Pricing your art for Open Exhibitions - a review of a sample of exhibition metrics for 2024

This is all about how to sell the art that gets selected for an open exhibition by a national art society.

One of the ways in which artists can promote their art is by being selected for an open exhibition by a national art society. 

However, they help their profiles enormously and enhance their case for membership of a national art society if they can also demonstrate that their artwork is not only good enough to exhibit - but it also sells!

I personally find it very frustrating every time I visit an exhibition is to see good art which is overpriced - and which I know will not sell.

None of what I say applies to any artist who is not dependent on their artwork selling to have a normal life. If you have independent means, you can price however you like.

By way of contrast, what I say is crucial to the understanding of those artists who "need to know" how to achieve sales i.e. study the marketplace, what's on offer and what the price competition looks like.

UPDATE 31 December 2024: This post has now been UPDATED with reference to artists who sold more than one artwork - providing summary details of the type of art and prices of sold artwork.

Why artists get prices for their art wrong

Artists are very invested in their art. They often price in an unsound way which reflects motivations which have nothing whatsoever to do with selling art. 

The reasons for getting the price wrong are:

• thinking too much about the hours and effort put into a painting and not enough about whether that's marketable
• not visiting an annual open exhibition in advance of submitting an entry
• not observing the prices of the work which has sold - when your research can be done online
• not looking at last year's exhibition online - and noting the price bands where there are few sales
• not reading this blog! I've been banging on and on about the need to tailor prices to the marketplace for specific art galleries. 
• specifically in relation to the FBA Societies at the Mall Galleries
• specifically in relation to pricing just below and not just above important threshold prices i.e. the level at which people start thinking "No" rather than "Yes" 

Bottom line, your art is only worth an "inflated price" if you can find somewhere where it will sell at that price. Otherwise it's just numbers on a label and a painting which will be returned to you unsold.

I can by the way spot all the artists who have been reading this blog and have adjusted their prices and are now selling again after a fairly rough marketplace in recent times. :) 

While writing this post, I also noticed an awful lot of artists who used to sell well on a regular basis who are no longer doing so. Time maybe to review their strategy for getting their artwork sold?

2024 Annual Exhibition Sales Metrics by FBA Societies

Below you will find charts of sales at the 2024 annual exhibitions of the art societies who belong to the Federation of British Artists based at the Mall Galleries i.e.

• Royal Institute of Painters in Water Colours
• Royal Institute of Oil Painters
• Royal Society of British Artists
• New English Art Club
• Royal Society of Portrait Painters
• Pastel Society
• Royal Society of Marine Artists
• Society of Wildlife Artists

Each chart is the exact same size - which helps make each comparable with the others. However the numbers of sales by members/associate members and those selected via the open entry are

• identified by price range in which they sold 
• with a coloured column each for member artists and open entry artists
• with an additional total column for all sales in each price range

UPDATE 31.12.24.: I'm also adding in - under each chart - the names of artists who sold well (as in 2 or more sales) in the 2024 exhibitions. It is possible to identify the TYPE of art which can sells well. Of which more in the future....

Who are the buyers at the Mall Galleries?

I started characterising buyers at the Mall Galleries as being essentially "middle class, middle aged and middle income" some years ago. 

• They typically like buying artwork priced at less than £1,500 - and they like it even more if it is priced at less than a £1,000. 
• You should bear this in mind as you review the charts and commentary below and as you check the profiles of the price ranges of artwork sold in the charts below

Essentially annual exhibitions at the Mall Galleries are about affordable art for most of those who visit, view and buy art.

Royal Institute of Painters in Water Colours

They exhibited 450 artworks and sold 87 paintings (19%).

• members sold 47
• open entrants sold 40
• The top priced painting was £3,250

No open artist sold a painting for more than £1,000. 

There were a LOT of sales priced under £1000 with specific hot prices such as £650 and £450. Interestingly

• open artists dominated the below £500 category
• members dominated the £501-£1000 category

Unsurprisingly, watercolours are considered to be more affordable artwork - so long as artists produce suitable sizes and prices for them to be considered affordable. When they do, they sell like hot cakes!

Royal Institute of Painters in Water Colours
Annual Exhibition Sales Metrics - number sold by price range and type of artist

Artists who did well include:

• Member: Matthew Phinn RI RSMA - 2 x landscape paintings @ £1,700 and £550
• Member: Paul Talbot-Greaves RI - all landscape paintings 2 x £400 and 3 x £750
• Member: Hannah Woodman RI - two watercolour and gouache landscape paintings @£3,250 and £1,950
• Member: Geoffrey Wynne RI - all landscape paintings priced under £2000, sold 4 including 3 at £850
• Open Entry: Miranda Brookes - sold two landscapes at £650 each
• Open Entry: Sandra Doyle - sold two botanical art paintings (£750 and £425), which she could have sold again and again!
• Open Entry: Julia Groves - 2 x flower paintings @ £870 each
• Open Entry: Kate Osbourne - sold 2 x watercolour and gouache paintings about allotments @ £395 each
• Open Entry: Jian Yuan Ong - sold 2 @£400

Note the theme re subject matter?

