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I - Pricing Your Work (Read 6,328 times)
 
Ric Rountree
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Re: I - Pricing Your Work
Reply #15 - Nov 8th, 2007 at 2:52pm
 
Magnanimous;

I will defer to others on this site more knowing than I to respond to your questions, since I'm newer at this than you are.  However, I do have a recent experience I can share with you and others.  I made a lot of the Sea Urchin ornaments I posted on the gallery.  (The shells were cheaper in batches of 10 and I wanted several colors, and I liked making them).  I thought they turned out ok so I prepared an inventory sheet and placed price tags on them and took 15 of them by a local gallery.  The manager seemed pleased with them and hung them on their christmas tree for display.  Unsure of my quality and wanting to test the market, I priced them at $10.  I went back today to check on them and the Manager said you need to raise your prices.  I inquired why, and she said all 15 of the ornaments I left had been sold.   I asked what she thought the price should be and she said double it.  I still don't know if that is a good price, but I have a few shells left and plan to make 10 more and take back at $20 to see what happens.  I'm not making a lot of money, but I hope it will start to get me some reconition and when I do start to create some good stuff, have a place to try to sell it.  This Gallery retains 25% commission of the selling price.
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Re: I - Pricing Your Work
Reply #16 - Nov 8th, 2007 at 9:22pm
 
Thanks roundwood! but one question? how did you approach the gallery owner, did you just walk in or did you send an email. just curious
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Re: I - Pricing Your Work
Reply #17 - Nov 9th, 2007 at 2:58am
 
Ric Rountree wrote on Nov 8th, 2007 at 2:52pm:
Magnanimous;

I will defer to others on this site more knowing than I to respond to your questions, since I'm newer at this than you are.  However, I do have a recent experience I can share with you and others.  I made a lot of the Sea Urchin ornaments I posted on the gallery.  (The shells were cheaper in batches of 10 and I wanted several colors, and I liked making them).  I thought they turned out ok so I prepared an inventory sheet and placed price tags on them and took 15 of them by a local gallery.  The manager seemed pleased with them and hung them on their christmas tree for display.  Unsure of my quality and wanting to test the market, I priced them at $10.  I went back today to check on them and the Manager said you need to raise your prices.  I inquired why, and she said all 15 of the ornaments I left had been sold.   I asked what she thought the price should be and she said double it.  I still don't know if that is a good price, but I have a few shells left and plan to make 10 more and take back at $20 to see what happens.  I'm not making a lot of money, but I hope it will start to get me some reconition and when I do start to create some good stuff, have a place to try to sell it.  This Gallery retains 25% commission of the selling price.

In a 25% Gallery, I treat it as though I want a 30% overall GPM.  In order to do that, I take what I have in it, add my needed profit, and multiply that x 1.5.  After that I add the 25% of selling price in.  Galley pricing is entirely different for me, because I'm usually the only turner in the galleries I'm in.  i'm lucky in that manner.
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Re: I - Pricing Your Work
Reply #18 - Nov 9th, 2007 at 3:19am
 
magnanimous wrote on Nov 7th, 2007 at 6:06pm:
sorry i am straying away from the subject a little but i see a few mentions of having pieces sold in galleries. i have been told by my flat woodworker friends that i should submit my work to galleries, I was just wondering one if my work is really good enough for a gallery and secondly how do you approach a place like that to buy your work?

