After hours, days or maybe even months spent on a piece of work, you are finally ready to sell. But at what cost? There’s always the fear of either underpricing or overpricing your work. Either one can potentially hurt your chance of selling your pieces. Here are a few factors to consider when coming up with prices for your artwork.
Time, Labor and Cost of Materials
A good starting point is basing the amount of time spent making the piece and what was used to make it. For example, if materials cost $50, you take 20 hours to make the art, and you pay yourself $20 an hour to make it, then you price the art at $450 ($20 X 20 hours + $50 cost of materials). If the price still seems too high here are some other ways.
Compare to Other Artists
Another way you can price your stuff is by looking at what other artists charge. Look at artists with a similar style and background to yours. You can also research online, visit galleries, studios or other venues.
Background
You may also consider how well-established you are as an artist, if you are self-taught or studied at a well-known school, etc. If you are a new artist with no former sales, your prices should be lower than a more advanced artist. Once your reputation begins to grow, you can start increasing your prices.
Supply and Demand
Say you are constantly creating artwork. This means there is more to buy, therefore they should cost lower than if you are only creating one new piece per year. However, if your pieces are too cheap and sell too fast this can cause problems and you won’t be making back the money needed to make more work.
Know Your Audience
A New York audience is always willing to spend more on artwork than a small-town local audience. Again, research local artists in your area and compare prices. The venue is also a factor. A customer is going to be more willing to buy a more expensive piece if it’s in an art gallery and they will be less motivated to buy a costly piece if it’s in a flea market.
The most important thing to note is to be consistent with your pricing. Also, always have confidence! If a buyer sees you are professional they will believe the price way more instead of an artist that makes up prices on the spot. Always know how much your artwork is worth. Good luck and get pricing!