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Author Topic: Print pricing dilemma  (Read 3755 times)
nairb
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« on: February 17, 2014, 02:20:22 AM »
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I've been gradually raising my prices as sales and expenses increase in the 3 years I've been making my main income from print sales in my ski town gallery, but I've been running into a bit of a dilemma with my best selling image which it seems is a rather iconic Canadian image. Prices have increased 10-25% per year.

Here's how I started producing my work a little more than 3 years ago: each size print, of which there are 4 sizes starting at 8x12", 12x18", 16x24", and 24x36", is numbered but not limited and is signed and dated on the back, and each size has started at #1. The smallest of this best seller is now at #45, and each size up is at about half the number of the previous size. So the 12x18"s are at ~#25, and the 16x24's at ~#12. The 24x36's I've sold 3 of in the last two and a half months and is now at print #10. My prints mostly sell loose/unframed as people are often travelling. Two of these iconic images have been shipped to the UK recently. One 8x12 and the other was a 24x36. The other thing that's happening is that many of these latest sales are being given as gifts to loved ones, which seems to indicate to me that the price could still be substantially higher... Many of these latest sales have been to those who have seen the image several times over the last 3 years but are just now deciding to buy. There is never any haggling over price either. They just buy at the listed price often without hesitation once they've decided.

The problem is that as the prices have increased across the board for all my prints, this one image is still selling, but the price is affecting sales of the other still great but less iconic images. So I'm struggling with how to adjust my pricing. Do I make special pricing for this one best selling print? Do I stop selling it in an open edition, and only sell larger sizes of it in a new limited edition?

Any advice is much appreciated.

edit - forgot to include current pricing (in Canadian $'s)...

  8x12 = $155
12x18 = $315
16x24 = $515
20x30 = $785 (I haven't yet made any of this iconic image at this size)
24x36 = $1085
« Last Edit: February 17, 2014, 02:45:09 AM by nairb » Logged
BrianWJH
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« Reply #1 on: February 17, 2014, 03:43:49 AM »
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Is it possible to differentiate the Iconic image by using different (probably more expensive) mounting or framing?

Limited editioning might the easiest route.

Brian.
« Last Edit: February 17, 2014, 03:46:52 AM by BrianWJH » Logged
Gary Damaskos
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« Reply #2 on: February 17, 2014, 08:02:33 AM »
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Popularity. Price based on popularity...or at least let it be an important influence on the price. Another version - new releases cheaper - for awhile - for a few maybe, and let the action that follows determine increases. Just don't make big big moves suddenly, make the moves in pricing proportionally (use common sense and intuition and reasoning). There are lots of ways to do a thing. fwiw2u.
Good luck.
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TrevorYoung
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« Reply #3 on: March 21, 2014, 04:16:16 PM »
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The best way to increase prices on prints is to come up with a method that won't surprise your costumers or makes them believe that the price increase was determined randomly. One way you can do this is by selling limited quantities in multiple runs. You would make it very clear to the costumers how many runs their would be and how many prints would be sold per run. In the descriptions of each print for sale, you would tell the costumers what run that print was at. What all this does, is it allows you to charge more for prints that are selling better than others, and it informs costumers why certain prints cost more than others. The idea is that when a print reaches the end of a run, the price will automatically increase to a price that has already been advertised on your website or at your gallery. What's great about this technique is that it creates buying triggers for you costumers. When they see that certain prints are on run two or more, it's going to be easier for them to convince themselves that their looking at a really nice photo and it might be worth paying more money for it. 
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Colorado David
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« Reply #4 on: March 21, 2014, 05:16:47 PM »
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Offer Duraplaq mounting and include shipping and handling.  http://www.duraplaq.com/
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iluvmycam
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« Reply #5 on: March 21, 2014, 06:05:29 PM »
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I've been gradually raising my prices as sales and expenses increase in the 3 years I've been making my main income from print sales in my ski town gallery, but I've been running into a bit of a dilemma with my best selling image which it seems is a rather iconic Canadian image. Prices have increased 10-25% per year.

Here's how I started producing my work a little more than 3 years ago: each size print, of which there are 4 sizes starting at 8x12", 12x18", 16x24", and 24x36", is numbered but not limited and is signed and dated on the back, and each size has started at #1. The smallest of this best seller is now at #45, and each size up is at about half the number of the previous size. So the 12x18"s are at ~#25, and the 16x24's at ~#12. The 24x36's I've sold 3 of in the last two and a half months and is now at print #10. My prints mostly sell loose/unframed as people are often travelling. Two of these iconic images have been shipped to the UK recently. One 8x12 and the other was a 24x36. The other thing that's happening is that many of these latest sales are being given as gifts to loved ones, which seems to indicate to me that the price could still be substantially higher... Many of these latest sales have been to those who have seen the image several times over the last 3 years but are just now deciding to buy. There is never any haggling over price either. They just buy at the listed price often without hesitation once they've decided.

The problem is that as the prices have increased across the board for all my prints, this one image is still selling, but the price is affecting sales of the other still great but less iconic images. So I'm struggling with how to adjust my pricing. Do I make special pricing for this one best selling print? Do I stop selling it in an open edition, and only sell larger sizes of it in a new limited edition?

Any advice is much appreciated.

edit - forgot to include current pricing (in Canadian $'s)...

  8x12 = $155
12x18 = $315
16x24 = $515
20x30 = $785 (I haven't yet made any of this iconic image at this size)
24x36 = $1085


Your getting good $, just price em for what the market will bear. Look on ebay. Lots of prints going for $10. Your in good shape.
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lumines
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« Reply #6 on: March 24, 2014, 11:34:14 PM »
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Reasonable, feasible, seasonable.

Is a set price a must? (or open to offers, bids, trades, barters, exchanges?) 










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lumines
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« Reply #7 on: March 24, 2014, 11:47:59 PM »
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Priced all the same, are they all the same to each individual? Pricing commodity or an unknown art.
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fotagf8
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« Reply #8 on: April 01, 2014, 11:14:24 PM »
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As an incentive, how about selling three (or whatever number you want) as a group, with let's say the cost being 3 for the price of two.  Try to package the three so there is a theme that would make sense in buying them as a unit and displaying them together.  That might be a way to make your other prints more attractive  vis-a-vis your in demand print.  It is also a way to better differentiate your other prints from your in demand print.
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