I've been gradually raising my prices as sales and expenses increase in the 3 years I've been making my main income from print sales in my ski town gallery, but I've been running into a bit of a dilemma with my best selling image which it seems is a rather iconic Canadian image. Prices have increased 10-25% per year.
Here's how I started producing my work a little more than 3 years ago: each size print, of which there are 4 sizes starting at 8x12", 12x18", 16x24", and 24x36", is numbered but not limited and is signed and dated on the back, and each size has started at #1. The smallest of this best seller is now at #45, and each size up is at about half the number of the previous size. So the 12x18"s are at ~#25, and the 16x24's at ~#12. The 24x36's I've sold 3 of in the last two and a half months and is now at print #10. My prints mostly sell loose/unframed as people are often travelling. Two of these iconic images have been shipped to the UK recently. One 8x12 and the other was a 24x36. The other thing that's happening is that many of these latest sales are being given as gifts to loved ones, which seems to indicate to me that the price could still be substantially higher... Many of these latest sales have been to those who have seen the image several times over the last 3 years but are just now deciding to buy. There is never any haggling over price either. They just buy at the listed price often without hesitation once they've decided.
The problem is that as the prices have increased across the board for all my prints, this one image is still selling, but the price is affecting sales of the other still great but less iconic images. So I'm struggling with how to adjust my pricing. Do I make special pricing for this one best selling print? Do I stop selling it in an open edition, and only sell larger sizes of it in a new limited edition?
Any advice is much appreciated.
edit - forgot to include current pricing (in Canadian $'s)...
8x12 = $155
12x18 = $315
16x24 = $515
20x30 = $785 (I haven't yet made any of this iconic image at this size)
24x36 = $1085