Pricing your artwork
How good would it feel if someone said, "I love that! How much is it?" and you could answer without stammering?!
It would feel super-good!
Pricing your artwork can be confusing and upsetting, especially for artists just getting started to sell their work.
It's good to do some research to see what artists in your area are charging. Go to group art shows of local artists and look at the information on the title tags. Your instincts will react to prices that you think are misaligned with the work. Something inside you will say the price is either to high or too low for the work. Also remember the artist is probably not getting 100% of the sales price.
JUST FOR FUN:
Go to the "big dog" galleries to see what top selling artists are getting for their work and how the gallery sales person talks about the work.
Below are the 3 most common formulas pricing your artwork. I didn't invent these formulas. You can find them talked about and discussed in articles all over the web.
JUST FOR FUN:
Go to the "big dog" galleries to see what top selling artists are getting for their work and how the gallery sales person talks about the work.
Below are the 3 most common formulas pricing your artwork. I didn't invent these formulas. You can find them talked about and discussed in articles all over the web.
FORMULA 1: (for 2-dimensional artwork) Square Inch × Dollar Amount
To get the square inches of a painting, multiply the width of the work by the length. Next, multiply this number by a dollar amount. Then round to the nearest quarter or half hundred.
Finally, double the cost of your materials, including framing and/or display, and add it to the square inch dollar amount. Doubling the materials costs accounts for the time it takes to order or purchase the supplies, do the framing, or create the display.
Here is an example for a painting with a width of 11 inches, a length of 14 inches, a square inch multiplier of $2, and a material cost of $50.
- (11 in × 14 in) = 154 square inches
- 154 square inches × $2 = $308
- Rounded to $325
- $50 × 2 = $100
- $325 + $100 = $425
If the final amount doesn't feel right to you, choose another dollar amount per square inch and recalculate. If you are a beginning artist take that into consideration.
- (30in x 40in) = 1,200 square inches
- 1,200 square inches x $2 = $2,400
- $100 x 2 = $200
- $2,400 + $200 = $2,600
It's common to make the dollar amount per square inch get lower as the works get larger. If that seems complicated or annoying, take a look at formula 3.
Note: Different mediums or styles of work can use a different multiplier for the same size. For example your oil paintings might be priced higher per square inch than your mixed media pieces on paper. Your quick field studies might be priced lower per square inch than your studio pieces.
Personal Note: This is the formula I have used for a very long time. When I first used it I reversed engineered it. I started with the price I thought was appropriate for my most common size. I used that price to figure out the cost per square inch and then used that cost per square inch to determine the prices for my other size paintings.
Note: Different mediums or styles of work can use a different multiplier for the same size. For example your oil paintings might be priced higher per square inch than your mixed media pieces on paper. Your quick field studies might be priced lower per square inch than your studio pieces.
Personal Note: This is the formula I have used for a very long time. When I first used it I reversed engineered it. I started with the price I thought was appropriate for my most common size. I used that price to figure out the cost per square inch and then used that cost per square inch to determine the prices for my other size paintings.
FORMULA 2: (Hourly Wage × Hours Spent) + Cost of Materials
In this formula you price your artwork for your materials cost and the hours it take you to create it. This formula can be used with success by potters and creators of other 3-D work.
While it might seem to make sense in many ways to price this way. The reality is what artist or creative really tracks their time? Most artists don't work like plumbers, when we are painting or creating we are not watching the clock. That said, it wouldn't hurt to keep track of your studio time. :))
But if pricing this way gives you a sense of ease when pricing your work, then by all means keep track of your time and use it.
SIDENOTE: I use this formula to price my pottery. After awhile of keeping track, you know how long it takes to throw a large bowl, or glaze a piece and you don't have to be so vigilant about keeping track of time.
While it might seem to make sense in many ways to price this way. The reality is what artist or creative really tracks their time? Most artists don't work like plumbers, when we are painting or creating we are not watching the clock. That said, it wouldn't hurt to keep track of your studio time. :))
But if pricing this way gives you a sense of ease when pricing your work, then by all means keep track of your time and use it.
SIDENOTE: I use this formula to price my pottery. After awhile of keeping track, you know how long it takes to throw a large bowl, or glaze a piece and you don't have to be so vigilant about keeping track of time.
Here is an example for an artist who charges $20 an hour, works for 15 hours to complete a piece, and spends $50 on materials:
- $20 × 15 hours = $300
- $300 + $100 = $400
FORMULA 3: for 2-D artwork (Height + Width) × Cost per linear inch.
Linear inch pricing can be the easiest way to price if you have paintings of many different sizes. You pick one multiplier and use it for all sizes. Double the cost of your materials and add it to the final cost. As in formula 1, you can have different costs for different types of artwork.
Example: for a 8 × 10 inch painting at $10 per linear inch:
- 8 + 10 = 18 linear inches
- 18 linear inches × $10 = $180 + materials cost.
Example: for a 16 × 20 inch painting at $10 per linear inch:
- 16 + 20 = 36 linear inches
- 36 linear inches × $10 = $360 + plus materials cost.
Pricing Your Art Consistently Has Benefits
Having some kind of system for pricing your art gives you peace of mind and confidence.
It also keeps you from blurting out prices that you regret later.
Keep your prices in your studio log or on a price sheet.
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