Over the years many artists and photographers asked me about how to price ones artwork. Original artwork is difficult, but, for prints I found it a lot easier. Whatever the printer charges you, double it, if you are going to be supplying a gallery or dealer because they will double it. If you are going to sell direct then charge what the Gallery or dealer would sell for.
There are many factors to consider when pricing your artwork as an artist. Here are some things to keep in mind:
Size and Complexity: The size and complexity of the artwork play a significant role in pricing. Generally, larger and more intricate pieces tend to command higher prices compared to smaller and simpler ones.
Materials Used: Take into account the materials used in creating the artwork. Some materials, such as oil paints or gold leaf, are more expensive, and this cost should be reflected in the pricing.
Time and Effort: Evaluate the amount of time and effort you invested in creating the artwork. This includes the creative process, research, and any specialized techniques or skills required.
Experience and Reputation: Your experience and reputation as an artist have an impact on pricing. Established and more experienced artists can often charge higher prices for their work.
Market Comparisons: Research the market to understand what similar artworks by other artists are priced at. This can provide valuable insights into setting competitive prices.
Financial Goals: Consider your personal financial goals and the income you need to generate from your art practice. Your pricing should align with your financial objectives.
To establish an effective pricing strategy, you can consider several formulas:
Hourly Rate + Materials Cost: Calculate the time spent on the artwork and the cost of materials to determine a base price.
Square Inch Pricing: Multiply the size of the artwork in square inches by a predetermined dollar amount per square inch.
Comparable Pricing: Compare your artwork's price to similar pieces by other artists in the market.
Regardless of the formula you choose, it's important to have confidence in your pricing decisions. Seek advice from fellow artists if you have doubts, and remember that you can adjust your prices as your career progresses.
Here are some additional pricing tips for artists:
Consistency: Once you've set a price for your work, maintain consistency to build trust with buyers.
Flexibility: Be open to negotiation, particularly when selling to friends or family members. Flexibility can lead to successful transactions.
Discounts: Consider offering discounts for bulk purchases or to repeat customers as a way to encourage sales and foster customer loyalty.
Promotion: Actively promote your work through various channels such as websites, art fairs, and networking with fellow artists. Effective promotion can help you reach a broader audience and justify your pricing strategy.