Pricing artwork is one of the most challenging and tricky hurdles that upcoming artists face. You find yourself in the center of the ocean. Especially when you first begin to work with the best online art galleries or establish your art business.
Emotions associated with the artwork make the pricing even more complicated. Sometimes budding artists overprice their work to impress audiences by making it look luxurious or extravagant. This can work if the collector is also a newbie in the art industry or if the creation is exceptionally spectacular that grabs the attention of serious collectors.
For artists finding success and making a name for themselves in the art industry, consistent and logical pricing is the only solution. But, how do you quantify your artwork? How do you strategize on a logical approach?
Fundamentals of Art Pricing
Understand Your Art Market
Define your art market. Where do you show your art online for purchases? Are you planning to sell your creations locally, nationally, or internationally? Pay special attention to the art (specific to your niche), artists (beginner, intermediate and advanced), and prices in your market.
Define Your Niche
What kind of art do you create? Currently, paintings, sculptures, mixed media, art prints, digital art, street art, and photography art are the trending categories in the art realm.
What are the physical characteristics of your art? In what ways is it similar in your art forms? What’s unique about your creation?
How do you sub-categorize your niche? For example, if you’re into painting, do you practice oil or acrylic painting?
Do you prefer creating nature paintings, geometric and abstract art, or human figures? you paint abstracts, for example. What kind of abstracts, and how would you describe them?
Do you prefer to show art online only, or do you prefer using both online and offline mediums? These data help you compare and understand the specific market rates applicable to your art form.
Compare Artists
Research (online and physical art event visits) and enlist the artists venturing into art creations similar to yours. Pay special attention to the creators who also have similar career milestones, experience, and resumes.
Compare Pricing
Once you’ve created a list of artists who’ve similar experience and educational backgrounds in your niche, find out how much these similar artists charge for their creations. Their prices will provide you with a good initial estimate of how much you should charge for your artwork.
Formulas For Pricing Art Works
While comparison pricing can be a good way to get an estimate, it can sometimes become vague. Therefore, using formulas along with a comparison method is the best way to quantify your artwork and sell them at the best online art galleries.
Print Art and Street Art
Square Inch Formula
(Length x Width) x Price per square inch.
You can estimate the price per square inch through the comparison method.
Example: Length= 10 inches, Width= 10 inches, and your price per sq. Inch is EURO 5. Your painting price would be (10 x 10) x 5= EURO 500.
Therefore to show your art online and sell it, you can charge EUR0 500.
Oil and Canvas Paintings
Square Inch Formula + Materials
(Length x Width) x Price per square inch + (2 x Material cost)
This formula is specifically helpful if you’re using specific high-end supplies or including s frame. Doubling the material costs prevent selling your artwork at subsidized rates.
Acrylic, Sculptures, And Mixed Media Art
Hourly Wage Formula
(Hourly Wage × Hours Spent) + Materials Cost
Determine your hourly wage. For example, your hourly work price is EURO 20, and you spend five hours working on that painting. Plus, your materials cost was EURO 70.
Thus when you show art online for selling, the pricing would be (20 × 5) + 70 = EURO 170.
Digital Art
Hourly Wage With Profit Margin
(Hourly Wage × Hours Spent) + Profit Margin
Start with your estimated and strategize hourly rate. (use the comparison method). Let’s take EURO 50 as your hourly rate. You took 6 hours to create the art.
Now factor in your desired profit margin. Let’s consider 20% of the hourly wage pricing.
(50 × 6) + (20% of 300)= 300+60= EURO 360
While pricing your digital art, market conditions play a vital role. The type, niche, and target audience of digital art will affect your total price point.
Presenting your art in the best online art galleries is a fantastic way to gather attention and start selling your art. But being new to the field, you might unknowingly commit certain mistakes. While pricing artworks, avoid doing these:
Not researching the prices of comparable artists
Underselling your work or yourself
Letting emotions get in the way of deciding art prices
Not having confidence and unable to stand by your price
Conclusion
Art pricing can be a tricky affair. But with the correct formulas, research, and confidence, you can price your art correctly and see them go just like hotcakes. Let us know about your pricing strategy in the comment section.