How to price your art work to sell : A beginner's guide for Artists

The greatest challenge for a novice artist is determining how to price their artwork. But before I get into the meat of this article, I think it is worth outlining what I mean by a novice artist.

I'm a novice artist. I've recently launched this website, have under 10,000 followers on social media, and just hosted my first exhibition where setting the prices for my work was quite arbitrary. Note that I have not listed here my artistic skills set. The definition relates to your marketing and publicity strategy. Ultimately, your artwork is a product, and selling it involves the same principles of publicity and marketing as any other business.

Now that we understand what a novice artist is, let's explore how to price your artwork for sale. While there isn't a universal formula, there are several methods available to assist with this. However, these guidelines should not be followed rigidly, as there are always variables and other factors to take into account, such as level of experience, previous sales, and competition. Let's briefly examine the formula that certain artists employ.

Pricing your artwork to sell using the Square inch x dollar amount (or square centimetre x euro amount) formula

In essence, some artists calculate the price of their paintings by multiplying the dimensions in square inches or square centimetres by a suitable dollar or euro rate that aligns with their reputation and credentials. They then round this figure to the nearest hundred. Finally, they double the cost of their materials and add this amount to the dollar or euro price calculated per square inch or square centimetre. Emerging artists should consider pricing their art at more affordable rates using a lower dollar or euro rate per square inch or square centimetre, while established artists can us a higher dollar or euro rate per square inch or centimetre.

Formula 2: (Hourly Wage (including your overheads) × Hours Spent) + Cost of Materials

Your pricing should account for the time and resources invested in the creation of your artwork. This approach guarantees compensation for every hour worked and covers material costs. When setting your hourly rate, make sure to account for local taxes and overhead costs, like electricity and water. Additionally, research the rates of similar artists. If your rate is significantly higher than theirs, you might want to consider reducing your hourly rate.

Formula 3 : (Height + Width) × Price per linear inch

This method is known as linear inch pricing and is also designed for flat, two-dimensional pieces. It offers a simple and clear way to price and explain your pricing policy for your artwork, benefiting both you and your buyers. It's especially advantageous if you work with canvas or paper in various sizes, as it reduces price discrepancies between pieces. Since the height and width are added rather than multiplied, the price per linear inch should be set higher than when using square inch calculations. 

To determine your price based on the linear inch formula, you add the inch height of the finished work (excluding any frame) to the inch length. For example canvas size 20 X 30 inches = 20 + 30 = 50 x 25€/$ = 1,250€/$, art on paper size 8 x 8 = 16 x 25€/$ = 400€/$.

In general, if you decide to use a formula to price your art, you might need to experiment with different rate calculations. Employ some trial and error to find a rate that best fits your market and is consistent with similar artworks. 

It doesn't end there!

1. Consider your market

Where and how are you selling your art? Is it from your studio, at fairs or festivals, or through a gallery? Are your sales local, national, or international? While it's beneficial to understand the broader art market, it's crucial to focus on the specific context, criteria, and nuances of the market you are participating in. 

This is important because local street fairs will have a different pricing range compared to an international gallery or online marketplace. Identifying your market is a good starting point for setting your parameters.

Gallery Sales

If you’re selling through a gallery, remember that a commission will be deducted from the sales of your works. This percentage varies by gallery, but it is often around 50%. Consider the gallery’s share when setting your prices to ensure you are compensated fairly. 

Also, if you're planning to sell artworks directly from your studio, make sure to match the gallery's pricing. This approach helps you avoid becoming a competitor to the gallery.

Maintaining a good relationship with your gallery and a solid reputation is crucial if you intend to continue collaborating with galleries in the future.

2. Research comparable artists and works

Research who is selling in your market, what they're offering, and their pricing. Understanding what others charge for work similar to yours will provide a solid starting point for your pricing. Explore online, attend exhibitions, or visit open studios to find artwork comparable to yours. Consider factors like medium, materials, subject matter, style, and experience level. Review artist CVs to assess if they are at a similar career stage.  

Engage with artists you know to gain insights into their pricing strategies. Open discussions can help you gain confidence and clarity on how to price your art. 

Remember that experienced collectors will likely compare prices of similar artworks in the market. Avoid discouraging interest or losing credibility by pricing too high or too low.

3. 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. Like time and material expenses. For example,

• Does your work involve using 24k gold leaf?

• Do you create your own paints from pigments, which naturally raises your price?

• Do you employ an uncommon technique that distinguishes your work?

• Have you created a novel and unique method that is entirely original?

This way you can gauge a reasonable price for your art while ensuring you give yourself a fair wage. So, pay attention to how long it takes you to make a work, the cost of materials, etc. This will help you determine a living wage for yourself. You could think in terms of an hourly wage that you’d be comfortable with, for example. Depending on where you are based, there may be local standards for artist fees and wages.

I want to make one last point on this subject. Some beginner artists deliberately create a large, expensive painting using high-cost materials, setting its price at about 8,000€. In contrast, their other smaller pieces might be priced between 1,500€ and 2,000€. For buyers, seeing a painting priced at 8,000€ next to others at 2,000€ can give the impression of a bargain. This approach requires courage, but it is effective.

Price your art consistently

It's natural to have a variety of works at different price levels — and that's perfectly fine! Having some pieces that are more affordable than others can be beneficial. This approach makes your work more accessible to buyers with smaller budgets and increases your exposure.

However, it's crucial to maintain consistency and transparency in your pricing strategy. Avoid significant price differences between similar works, as this might deter potential buyers. Building trust is a key aspect of the process. 

This consistency is also vital when collaborating with one or more galleries. Galleries won't appreciate being undercut by you or other galleries you might partner with. By keeping your pricing consistent, you'll not only avoid confusion but also foster positive relationships. 

Consistently pricing your work has several benefits. It helps establish credibility and build a strong reputation with buyers and collectors. Buyers appreciate transparency in pricing. Moreover, it ensures you maintain a positive relationship with your gallery.

Establish your own guidelines for pricing your artwork. This will allow you to make necessary adjustments and adapt your pricing as your career progresses.

Regardless of your current stage, it's crucial to showcase your work and present it professionally.