Fine Art America back in the running
Late last year I did a lot of research into the pricing that some of the competition used on Fine Art America. That research seemed to suggest that I had been underpricing my work and so I changed all the prices and marked them up, especially for the larger print sizes. The theory was that those large prints were already expensive and so a few more dollars wouldn’t impact the buying decision.
Well, that move was followed by what seemed to be a long period with zero sales! So I changed my approach last weekend and moved back to my original pricing structure:
And lo and behold, I got a sale this week! And a large 40 inch canvas print at that. Under the “expensive” pricing scheme that I had for the first quarter of the year, my margin would have been $186. Under my new “cheap” pricing scheme, the markup was actually $100. When I think about it, I would be more than happy to get a $100 single sale on Shutterstock, so why try to take much more than that from a print buyer? The image in question was a very wide panorama of Hanalei Bay in Kauai – it turned out to be 40 inches by 6.8 inches, which I must admit is rather narrow. I hope it looks good with those dimensions!
So, one sale does not a summer make (yes there is some sort of phrase like that…), but it is a very nice sign. I hope my new relaxed pricing will generate some more sales in the coming months!