Losing Money
How does an Artist calculate the starting price of something they've created?
Are .99 Auction Starts still a thing?
6 comments
How does an Artist calculate the starting price of something they've created?
Are .99 Auction Starts still a thing?
mam98031
·2 years agoI never advise 99 cent auctions. They don't even cover the fees it takes to sell something at 99cents. I say never start a listing for less money that it actually costs you.
Figure out all your material costs, Ebay fees, etc. and try to get something for your labor if you can. Do some research to see what some similar items are selling for to get some ideas.
tobaccocardyahoo
·2 years agoAuctions are only suited for selling a relatively small group of selected items.
Many auctions do not get more than one bid.
If you can determine a starting bid which satisfies you, you are better off offering it as Buy It Now because that is easier for the buyer and takes less of their time.
linda7913
·2 years agoI have read articles from art appraisers that the price of the art is the material cost times three for your labor. So, if you spend $50 on materials, then three times that is $150. At that price, you will need to decide if you want to sell it for that amount.
You also need to factor in your time making it. Is the above calculation correct for the time it took you to make it? I crocheted an elaborate Queen Elizabeth I doll dress and cape from a pattern where the white pearls were crocheted into the dress, and the red, white, and green pearls (about 800 total) were hand-sewn to the dress over gold bead caps. That dress and cape from start to finish took 33 consecutive days from sunup to past sundown each day (no kidding!). I took a break from crocheting for a couple months after I was done. It is beautiful, but I calculated that my time would make it too pricey for the buyer. The three times the cost of materials just didn't cover the amount of time to make it.
As for auctions, I don't do any. 99 cents starting price was done back when eBay first started in the 1990s. What if you have only one bidder? You want to be sure that the minimum starting price is what you are willing to sell it for. Just as there is "buyer's remorse," there is a real possibility of "seller's remorse." If you want a "feel" for what your item is worth and you think multiple buyers will try to outbid each other for it, then an auction may be the right avenue. Just be aware that immediate payment is not required on auctions unless you set up that buyers have to declare their funding source prior to bidding. Then, automatic payment is generated by eBay.
You may want to read up all you can about the financial aspects of making art. You might also want to create a database to track your art. Name, date, materials cost, description, notes, etc. I do that with my dolls and their costumes that I make. That's how I can keep track of hundreds.
Whatever you decide is right for you, I wish you all the best.
ten_o_nine
·2 years agoNo Auctions at 99c, you know how much work and material you put into making them, add shipping and your profit and set the "buy it now" price. You can sometimes add auctions to attract viewers but not at 99., I wouldn't get up from my chair for 99c. Goodluck
penguins_dont_fly
·2 years agostainlessenginecovers
·2 years agoHow does one determine the value of anything? Time spent doing it. Either it's 'worth it' or 'it's not'.
We make 18" tall Wiseman (3) dolls with Joseph, Mary and Baby Jesus. They are garnished with fancy materials, jewels etc (the Wiseman) and take about 30 hours to make the set. If we can't get $600 ($100 materials and $500, we just won't sell them). So far, we've done zero advertising but word of mouth sold about 50 sets, making them only in November, 5 sets per year, for about 10 years (others have to wait until next year)
Makes for 'something creative' to do as well as some extra Xmas $$.
Regarding 'auctions' here:
Yes, those that either pay the additional fee for a 'reserve' start auctions at .99c or those that don't understand, start at .99c and when it sells for $3.85, they then 'cancel' the sale and eventually find themselves back to selling on the street corner since they don't understand how auctions work on this site.
The 'amount' wanted for a piece of art should START at the BOTTOM price someone wants.
And this goes for ANYTHING sold here.