Generally, you pound the pavement.  You visit galleries, see if they fit your style, and approach the owner(s).  You talk with them about their clientèle, and get a feel for the general population that utilizes the gallery.  After that, you bring your work (work that would fit in the gallery) and show them what you've got.  Generally, I don't press, I tend, more than anything now, to do photo submissions of my pieces when trying to get in a new gallery.  There are several in the area that have requested my work, but they just don't fit my market.  Don't get me wrong, I'm not saying that my work is Like Chris', because it isn't.  It isn't priced the same, nor is it going to hit the same market as his. (I'm using you because I will own at least one of your large forms someday)
When that's all said and done, you work out an arrangement to rotate what is in the gallery if it isn't sold.  Sometimes, you are lucky and pieces sell right away, sometimes they don't.  That's the way it goes.
I'm fortunate, now, that I have two galleries that are on purchase order.  They buy from me, then resell it.  If they have a piece that doesn't move, I will buy it back from them, no problem.  I like this, in that I get my money upfront, and know where I stand with it.  No chance that I am going to get shafted by someone talking a clerk down in price ( it has happened in the past... a "quantity discount").  Not everywhere is going to do this, and most certainly not when you are first starting.
If a piece hasn't sold in a month, get it out, and get something new in.  Plain and simple.  Two reasons, it might not be the right piece, but you start to do that a few times, and it creates a sort of, "Hey, that guys work is selling, maybe we should look at them a little harder." from the patrons that frequent the gallery.
As far as gallery pricing goes, if you are selling within a couple days, your prices need to go up.  If it is over a month ( as a rule where I am...plenty of room for adjustment in the beginning phase) It needs to drop.  NEVER drop the price on a piece immediately, and leave it in the gallery.  Rotate it out for a month or two, then try again at a lower price.  Chances are you'll get that person that looked at it before to look a little harder. (MOST of the time, people won't truly realize that it is the same piece.  They think it is one similar.)
Above all, give it time.  There are a lot of different aspects to galleries, and it takes a lot of "face time" to become established.  We aren't all Rude Osolnik, or Mark Damron, or Dave Bowers, or Keith Thompkins; familiar names to us all, but even more familiar to the buying public in their markets.  Those guys, and guys like them, have really busted their collective butts to reach the level at which they are turning, and the level at which they are selling pieces.  ( I pulled those names out of a hat, because...well...I respect those guys and like their work.)  It takes time, and hard work.  Not hard work only turning, but following up on your calls.  making sure that lighting is correct for the piece, making sure that yu aren't stuck back in a corner that people think leads only to storage.  A LOT goes into it, and you have to have a handle on every aspect of it, you have to be willing to make some sacrifices, and you have to be willing to step in the gallery and sell the pieces if you need to.  Sometimes I've moved pieces in a gallery by stopping in and on the off chance someone would be looking at a piece.  Many times, if they are a collector or enjoy the aspect of woodwork in general, they will ask you questions, and gain a new appreciation.  I have one person that I have to call every time a new piece goes in, because I did that.  They bought one of my first pieces in that manner, and now they expect first showing of new.  I am more than happy to accommodate that, because they buy.  Plain and simple.
Anyhow, that's my little rambling, shambling, sometimes egomaniacal, take on galleries, and getting your work in them.
Remember one thing above all.  It takes a lot of work with galleries.


Edit: I know there are some guys here that can add to this, and I hope they do, because I know I've left things, important things, out.  It is inevitable, that's just the way it goes.
And, as always, your mileage may vary... free advice is worth what you paid for it...grain of salt...ALL of those apply.  Its late and I'm tired.  I'll try to revisit this tomorrow when I'm at least mildly coherent.
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« Last Edit: Nov 9th, 2007 at 3:23am by JDLanger »  

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Ric Rountree
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Re: I - Pricing Your Work
Reply #19 - Nov 9th, 2007 at 10:37am
 
magnanimous wrote on Nov 8th, 2007 at 9:22pm:
Thanks roundwood! but one question? how did you approach the gallery owner, did you just walk in or did you send an email. just curious


I went in and looked around and struck up a conversation with the person and it just happeded she was the manager.  I went in a second one and did the same thing, but the she was only a sales person.  She gave me a card with the owners name and invited me to give him a call.  I have not followed up as yet.
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Re: I - Pricing Your Work
Reply #20 - Nov 9th, 2007 at 6:53pm
 
thanks! roundwood and hooligan, i have probably been spending way to much time wondering how to approach galleries about my work. i guess i just gotta to it the old fashion way and hit the pavement.
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« Last Edit: Nov 9th, 2007 at 6:55pm by magnanimous »  

