How Should I Price My Artworks?

Many artists struggle when it comes to setting a price for their work. Unless already dictated by success in the market it can be difficult to ensure that you get a price that mirrors your skills and efforts. Leaving you in a position where you may undervalue your work or price yourself out of the art buying market.

Below is an example of a basic pricing strategy to help you get started. However, we do suggest that you invest some time in getting to understand the online art market and how it works before deciding on a pricing strategy that is right for your needs.

Basic pricing strategy:

• Decide on an acceptable hourly rate
• Multiply this by the hours you spent creating the artwork
• Add costs for materials on top e.g. paints, brushes, canvases etc

For example, if you decided on €20 as your hourly rate and spent 25 hours creating your piece, the materials for which cost €100, your calculation would look like this:

• 25 hours x €20 hourly rate = €500
• Material costs = €100
• Artwork price = €500 + €100 = €600

The Art Market:

As mentioned above, it is important to price your artworks on its own merit, however, it is also wise to take into consideration the conditions of the art market when settling on a value for your artwork.  

Try and pay visits to art exhibitions, art galleries, as well as online art portfolios and online art platforms, such as artbaazar, when considering the pricing of your artworks. Keep your eyes open for artists that are similar to you in style and medium, whilst also paying attention to size and the quality of work.

It helps to take a broad view when comparing the market, because if you take a wider perspective you should also start to get a sense of what the art buying public are willing to pay for art. Do not be afraid to ask others for their opinions, of course, it is always best to ask someone who will take an objective stance when it comes to pricing rather than someone who is afraid of bruising your ego.

Other factors to consider:

• Previous sales success and exhibition experience
• Art related education – although this can be overlooked to some degree if you are self-taught and exceptionally skilled.
• You already have a track record of commercial success in the art world.
• It helps to really pay attention to all the potential cost factors in the creation of your work, travel expenses incurred, depreciation and replacement of equipment, as well as any potential marketing costs that have accumulated along the way.
• Time, experience and sales success will eventually meet and provide you with a pretty solid bench mark as to where your pricing strategy should sit. If sales are happening and demand is increasing for your work, feel free to increase your prices so that you can continue to take advantage of your ongoing success.
• Once you have settled on a price for your artwork ask yourself one final question – Is the price I am asking for justifiable when it comes to explaining to a potential art buyer the breakdown of costs etc.