I’m always interested in your thoughts on this topic and I agree with most everything you say here. When I started selling my work about 10 years ago I tried Robert Genn’s system of uniform pricing by size and annual increases. While it made perfect sense, it called for price leaps for my smaller paintings I couldn’t justify, particularly in the recession economy. So I settled on a more relaxed, intuitive version of his system that has yielded extraordinary results for me.
I do review my pricing annually and, based on the previous year’s sales, raise the price of my best-selling sizes by rounding up. For example, I sell a lot of 30 x 30s. In 2000, the price was $2000; today it’s $2500. The pricing on some sizes I simply leave alone until it seems time for them to go up. I publish an annual price list that I hand to serious lookers in my home-based Studio & Gallery.
I’ve observed that buyers seem to go art shopping with an upper limit in mind and I try to create work that will allow them to purchase at a level they’re comfortable with. For example, when the price of my 30 x 30s increased to $2500, I started offering a 24 x 24 at $2000. Now, both of these sizes sell well.
Because I’ve wanted to paint larger, I’ve created pricier paintings too. Now, my 30 x 40s ($3200) and 36 x 48s ($4000) sell well. I also have created several paintings that range between $6,000 and $9500. I’ve not yet sold one of these but there has been meaningful interest. Not one of the interested parties has mentioned price as an obstacle.
I’ve made my peace with the fact that a painting is a luxury item. Those with disposable income for art will frequently spend whatever it takes if they really want the piece. I’ve become comfortable with the notion that a lot of people who like my work don’t believe they can afford to own it. I’ve also noticed that some people I assume (based on my own limited beliefs) can’t afford to purchase art actually can and will if I don’t apologize for my prices. I also have a policy that states my willingness to make it possible (thru a variety of means) for anyone who loves a painting to own it. Occasionally someone who believes they can’t afford a painting will work with me to achieve ownership in a way we both win.
I see pricing as a great exercise in expanding my limited thinking about what’s possible. Just as I once stretched to sell a painting for $1000, when I (inevitably) sell one or two of those $9500 paintings, I will no doubt cross the Great Divide to 5 figures and, one day, beyond that. Meanwhile, time to get some painting done!