Episode 24 - Increasing PRICE POINT & the Ethics of doing so (w/ Jack Thomas)
Nov 27, 2024
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Explore the intricate art of pricing in the creative world. Dive into the ethical dilemmas artists face when raising their prices. Discover personal anecdotes about pricing strategies in woodworking and printmaking. Unpack the balance of perceived value and market demands in selling handmade goods. Join a spirited debate about accessibility versus profitability for artisans. Plus, hear insights on the unique value of skill in crafting and how scarcity affects pricing.
Establishing a pricing formula that includes material costs and hourly wages can provide clarity in determining art's value.
The ethical implications of charging different prices based on clientele must be carefully navigated to maintain market integrity.
Understanding the selling context and audience expectations drastically influences pricing strategies for artists and creators.
Deep dives
Introduction to the Guest
The episode introduces Jack Thomas, an artist and creativity coach with a strong background in fine arts. Her passion for understanding the complexities of art and its societal intersections reflects her deep commitment to the field. Jack’s curiosity and professional experience position her as a valuable voice in the discussion surrounding creativity and pricing in art. The hosts express their admiration for her insights, which have led to a collaboration after she created impactful reaction videos to a previous topic discussed on the podcast.
Determining and Increasing Price Points
The conversation revolves around how to establish and increase price points for creative work. Jack outlines a simple pricing formula used in printmaking, where the cost of materials and hourly wages are calculated to determine the final price. This leads to broader discussions on the challenges of pricing in fields like woodworking, where no standard formula exists. The importance of market demand and audience perception is emphasized, highlighting that pricing can fluctuate based on location, clientele, and market exposure.
Ethical Considerations in Pricing
A significant part of the episode touches on the moral implications of pricing art and craft. Jack warns against pricing work too low, as it can devalue not just the individual piece but also the market as a whole. This ethical dilemma raises questions about whether it's acceptable to charge wealthy clients higher prices while potentially excluding others from access to quality art. The hosts explore the balance between sustainable business practices and making art accessible, ultimately suggesting that artists must find a personal balance in their pricing strategies.
The Role of Audience and Market Position
The hosts delve into the impact of the market and audience on the perceived value of art and handmade goods. They discuss how the location of sales—whether in craft fairs or high-end galleries—can drastically affect pricing strategies. Jack shares insights about how the context of selling, such as festivals and galleries, shapes client expectations and the overall value of pieces. This discussion suggests that knowing your target audience and selling environment can lead to more informed pricing decisions.
Navigating Trends and Demand
The episode examines the relationship between trends, marketing, and the pricing of art. Jack notes that while creating trendy items might attract buyers, artists should retain a distinct style to encourage long-term clientele. The discussion emphasizes the importance of not succumbing to the pressure of trends, as authenticity and individual style ultimately hold more value. The hosts also acknowledge that the perception of exclusivity can elevate the value of artistic pieces, illustrating the nuanced nature of modern art pricing.
Do you want to earn more money for your work? Do you struggle to set prices and get nervous thinking about asking for more money? When you do charge more, do you feel ok about it? Today we discuss the many ways one can RAISE PRICE POINT as an artist and then have a short but spirirted session of WIB's DEBATE CLUB where Erik and I debate the ethical and moral implications of doing so. Joining us for this episode is the amazing fine artist, educator, and documentarian JACK THOMAS! She'S smart, witty, experienced, and hilarious and adds a wonderful piece to this conversation.
