Old Black Man Helping Others Art Studio 160 by 1200
Pricing artwork is one of the well-nigh complex tasks that emerging artists face, especially when they first brainstorm to work with galleries and start to establish their art business organisation. It's easy to see past reading fine art business articles and books on art marketing that the opinions of the experts on how to price your artwork vary.
To brand it fifty-fifty more complicated, we artists sometimes price with our emotions. Some artists overprice their piece of work in lodge to print viewers, hoping to brand the artwork expect more than valuable. Sometimes this works, only usually just when the collector is naive or when the artwork is spectacular and gets the attention of serious collectors.
When I cost with my emotion, I tend to lower my prices because I feel lamentable that the collector has to spend so much. Now, don't get on me for this … it's the truth. I'm an empathetic blazon, merely I need to be careful to not price my work based on how I experience almost it or collectors. In other words, I need to await at how to sell and price my artwork objectively.
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Putting emotions aside, let me share a simple formula that many of my professional artist friends have used when commencement starting to sell their work. I still use this formula. Retrieve that the toll of your artwork reflects your position and reputation in the fine art-selling world more than than what your art looks like. If yous're relatively unknown to collectors and don't accept many credentials you lot actually tin't get the aforementioned prices as artists who do have won competitions or shown in galleries.
When you're first starting out, it's a expert idea to make your piece of work as affordable as you tin while being able to make a small profit. Don't charge so little that you don't break fifty-fifty. Call back that galleries often take a 50 per centum commission from sales, so y'all'll have to take that into consideration.
Cost Your Artwork with this Formula
i. Multiply the painting's width by its length to arrive at the total size, in square inches. Then multiply that number by a set dollar corporeality that'south appropriate for your reputation. I currently use $6 per square inch for oil paintings. Then calculate your cost of canvas and framing, and and so double that number. For example: A 16"-x-20" oil-on-linen landscape painting: 16" ten 20" = 320 square inches. I price my oil paintings at $vi per square inch. 320 ten 6 = $i,920.00, and I circular this downwardly to $1,900.
two. My frame, canvass and materials cost me $150.00 (I buy framing wholesale). I double this cost so that I'll get it all back when the painting sells at the gallery. Otherwise, I'1000 subsidizing the collector past giving him or her the frame for free. $150 x 2 = $300.
3. Then I put it all together: $ane,900 + $300 = $two,200 (the retail price). When the painting sells from a gallery, my cut after the 50 percent commission is paid comes to $950 for the painting and $150 for the framing, for a total of $one,100.
For much larger pieces, I'll bring the toll per square inch downwards a notch … maybe a dollar or two lower so that I don't price my work beyond what my reputation can sustain. Alternately, for smaller works, I'll increase the dollar per square inch because pocket-sized works take nearly as much effort equally larger works, and I need to be compensated for my expertise, fifty-fifty when the piece of work is miniature.
This is non the only way to price your artwork, just information technology'southward one that keeps my prices consistent. Proceed in listen that my prices were much lower 10 years ago when my artwork was relatively unknown to collectors. Information technology's important to note here that when I have a great selling twelvemonth, I raise my prices by 10 percent. When the economy is poor or my sales are slow, I don't raise prices at all.
I hope this will give y'all a identify to start. If you're just selling at local outdoor shows and are entering the art marketplace, I would suggest that yous keep your dollar corporeality much lower than mine. I've been selling my work for 14 years. There are means that I could increase the worth and therefore the price of my art, but I'll talk about that in a later weblog mail.
- Lori
Lori Woodward is a talented artist who non only sells paintings, but creates informational blogs for the art community. To learn more than from Lori and read more about working every bit an artist, visit her website, here.
Source: https://www.artistsnetwork.com/artist-life/a-simple-formula-for-pricing-artwork/
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