Tags |
|
|
Links |
|
|
E-Folder - Pricing Your Artwork - What To Do, What To Do
Do you know the value of your work and how to price it? Probably not. As a publisher, distributor and consultant in the art world, I have personally reviewed the wor
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
k of thousands of artists over the last 30 years. In all of that time only a handful were able to say, “Yes” to that question.
Pricing art is actually not that dif
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ficult. It is basically no different than pricing any other product. The problem with artists pricing their own work is that they generally don’t view their work wit
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
the same eyes that other businesses do. This is because they are emotionally tied to their product.
Let me make it simple and easy. First, you have cost of materia
Let me make it simple and easy. First, you have cost of materia
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ls. Second you have cost of labor.
Such items as paint, brushes, canvas, and other supplies becomes your cost of materials. The cost of labor is the actual time spe
Such items as paint, brushes, canvas, and other supplies becomes your cost of materials. The cost of labor is the actual time spe
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
t in creating your image (product). Determine a value for your time $25.00 - $100.00 per hour. Add the cost of materials to the value of your time and you have a sta
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
rting price.
What you can do next is to take that price and check comparables. Comparables are works similar to yours in size, style or subject. You obtain comparab
What you can do next is to take that price and check comparables. Comparables are works similar to yours in size, style or subject. You obtain comparab
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
es by going to actual or online galleries, trade shows, fairs or festivals.
An interesting exercise would be to apply this to previously established pricing for you
An interesting exercise would be to apply this to previously established pricing for you
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
r work, and compare it to the formula provided above.
What should an artist do about “Wholesale vs. Retail?” First of all it is important that you fully understand
What should an artist do about “Wholesale vs. Retail?” First of all it is important that you fully understand
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
he difference. As the manufacturer of your product, you are the one who needs to establish both retail and a wholesale price for your art.
The retail price is the a
The retail price is the a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
sking price to consumers or collectors – the person purchasing your work to hang in his/her home or office. The wholesale price is the lowest price for which you are
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
willing to sell your product to a gallery or other retail entity. Usually the difference between the retail and the wholesale is 50%. So, if your retail price is $3
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
500.00 your wholesale price will be $1,750.00.
It is always better to price your work higher than lower. It is easier to start high and go down than vice versa.
Wh
It is always better to price your work higher than lower. It is easier to start high and go down than vice versa.
Wh
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
en selling your work directly to a collector or consumer, it is essential to protect the integrity of the retail price. Otherwise, you will be in direct competition
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ith your gallery affiliations. If you are still having difficulty with the pricing of your art, you can refer to the contact information in t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
tp://www.artmarketingbook.com">www.artmarketingbook.com. Art agents or consultants can be of great assistance to an artist struggling with the pricing and market
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ng aspect of the art world.
Remember that every year the cost of living increases and so should the price of your art. A good rule of thumb is to have a yearly incr
Remember that every year the cost of living increases and so should the price of your art. A good rule of thumb is to have a yearly incr
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ease of between 5 and 10%.
Finally, the second rule of thumb is to try and maintain objectivity and to apply the formula. It’s only natural that artists have emotio
Finally, the second rule of thumb is to try and maintain objectivity and to apply the formula. It’s only natural that artists have emotio
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
al ties to their work, but emotions can cloud their vision and dilute their business judgment.
Copyright usage: No permission is needed to reproduce an unedited cop
Copyright usage: No permission is needed to reproduce an unedited cop
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
y of this article as long the About The Author tag is left in tact and hot links included. Comments or questions can be sent directly to Arnold White swhite@DC.RR.co
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.e-folder.org.ua/article/44148/e-folder-Pricing-Your-Artwork--What-To-Do-What-To-Do.html">Pricing Your Artwork - What To Do, What To Do</a>
BB link (for phorums):
[url=http://www.e-folder.org.ua/article/44148/e-folder-Pricing-Your-Artwork--What-To-Do-What-To-Do.html]Pricing Your Artwork - What To Do, What To Do[/url]
Related Articles:
Incorporating Your Business - Who Should You Choose to Do It?
Bookmark it:
|