Pricing your art can be a challenging task – you would like to secure a price that represents the time and expense you have devoted to your work, but which is still reasonable and appealing to buyers. So, how do you do that, when there are so many different factors to consider? Read our guide about how to price your artwork.
Principles of Pricing for New Artists in the Market: Consider the Market
While it is obviously important to price your art pieces according their own merits, it is incredibly important to consider what is going on in the art world around you.
- Consider the pricing of other artwork similar to yours by artists with similar professional success.
- Compare your art in terms of size, style, and medium.
- Remain objective about your art and about where it is when considering the bigger picture. Invite someone who knows your work, but is not family, nor your harshest critic for that matter. You need an objective evaluation.Basic Pricing Strategy:
- Determine an acceptable hourly pay.
- Multiply this by the hours you have spent on creating the work.
- Add cost for materials
If, for example, you settle on an hourly pay of $20 and you have spent 20 hours on creating the work, and have used materials in the amount of $100, your calculation will look like this:
20 hours x $20 hourly rate = $400
Material costs = $100
Price for the artwork = $400 + $100 = $500
Tip: Expand your appeal and try to offer pieces in various price classes.
Principles for Pricing for Artists with Sales History:
Price you work based on your documented results, sales, and exhibit history. Art sales are not immune to the ups and downs of the larger economy. Artists must make the necessary price adjustment to reflect market conditions.
How to Price Your Prints (Limited Edition)
Fixing prices for limited editions is not much different from the strategy outlined above:
- How much does it cost to produce an edition of 30 pieces, and how many hours do you spend doing it?
- Divide this by the number of pieces to get the price per unit.
Remember that ideally all editions need to sell out!
When Pricing Your Prints, the Two Primary Price Factors are the Following:
- Print type and quality
- Quantity – If only 10 prints are made, this is more exclusive than an edition of 30 pieces. Therefore, the 10 pieces should be priced higher
Other Factors to Consider
- Your exhibit success and other achievements in the art world
- How long have you been selling?
- Additional costs, including commission for galleries, also needs to be taken into consideration.
- If you sell the majority of your works over a longer period, you should consider adjusting your hourly rate upward or factor in a price increase of 10% on your existing artwork.
- Can you justify the price? Can you break it down and explain it to another person? If not, it may make sense to review your pricing.