Pricing formulas?

[John Grace]

I'm attending my annual art fair show this Saturday. In years past I've seen other turners use a formula of sorts to determine pricing: something like width x height x [something]. Does anyone have a starting point they can share with me? Much appreciated...john

 

[Dean Center]

I'm attending my annual art fair show this Saturday. In years past I've seen other turners use a formula of sorts to determine pricing: something like width x height x [something]. Does anyone have a starting point they can share with me? Much appreciated...john

If you do a search, you can find a few threads on this very question from 3-5 years ago. An instant answer!

 

[Richard Coers]

I am no fan of using other people’s formulas. Selling in Chicago or New York City is far different than in Peoria, IL. It takes one out of thousands to find a person that will spend $300 on a bowl in Peoria!

 

[John Grace]

I am no fan of using other people’s formulas. Selling in Chicago or New York City is far different than in Peoria, IL. It takes one out of thousands to find a person that will spend $300 on a bowl in Peoria!

Couldn't agree more. I sell at my local Farmer's Market with a mostly middle to lower upper class customer base. Most of whom prefer a utilitarian piece that they can actually use. I've always priced my pieces conservatively but also want to pay attention to ROI. A formula of width by depth by 2.2 is giving me a number at the high end of what I'm used to selling for.

 

[Holmes Anderson]

width x height x [something] is a good starting point with the "something" being a weighting factor from about 2 to 5 for geography, cost (if any) of wood, quality of work, and sales channel. That's a wide range but it's easy to calculate the "something" that other turners in your local area are using for the same channel. 2 is a very low multiplier for something made with purchased wood and sold wholesale or on consignment. The gallery owner will probably tell you to bump up the price.

 

[John Grace]

width x height x [something] is a good starting point with the "something" being a weighting factor from about 2 to 5 for geography, cost (if any) of wood, quality of work, and sales channel. That's a wide range but it's easy to calculate the "something" that other turners in your local area are using for the same channel. 2 is a very low multiplier for something made with purchased wood and sold wholesale or on consignment. The gallery owner will probably tell you to bump up the price.

Thanks...I now have to solve for 'X' and I'll be all set, John.