How to Price Your Artwork

Pricing your artwork can be one of the most daunting tasks for an artist, especially when you’re just starting out. You want to ensure that you’re compensated fairly for your time, creativity, and skill, but you also want to attract buyers without undervaluing your work. Finding the right price for your artwork involves balancing your artistic worth, market expectations, and the practical realities of the art world.

In this article, we’ll break down the steps and considerations involved in pricing your artwork, offering strategies for both emerging and established artists.

1. Understand the Importance of Pricing

Pricing your art is not just about setting a number—it’s about positioning your work in the marketplace. The price you assign to your paintings, sculptures, or prints communicates the value of your work to potential buyers, and can also affect how you are perceived as an artist. Setting a price that's too low can suggest your work is not of high quality, while pricing too high may alienate potential buyers.

Your price also reflects the emotional and time investment you've put into your artwork. It serves as both a transaction value and a form of recognition for your creative effort.

2. Evaluate Your Costs

Before you can price your artwork, it’s important to factor in the costs associated with creating it. These costs include both materials and time. Here’s how to evaluate them:

Materials:

Canvas/Paper: What is the cost of the surface you’re painting or drawing on?

Paints, Pencils, Inks: How much have you spent on your medium?

Frames: If you’re offering framed artwork, consider the cost of framing materials.

Tools: Don’t forget the cost of brushes, pencils, palettes, or other tools used in the process.

Time:

Studio Hours: Estimate how many hours you spent creating the artwork. This might include research, sketching, painting, and any other preparation.

Hourly Rate: To calculate your time investment, decide on an hourly rate that feels fair for your skill level and experience. A starting point might be between $10 and $30 per hour for a beginner, and higher rates for more experienced artists.

Overhead:

Studio Rent: If you rent a studio space, consider the proportion of your monthly rent that applies to the creation of each piece.

Shipping and Packaging: If you plan to sell the piece online, include packaging materials, shipping fees, and insurance in your cost estimate.

Marketing: Consider any costs you incur for promoting your art, including social media ads, website hosting, and promotional materials.

Example:

If a painting costs you $50 in materials, takes 10 hours to complete, and you charge $20 per hour for your time, that’s $50 + $200 = $250 in base costs. Then, you might add overhead costs (e.g., studio rent) and any marketing costs into the final price.

3. Consider Your Experience and Skill Level

Your experience as an artist will also influence how you price your work. Buyers tend to expect higher prices for more established artists with a proven track record. But even if you’re just starting, your pricing should reflect your skill and the uniqueness of your work.

Here are some guidelines based on your experience:

Emerging Artists: If you’re just starting out and building your portfolio, you may want to keep prices relatively low to attract your first buyers and build a reputation. However, you should still account for the cost of materials and your time.

Mid-Career Artists: Once you’ve gained some recognition and have a steady body of work, you can begin to increase your prices to reflect your growing experience, demand, and expertise.

Established Artists: If you have a strong body of work, gallery representation, or a following, your prices should reflect the demand for your art and the value of your brand.

Your pricing should grow gradually as you develop, but never undersell your progress. Each price increase should reflect your artistic development, rather than just following a trend.

4. Research the Market

To price your artwork appropriately, you need to understand the market you’re working within. Research is key to identifying where your work fits in the landscape of the art world.

How to Conduct Market Research:

Visit Art Galleries: Look at the prices of artwork in galleries that represent artists with a similar style and medium.

Online Marketplaces: Check platforms like Etsy, Saatchi Art, Artfinder, or even Instagram to see what other artists are charging for similar works.

Auction Sites: Look at auction sites like Christie's or Sotheby’s for pricing trends, particularly if you’re working with high-end or collectible art.

By evaluating the pricing of artwork in your specific category (e.g., abstract paintings, portraits, landscapes, digital art), you can get a better sense of where your work fits in. Keep in mind that the reputation and visibility of the artist can play a significant role in determining price, so don’t compare yourself directly to those with decades of experience or widespread recognition.

5. Price by Size and Medium

A common method for pricing artwork is to base it on size or medium. For example:

Size: Larger paintings typically cost more because they require more materials, more time, and more effort. Artists often price their work based on square inches or square centimeters. For example, a piece that measures 24x36 inches might be priced higher than a 12x16-inch painting, even if both pieces are of similar quality.

Example Formula: Price per square inch x Size = Price

(e.g., $2 per square inch x 864 square inches = $1,728)

Medium: The medium you use can also affect the price. Oil paintings often command higher prices than watercolors or acrylics because oil paint takes longer to dry, requires more layers, and is seen as a more traditional and prestigious medium.

If you’re working in a more specialized medium, such as encaustic (wax-based painting) or fine art photography, you may need to adjust your prices accordingly, factoring in the rarity and materials of those mediums.

6. Consider Your Audience and Selling Platform

Your pricing strategy will also be affected by your audience and where you’re selling your artwork. Here are a few things to consider:

Gallery Prices: Galleries often take a 40-50% commission on sales. If you’re selling through a gallery, make sure your price accounts for this cut, and that you still receive the compensation you deserve.

Online Sales: If you’re selling your artwork online, you may face platform fees (such as Etsy or Saatchi Art) or transaction fees (like PayPal or Stripe). Factor these costs into your pricing, especially if you’re selling directly from your website.

Local vs. International: If you're selling locally, you may have a different pricing strategy than if you’re trying to sell internationally. International buyers may have different expectations and may be willing to pay more for shipping.

Example:

If you’re selling at a local craft fair or in a small gallery, pricing might need to be more accessible to the audience. On the other hand, if you're selling your work through a high-end online gallery or a prestigious art auction house, your prices might reflect the exclusivity and reputation of the platform.

7. Don’t Be Afraid to Adjust

Pricing is not set in stone. As you grow as an artist, you’ll gain more insight into what works and what doesn’t. It’s okay to adjust your prices as needed. Here are a few reasons you might adjust your pricing:

Increased Demand: If your artwork begins to sell consistently, you can start increasing your prices to reflect demand.

Artistic Growth: As your technique improves and your portfolio expands, you may find that your work is worth more.

Market Shifts: The art market is constantly evolving. Stay informed and be ready to adjust your prices if necessary.

8. Trust Your Instincts

While all of the above considerations are important, don’t forget to trust your instincts when pricing your artwork. The price should feel right to you—it should reflect the value of your time, effort, and the passion you pour into your creations. Your art is unique, and its worth cannot be solely determined by external factors. If a price feels too low or too high for you, adjust it until you feel comfortable.

Best of luck! Victoria