How to Effectively Display Prices on Your Art Work

When pricing your artwork, it's important to convey the value of your creations clearly and professionally. How you write out prices on your art price tags can play a significant role in how potential buyers perceive your work.

The Hidden Art to Price Tags

Tips for How to Effectively Display Prices on Your Art Price Tags:

1. Durability of the Tag:

Tags that fall apart, rip off easily, come untied or loose their stick are just no good. If your art needs to be transported to a location, is displayed outside, or will be handled by a prospective buyer a lost tag is a lost sale. Make sure to use sturdy tags that are lasso lopped onto the wire or hanging mount. Once you have found a way to attach your tags that's durable, with a style of tags that matches your aesthetic, stick with it.

Pushing a card into the frame's edge is a good way for a customer to quickly reference to the price, but because these can be pulled way, it is best to add a second tag with string to the back of your art. Think about the elements, where will your art be displayed? Will it be outside at a windy art festival? Or maybe your art will be in a large store where it will be unattended and customers will be handling it. Customers will pay no attention to detail if a price tag goes flying away. On the other hand, if there is no price clearly marked, and easy to spot or if they have to hunt for a tag they are going to put it down, and walk away.

2. Numerical vs. Decimal Format:

For prices with cents, you can use decimal notation, such as "$50.00" or "$100.50". This is the most straightforward and commonly used method. Simply write the price using numbers, such as "$50" or "$1000". For thousand dollar items skip the comma. $1650 is better than $1,650 because the comma is perceived as more expensive.

3. Ranges:

If your artwork varies in price depending on size, complexity, or other factors, you can use a price range to indicate the minimum and maximum prices. For example, "From $50 - $200".

4. "Starting at" or "From":

This is useful when you have a range of prices for similar items, such as different sizes of prints or editions. You can write "Starting at $50" or "Prices From $100".

5. "Per" Pricing:

If you sell items in multiples or sets, you can indicate the price per item, such as "$10 per print" or "$25 per set".

6. Discounted Prices:

If you're offering a discount or sale price, you can indicate the original price crossed out with the discounted price next to it, such as "$50 (was $75)".

7. Pricing by Size:

For artworks that vary in size, you can list the price based on dimensions, such as "Sm 8x10 - $50, Med 11x14 - $75, Lg16x20 - $100".

8. Clarity and Legibility:

Ensure that the price tag is easy to read and understand at a glance. Use a legible font size and style, and consider using bold or larger text for emphasis. Remember, many people can't see small print it's blurry for aging eyes. Bigger is better.

9. Informational Details:

Include any additional information relevant to the pricing, such as whether taxes are included, if there are any discounts for bulk purchases, or if the price is negotiable. Use abbreviation on item descriptions: Lg, Sm, and there are many more.

10. Popular Price Amounts: Why? A great way to learn price tagging is to actually go shopping, no really. Next time you are in a store take a look at how stores price new items vs. sale items. You may start to see patterns very quickly. Collecting price tags from things you have bought is a great way to learn the art of pricing.

Commonly Used Prices:

4.97

5.99

15.50

11.10

10.10

22.99

26.99

28.10

29.99

118.00

19.99

89.50

38.99

59.50

Pricing Strategies:

If saying the price out loud is a short phrase, like 'fifty-nine, fifty' for example, this is good!

Instant markdowns: ~~$139.99~~ $49.99.

Expensive items next to cheaper merchandise. A $10 candle next to a $80 dollar sweatshirt increased the purchase of more sweatshirts. This is the human brain in action.

20% off signs or higher percentages.

Did you know red ink is often used for men's items? This is because it signals to the brain a perceived value.

Add Abbreviations to Your Tag Descriptions

Common abbreviations we use are:
Sm/lg - Small/Large
ER - Earrings
Bt - Bottle
Antq - Antique
Vtg - Vintage
Xmas - Christmas
Blk/wht - Black/white
S&P - Salt &pepper
Pc - Postcard

High Percentage Sales Numbers Catch the Eye

What's up with the number 9? Such as Pricing it $9.99.

The Psychology of Pricing

The Psychology of Pricing is a fascinating field that involves the intricate ways in which consumers perceive and respond to prices. One of the most common pricing strategies employed by retailers is the use of psychological pricing, where prices are set strategically to influence consumer behavior and maximize sales. One classic example of this strategy is pricing items at $9.99 instead of rounding up to the nearest dollar.

The rationale behind pricing items at $9.99, known as "charm pricing," is rooted in the way our brains process numerical information. Studies have shown that consumers tend to perceive prices ending in .99 as significantly lower than prices rounded up to the nearest whole dollar. This phenomenon, known as the "left-digit effect," occurs because we tend to focus on the first digit of a price when making purchasing decisions. As a result, a product priced at $9.99 may be perceived as closer to $9 rather than $10, leading consumers to perceive it as a better deal and increasing the likelihood of purchase.

Additionally, prices ending in .99 are often associated with sales, discounts, or bargain pricing, which can further influence consumer perception and behavior. Even though the difference between $9.99 and $10 may be negligible in terms of actual cost, the psychological impact of that one cent difference can be significant in driving consumer purchasing decisions.

Beyond the allure of perceived savings, pricing items at $9.99 can also have a psychological impact on consumers' perceptions of product quality and value. Research has shown that consumers may infer higher quality or greater value from products priced at $9.99 compared to those priced at a round number, even when the actual product remains the same.

Ultimately, the use of charm pricing is a powerful tool employed by retailers to influence consumer behavior, drive sales, and maximize profits. By tapping into the quirks of human psychology and leveraging our cognitive biases, businesses can craft pricing strategies that appeal to consumers' perceptions and preferences, ultimately shaping their purchasing decisions in subtle yet significant ways.

One Last Tip:

Keep a spreadsheet including all of your completed art work, what you priced it for, what it sold for, and also notes about the sale like the buyer or where it was sold. This will not only help you with your taxes each year, but it will also help you consider doing more of what is working. Once your art work is sold, it's gone, and out there in the big world. At that point you are left relying on your memory for these important details, so keep a sales log, and happy crafting!

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