Pricing your artwork should not be an over-complicated procedure, but often it is the source of significant anxiety. There is a relatively easy formula to determine where to start.
- Start with the total costs of the materials used. Use the relative cost of the materials used (for example, if you only used a third of a can of paint, then divide the cost by three)
- Track the amount of time you actually spent creating the artwork.
- Multiply the number of hours by the rate you would charge per hour as a professional art consultant commensurate with your number of years of experience.
- Multiply the result by a multiple based on your overall experience. This is typically between 2 (just starting out) and 5 (top of your field).
It should look like this:
Price of Original Artwork = (Materials + (Time)(Hourly Rate)) * (Experience)
After you have made an estimate, check with your peer artists to see if you are within the standards for your type of artwork.
For derivative works:
- Highest quality (giclee prints or high-end reproductions) = 50% of original price
- Mid-grade quality (limited edition reproductions) = 30% of original price
- Low quality (one-off prints or reproductions) = 15% of original price
Of course, this is just a general rule to help you get started. It is important to note that you should never short-change yourself. You and your artwork have value. You should charge accordingly. If clients aren’t willing to pay you a fair price, then it is time to find new clients!
Looking for more opportunities to sell, exhibit, and promote your art? Check out https://SideArts.com artist promotion service and call for artists listings. Other helpful how-tos are published on the Side Arts blog regularly. Side Arts streamlines the promotion process. You provide information about your artwork. We create custom listings on Side Arts and tailored postings on social media which mention and link to your accounts - boosting your visibility.
Best of luck with your art!