3 ways to price your art
Are you stuck on how to price your artwork? It's a common struggle among artists, but fear not! In this article, we'll discuss 3 methods for pricing art and provide 4 recommendations to help you confidently price your work.
Method 1: Cost-plus pricing
Cost-plus pricing is a simple method that involves adding the cost of materials and labor to a markup percentage to arrive at the final price. For example, if the cost of materials and labor to create a piece of art is $50, and the markup is 100%, the final price would be $100. This method is straightforward and easy to use, but it doesn't consider other factors such as market demand or the artist's reputation.
Method 2: Market-based pricing
Market-based pricing involves researching the market and determining the average price of similar works of art. This method considers factors such as the artist's reputation, the demand for their work, and the availability of similar pieces. It can be a bit more complicated than cost-plus pricing, as it requires more research and analysis, but it can help artists stay competitive and relevant in their field.
Method 3: Value-based pricing
Value-based pricing involves considering the value that the artwork brings to the buyer. For example, if the art is commissioned for a specific purpose, the value may be higher than if it is created purely for aesthetic purposes. Value-based pricing takes into account the emotional and psychological impact of the artwork and can result in a higher price than other methods.
Recommendations for artists
Know your worth: Don't undervalue your work. Factor in the time, effort, and skill required to create a piece of art.
Consider your audience: Be aware of your target market and price your work accordingly. High-end galleries will be able to charge more for art than smaller, local galleries.
Keep track of your expenses: Include everything related to creating your art, such as the cost of materials, studio rent, and marketing expenses. This will help you accurately calculate the cost of production.
Include your cost of marketing and sales in your price: Make sure you include enough in your price to include a sales channel like a gallery, online marketplace or store. Read about the recent increase to 40% commission by Saatchi Art. This allows you to factor in a portfolio of sales channels, rather than relying only on selling directly to your customers.
A final thought: It takes the same amount of effort to sell a piece at a higher price than a lower price. Ask yourself if you’ve priced you art high enough to show it’s value and earn you the right income. Keep creating, and don't be afraid to put a price on your art!
Want to know more about pricing your art?
We do a deep dive into art pricing methods in The Full Time Artist Formula: the global research-backed online course for artists.
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