY. Every year, either at the beginning of the year or at tax time, sit down and analyze the past year's sales. Look for trends in subject matter or sizes that sell well. Determine which of your galleries are your most profi table. Re-analyze your competition. T e equation at this review will be simple: If you are having a hard time keeping your inventory fresh in your galleries because they are moving too much work for you to keep up, it is time for you to raise your prices by 10 to 15 percent. ABN This is an ex- cerpt from "Starv- ing" to Successful by J. Jason Horejs. To learn more or order the book, visit www.xana- dugallery.com/ book. l WINTER 2012