Do you find yourself torn between setting a reasonable price to sale your hand-poured artwork? Is your unique pour not exactly flying off the Instagram shelf? Do you spend countless hours melting and pouring only to lower your price in order to sell? We can help!
Creating a sales point for your hand-poured silver can be challenging. There is a multiple of factors that contribute to the sales point of a product. But first, It is important to define why you are selling your silver in the first place.
In the summer of 2019, I started melting and pouring silver. I’ve had weekend sales from $300 all the way up to $800; as well as weekends that produce zero! But with clarity in mind, I defined my reason for melting, pouring, and selling which is, for some extra cash. I am not trying to quit my day-job, (yet), or become rich overnight. But having extra cash around for weekend grilling or movie night without having to pull from my account really helps me out. Furthermore, the process of melting and pouring is therapy for me. It’s like the alcohol beverage or evening cigarette after a hectic day.
One thing that I factor in my price is the spot price. The spot price determines the value of precious metals at the current time. Today for example, Kitcom.com reports the spot price for silver is 27.64. However, consumers do not buy silver at 27.64 due to online bullions charging higher prices or premiums in order to make a profit and stay in business. I’ve been saying it for years the spot price is not respected and here is one of the reasons why. Your starting point for silver is the price you bought it for, not the current spot price. So if the spot price is 27.63, however you bought your silver at 32. per ounce, you start from 32. per ounce, not 27.63.
Next, and I love talking about this factor, I determine the price by the process it takes from start to finish. Like I stated earlier, the process of melting and pouring silver is like therapy to me. It begins with seeking and buying silver at the best price possible. Then determining if I’m going to be pouring into graphite or clay. Next what kind of stamp will I be using, and what platform will I be selling on for this particular pour. As you can see, not one spec of silver is melted before I answer a few questions first. Without going into the step-by-step process of melting and pouring, I think can you conclude that an extra 1. to 4. dollars be added on. So let’s say $2. is a good fit to be compensated for the “process.” That would put my silver piece at $34.
Another factor in deciding how to price your hand-poured silver is time. Time is truly my number one asset. And it is not the time it takes me to melt and pour, it is the time it takes away from my son and my family to melt and pour. So depending on how long the process takes, taking time away from my family, kids, and relationships, will determine how much more money I add. Let’s say I melt and pour in one afternoon or a couple of hours. I would add a minimum of $3 to the $34 price point making it $37.
Finally the eye test. This is everything you assume it to be. I ask myself, how would this piece look in someone’s collection? How common is this piece? How much time did you spend on the process? How many did you make of this particular piece? And most important, how much do you feel someone would pay for this particular item? With that said, I take on another couple of bucks and my silver price point becomes $39. to $40. per ounce. That totals to an $8 profit, then multiply that by the number of ounces I melt, which is around 32 ounces per melting session or sessions, and that’s roughly $250 profit. Exactly the amount of extra cash I like to have on hand going into a summer weekend with family and kids.
Now of course the way I price my silver isn’t gospel, but my goal is to help you start thinking or re-thinking the price of your hand-poured silver. Remember your silver is unique in that you are the only one who poured it. No one else can get an exact pour like yours in the world!