Pricing art can be tricky.
If the price is a bit high, the market will likely avoid your art entirely. You are left with a sinking feeling of spending time and energy on something that is worthless.
If you go too low, you’ll find your editions sell quickly…then get resold at a much higher price. You might feel exploited in this case because you fail to capture fair value for your hard work.
I believe it is healthy to let go of that feeling of exploitation when someone resells you work at a higher rate. Think about the psychology of an investor. If someone collects a piece that you price above the market value, they wont be able to resell for a profit. This means they’ll either have to hold onto the piece or take a loss.
If an investor takes a loss on your art, they will be much more cautious about collecting your future work. But if an investor profits, they’ll be eager to collect whatever you put out next.
Building a network of investors eager to buy your next collection is a great thing. That momentum helps validate the market and bring in new collectors. A bigger network equates to higher prices.
NFTs also have royalties baked in. So even if you make a huge pricing blunder and sell at 1/100th the market rate, you’ll still be able to capture some of the value from secondary sales.
In short, it’s much better to price art too low than too high.
