Increasing artist prices: 5 justifications that work

I've seen 80% of the artists I coach hesitate to raise their prices, even when they have accumulated major markers. Three reasons come up:

• Fear of losing loyal buyers
• Imposter syndrome ('I haven't changed, why should my price change')
• Lack of methodology to announce the increase

None of these reasons is valid. Your loyal buyers understand the increase if it's justified. The imposter in you gives bad advice. And the methodology exists.

Most solid justification. You just signed with a recognized gallery, received a CALQ or Canada Council grant, got published in authority media (La Presse, Vie des Arts), or entered a public collection. Each marker of this type justifies a 15 to 30% increase.

Example: you were selling a 24 by 30 canvas for $800. You sign with a recognized gallery. You can go up to $1,100. Sober, factual announcement.

If you sell 100% of your production within 60 days, your price is too low. Law of supply and demand. Increase by 20 to 30% and observe. If you continue to sell 70% in 60 days, your new price is good.

You have developed a new technique (larger formats, more complex layers, integration of new mediums). This evolution justifies a revaluation if it is visible and photographically documented. Announce with before-and-after to support it.

Prices for canvases, pigments, and wood increased by 20 to 40% between 2022 and 2025 according to suppliers. This increase partially justifies yours. Not to be used alone (weak commercial justification) but as a complement to another lever.

You decide to go upmarket: fewer works per year, larger, more expensive. This repositioning is communicated 6 months in advance. 'Starting in 2027, I will produce 12 works per year instead of 24, and my reference prices will increase by 40%.' This announcement stimulates purchases before the hike.

Empirical grid observed over 5 years at loriginal:

• 0 to 10%: Too slow, stagnation
• 10 to 25%: Normal, healthy progression
• 25 to 40%: Acceptable with major proof
• 40 to 60%: Suspicious if no strong marker
• More than 60%: Discredits except in exceptional cases

Over 5 years, doubling your prices is healthy. Tripling is ambitious but possible.

4-step method:

• Personalized email to your top 5-10 buyers, 4 to 8 weeks before the increase. Sober tone. You offer them a final window at the current price.
• General newsletter, 2 weeks prior. Factual announcement with no excuses. You explain the lever (new gallery, grant, etc.).
• Simultaneous update of all your prices on your site, networks, and sales tools. No inconsistencies during the transition.
• Short communication on social media, no more than 2 posts. You don't have to justify yourself publicly more than that.

• Avoid special rates for close ones. Friend discounts of 30-50% create two problems: your friends become your main buyer and cap your market value, and when a real client pays full price, they discover the discounts and lose trust.
• If you want to give a gift to someone close, give them an artwork. Not a discount on a sale.