SEE ALSO: RI Annual Exhibition 2023: Analysis of art sales metrics and pricing artwork for the future

Royal Institute of Oil Painters

The important things to know about pricing Affordable Art

The really important things to know 

about pricing Affordable Art

There are two things you need to know about pricing affordable art.

The first is that what the PUBLIC think is "affordable" is the only game in time.
It's emphatically NOT what the artists or the art galleries and art fairs think it is. 
That's because they're trying to make money for themselves so they have a huge incentive to call it "affordable" but then pitch the price high!

The second is that it's the PSYCHOLOGICAL VALUE of a number that really matters. A poll I ran revealed that

• Between 64-70% would buy art up to 500 (of whichever currency)
• Between 70-91% would buy art up to 1000 (of whichever currency)
• ONLY 9-10% would contemplate buying art above 1000 (of whichever currency)

The important thing is to identify what are the key hurdle prices which change behaviour. It's akin to the notion that you should always price just below an important hurdle price rather than just above.

IMAGE: My page about The Price of Affordable Art on my website Art Business Info for Artists

Why I got interested in the price of affordable art

I became very interested in the concept of affordable art - and its pricing - back in 2010 (post the banking crisis of 2008 and what followed).  

This was a time when a lot of art galleries were closing - mainly because people were not buying and/or because the people who ran the galleries were not good business people and/or they had no concept of risk management and made no provision for a difficult economic context

The main reason for my interest was that artists were trying to sell in a difficult economic context and kept getting their pricing wrong which meant their sales were also plummeting.

They very much needed to understand 

• what was deemed "affordable" and would still sell.
• what were the key hurdle prices within the range they considered affordable.
• how to avoid shooting themselves in the foot due to poor pricing practices.

We've now had 12 months of a very difficult economic climate with inflation and significant interest rate rises. It's not coming to an end any time soon - even if it has improved somewhat. We are still a long way adrift from where we were two years ago.

Bottom line - we are now back in the same territory as 2010 and the same issues and questions apply re. pricing.

What is an affordable price?

What is "Affordable Art"?

This is a discussion for artists, art galleries, art fairs and art dealers - over three blog posts today, tomorrow and Friday - about:

TODAY

• What is "affordable"?
• What is Affordable Art and how is it defined?

TOMORROW

• How to price Affordable Art - the really important things you need to know - find out:
• who determines what is affordable
• why people attach importance to specific numbers
• what are the big price hurdles and 
• how they can vary between countries

FRIDAY

• The importance of the minimum price to sales in open exhibitions

These all point in the direction of more information on this very important topic for all those trying selling art in a difficult economic context - particularly all artists, art societies, art fairs and art galleries.

________________________________________

What is "affordable"?

"Affordable" means something different to everybody, 

but generally means 'not expensive' relative to income

and can vary over time, place and economic context

It's a concept which relates to a very wide variety of products and services. 

"Affordable" is emphatically not the same as "cheap". 

Very often it means

• the price that people can "afford to pay" for a non-essential / discretionary good or service using any surplus income....
• AFTER other necessary / essential demands on their income have been covered 
• BUT it also depends on 
• how financially secure they feel; and 
• How big a financial 'buffer' they feel they need - and how much is left over for discretionary spending - and hence what feels "affordable"
• 
  

The importance of substitution within the economic context

What seems very affordable in one year can look much too expensive in the next IF essential demands on income have increased (eg mortgage interest rate rises; inflation rate increases)

In this context, people can still have budgets which allow some spending - but not so much as before. Which means "affordable" can have moving goalposts.

Practical examples include:

• people still have treats - but they are maybe not as big or as expensive (equivalent to still buying art - but at lower prices)
• people take staycations rather than holidaying abroad because they are deemed more affordable. ( equivalent to people buying art online rather than from galleries because it's a popular thing to do - and also because nobody needs to know you used to buy more expensive art elsewhere)

What is "Affordable Art" and how is it defined?

In the context of art, very rich people are still very rich and can still afford to buy expensive art. But this is utterly irrelevant for most players in the art marketplace.

In my view (and from observation), in a time of economic difficulty, something usually happens within the vast numbers of people on "middle incomes" who like art and have bought it in the past

• People who have bought expensive art in the past can 
• start trading down and 
• start buying more affordable art when they are feeling the pinch. 
• They're still buying art - but just not spending so much. 
• So they buy less (reduced sales)
• or they buy at lower prices (changing the range of prices they're happy looking at)

Plus let's not forget, many artists who sell their "more affordable" art online commented that they made MORE money during the pandemic than they had ever done because people had the money spare for small treats - and couldn't get into the art galleries who were typically also much less good at marketing online!

So what's my definition of Affordable Art?