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Anthony Yakonick
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Re: I - Pricing Your Work
Reply #21 - Nov 18th, 2007 at 12:22am
 
One other note, gallery or craft show, your prices should be the same. Never undercut a gallery, if they find out your gone.
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Ric Rountree
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Re: I - Pricing Your Work
Reply #22 - Nov 18th, 2007 at 5:08pm
 
Anthony;

Thank you for the comment.  I would not have thought of that.  I was actually under the false assumption that craft show prices were always lower because of the market you were selling to.

RW
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jacen68
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Re: I - Pricing Your Work
Reply #23 - Dec 11th, 2007 at 9:43am
 
Here's a good question, how many people go into a car dealership and pay what the sticker on the window says? 
Some people only shop to get a good deal.  it's not about weather they wanted it or not, but how much money they were able to save.
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Take care and have fun, &&Jason
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Re: I - Pricing Your Work
Reply #24 - Dec 15th, 2007 at 6:42pm
 
jacen68 wrote on Dec 11th, 2007 at 9:43am:
Here's a good question, how many people go into a car dealership and pay what the sticker on the window says? 
Some people only shop to get a good deal.  it's not about weather they wanted it or not, but how much money they were able to save.

I never haggle, I will offer discounts for multiple items but to haggle is flea market mentality.
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Re: I - Pricing Your Work
Reply #25 - Jan 3rd, 2008 at 10:10am
 
I've been selling my pens between $18-$22 S&I in the lower 48. The price is approximately double my cost & includes the S&H. $9 for the kit/blanks x 2 plus $3 to S&I. I also give a 10% discount for orders of 3 or more since shipping doesn't rise much for more than 3 pens in a bubble envelope. Amboyna Burl & Afzilia Snakeskin make beautiful pens & they are popular woods for me. Having said that I charge to the upper end for them. I'm new to this also but I've had good luck selling what I've been turning.

HTH

BTW-- These prices may be too low but I'm having a lot of fun doing this
AND
it pays for itself unlike my turkey hunting addiction!! Grin Grin

Great post & very informative!! Wink
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« Last Edit: Jan 3rd, 2008 at 10:11am by Glen Shaffer »  
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Re: I - Pricing Your Work
Reply #26 - Jan 3rd, 2008 at 11:53am
 
Yikes!

I sell basic custom slimlines for $50 and basic cigars for $60. I alway use nice wood.

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Ric Rountree
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Re: I - Pricing Your Work
Reply #27 - Jan 3rd, 2008 at 12:15pm
 
Ron Sardo wrote on Jan 3rd, 2008 at 11:53am:
Yikes!

I sell basic custom slimlines for $50 and basic cigars for $60. I alway use nice wood.



Wish I had your market!   Cry  I put some streight slim lines in a gallery prior to the Holidays for $28, Custom Slim Lines $35  and El Grande for $58.  Top quality wood and good fit and finish.   I have not heard that any have sold as yet.

Ric
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Re: I - Pricing Your Work
Reply #28 - Jan 3rd, 2008 at 8:24pm
 
Ron Sardo wrote on Jan 3rd, 2008 at 11:53am:
Yikes!

I sell basic custom slimlines for $50 and basic cigars for $60. I alway use nice wood.




I charged $40 and $50 this year and had several customers say they would pay more.  My bottle stoppers went from $35-60 and no one balked at that either.
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Re: I - Pricing Your Work
Reply #29 - Jan 4th, 2008 at 8:07am
 
WOW!! $30 for mine was too much. I couldn't sell any at that price.  I'm glad you can get that price for your work tho.  Cool

Maybe someday I'll make it that far. Wink  Until then I guess I'll have to graduate up to that price.
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