One of the biggest problems for new artists is trying to figure out how much to charge for their paintings. There are so many things to consider when setting prices for your art.
If you are having trouble deciding how much you want to sell your paintings for, you are not alone. I still have trouble with this, even though I have sold a few paintings and have done a few commissioned paintings.
I may not have all of the answers, but I have learned enough to be able to help you through the pricing process. Here you will learn about pricing comparables, understanding your market, how to charge for your time, your expenses, and more.
Keep reading to learn more about how to price your art for sale.
Compare Your Work With Work By Other Artists
One of the first things you should do is find out what other artists are doing, and how much they are charging for their work. Look for artists who have work that is similar to yours.
Once you know what they are selling their work for, you can use that as a basis for your prices. Keep in mind that you should not charge more than they do, especially if you are new to the art scene.
Many people are going to buy art from artists they are familiar with, and who don’t overprice their work. If your work is good and you keep your prices at or below the prices of art by other artists, you will start selling your art.
Determine Your Market
The next step is to determine the market where you plan to sell your art. Will you be selling locally? Do you plan to travel to other areas to sell your work? Will you be selling your art online?
The market will have a big role in how you set prices for your art. Again, you will need to see what other artists in the area are selling their work for and set your prices accordingly.
You will likely find that art sells more in some areas than it does in others. It only makes sense that these would be the areas you want to concentrate on the most.
Selling Through a Gallery
Instead of or in addition to selling directly to consumers, you may choose to sell your art through a gallery. This means you need to think about wholesale and retail prices when setting your prices.
You are likely not going to start selling from a gallery any time soon. It can often take some time to get gallery representation. You will need to pay your dues as an artist.
In most cases, galleries are going to keep up to 50% in commission. So, if you want to sell a painting for $500, you will need to have a gallery price of $1,000.
Unfortunately, this also means that you will have to price work that you sell directly to customers in the same price range. Galleries won’t be happy if they find out that you are undercutting their prices through direct sales.
Use a Pricing Formula
Once you have looked at what other artists are charging for your work and you have a pretty good idea of how to set your prices, it is time to come up with a formula for your pricing.
There are a few factors that you can include in your formula. You will need to include the cost of all of the materials you use for each painting, as well as determine an hourly wage for yourself.
So, if you were selling a painting for $600 and it cost around $100 for materials and 20 hours of your time, look at an hourly rate of around $25. This will add up to $600.
How To Price Commissioned Pieces
What if someone asks you to create a piece of art for them? Do you have any idea how much to quote them?
It doesn’t matter whether it is a commissioned piece or one of the pieces you are selling already, the pricing should be pretty much the same. Again, it is great to have a formula to work with.
Consider how many hours you will have to spend on the painting, along with the supplies you will be using. Use that formula to calculate a fair price to charge for the commission.
Always remember to ask for a non-refundable deposit on commissioned pieces. Sometimes these pieces are quite personal for buyers, and they wouldn’t mean anything to other potential buyers.
You could end up stuck with art you won’t be able to sell, especially if it has been personalized. What a waste of time, money, and effort!
Conclusion
Don’t sell yourself short when it comes to pricing your artwork. You have worked hard, and you deserve to be paid what your work is worth.
At the same time, don’t let your emotions come into play, no matter how much you love a particular painting you have created. Create a formula, look at your market, compare your work and pricing with other artists, and you will be well on your way to selling your art.
Sari Green is a semi-professional artist and professional writer. She has been hosting paint & sip parties for the past couple of years, and truly enjoys helping other people to create their very own masterpieces. She loves to create, and you never know what she’s going to come up with next!