Corporate Art Advice Art Blog
One question that I hear frequently from fledgling artists is about how they should price their art. The following is an exercise to help you arrive at an asking price that is in line with what other artists with similar credentials to yours are charging for their work.
First you will need to take some time to figure out where your base price should be. For example, figure out how much it cost to produce the work. If your materials cost $100 and it takes you 25 hours to produce the art at $15 per hour, then you would price the work at $475. When totaling the cost of materials, this should include canvas or paper, paint and brushes and also overheads such as electricity, rent of studio space or a model.
Next, you should research the market to find out what other artists are charging in your area. This will help you make sound comparisons to enable you to assign a sensible price similar to other similar works of art selling in your local market. This step includes the need for you to step back and objectively evaluate your art in relation to other local art. Keep in mind that these comparable artists should work in similar mediums, sell through similar venues, create similar work, and have similar experience, accomplishments, and quality of work to your own.
Finally you will need to look at some variables before coming to a fair competitive price. These variables would be such things as the use of more expensive materials, larger or smaller image sizes, levels of technical difficulty, complex compositions and more intricate details. Other factors you should consider are who the other artists show with, what their reputations are, and how long they've been active.
I wish there were an easier formula to use for this exercise, but because all art is unique, a set equation just wouldn__™t work. It may seem like an awful lot of work, but you can break each step down so that when you reach a stalemate in creating, you can be constructive by working on this exercise. Just remember to be consistent in pricing and be competitive. And never set one price for Mary and another for Jeff. This sort of pricing risks alienating buyers of all kinds.