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- Costing is the process by which an artist calculates or determines how much each individual artwork costs to produce or sell. It is critical to consider cost before pricing a product in order to set a fair and competitive price. Cost is typically the expense incurred when an individual or company manufactures and sells a product or service.
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- The Art Pricing Formulas That No Longer Work
- The New Art Pricing Formula
- 4 Steps to Fairly Pricing Your Art
- No More Art Pricing Confusion
- Art Pricing FAQs
- Pricing Artwork
According to professional artist Stephanie Weaver, in her guide, Art Pricing Secrets: Ethically Pricing Creativity. The Formula That Works, 3 widely-used formulas should no longer apply to artists and their original works: 1. Square Inch x Dollar Amount = Amount You Should Charge 2. (Hourly Wage x Hours Spent) + Cost Of Materials = Amount To Charge...
Let’s dive right into the exact, two part formula that will help you determine what to charge for your artwork (write this down!)… This new pricing formula shifts the art pricing dynamic from how you ‘feel’ about your artwork to being priced by a stats-driven, mathematical formula. Let’s look at the formula in detail and break down how to price you...
Step 1: Determine Your Skill Mastery
According to theDreyfus & Dreyfus modelfor skill acquisition, there are 7 phases of skill acquisition that everyone goes through as they progress in their skill sets (although most articles only list the first 5). In relation to Weaver’s art pricing method, they are: 1. Novice: When you’re training to become an artist (meaning you have minimal or ‘textbook’ knowledge without connecting it to practice). 2. Advanced Beginner:When you’re steadily gaining experience with impact and creating 50 pi...
Step 2: Determine Your Experience Factor and Base Wage
According to several art retail sources, the average markup for a painting should be 200% of wholesale (or 4x the wholesale cost). But your experience factor plays a part in this; your proficiency means that you are able to create art pieces in less time. Your expertise is from years of study and development; your pay should reflect that. In other words, a novice painter shouldn’t mark up their works the same as someone on an expert or mastery level. Here’s a direct excerpt from the book expl...
Step 3: Calculate Your Hourly Wage/Rate
With each passing year in your business, you are growing steadily more skilled. Therefore, it’s important to reward yourself for each year you’ve been at your current level. Plug your base wage into this formula for each year you’ve been at this stage: (Base Wage x 0.2 = Amount To Increase Base Wage). To determine your hourly rate based on experience: (Amount To Increase Base Wage + Base Wage = Calculated Hourly Rate Based On Experience).
The art world is a confusing place. There is so much debate on how to price your artwork, and its hard to find a ‘one size, fits all’ approach within the art community. But this formula works in all use cases: Pricing your art means that the art market no longer involves: What made art difficult to price before no longer applies.
Should You Sell a Painting That Holds Sentimental Value to You?
This is totally up to you. There’s a certain sentimentality to all of the paintings you create, so there’s a bittersweet reaction to selling a painting (and this is totally normal). Think of it this way; you’re making more room in your studio/art corner to create more paintings and continue your passion.
How to Begin Selling Your Art?
The best place to start selling artwork is on Facebook, in the various Facebook online marketplaces (sell locally), or in groups. Steadily grow your following in the meantime (promote, promote, promote!) Help attract customers by creating your own website, and present it as your online portfolio.
How to Price Your Artwork for Better Sales?
With the current well-known formulas, artists will either undersell or oversell their work. Using the above two-part mathematical formula (and showing the process to potential buyers) guarantees they’ll feel more secure in the sale (and you’ll land their business).
Pricing your artwork doesn’t have to be a tumbling hill of diverging “he said, she said” sources of the internet. Whether you’re deciding how to price acrylic paintings, digital art, or how to sell art of any mediumin general, this formula works for any and all kinds of artists. Stephanie’s two part art pricing method is the ONLY formula you need m...
- Consider your market. Where and how are you selling your art? From your studio, at fairs or festivals, through a gallery? Are you selling locally, nationally or internationally?
- Research comparable artists and works. Do some research on who’s selling in your market, what they’re selling and for how much. Finding out what others are charging for work that is similar to yours will give you a good initial estimate to work from.
- Determine a fair wage for your work. Your market and the research you’ve done on similar artwork should be taken into consideration alongside other factors.
- Make sure your price structure is clear. And that leads us to the next step: Can you explain how you determine your prices and back them up with facts?
- Know Your Costs. It goes without saying, the first aim of you selling your art is to not make a loss; to recover your costs and break into profit.
- Researching The Market & Benchmarking. While knowing on your own costs is an important starting point, an equally helpful approach is to then look outwards and examine what your ‘competition’ is doing.
- Assessing Your Skill and Reputation. As you embark on the journey of pricing your art, introspection becomes a pivotal compass to guide your art pricing strategy.
- Physical Size and Complexity of the Artwork. In the question of art pricing, the physical attributes of your creation carry weight. Factor in the relationship between the size, weight and complexity of your artwork and how these physical elements contribute to the pricing equation.
May 20, 2016 · Cost of materials would include your canvas, paper, paint, ink, and so forth. For expenses, don’t forget things like the framer you used and exhibit entry fees. It can be trickier to factor in annual business costs like your website hosting, but once you have an idea of how many pieces you’ll sell in a year, you can include that as well.
Sep 8, 2023 · 1. Costs: Consider the cost of materials, studio space, and any other expenses related to creating your art. 2. Time: Factor in the hours spent on creating the artwork, as well as the years of experience and skill development. 3. Demand: The demand for your art in the market can significantly impact your pricing strategy. 4.
By leveraging this knowledge, you can learn how to approach decision makers confidently, sell art effectively online, price your art strategically, thrive at art fairs, and even discover your unique artistic style.
