Toolbox | 04 Sales | 03 Pricing
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Pricing
There are several practical formulas for pricing artwork. This
varies slightly if you consider your experience as an artist.
That includes how long you have been creating work, how many
group and solo shows; but most useful, the price you sold your
last work for.
Emerging artist
- Translate your practice into a traditional work format.
You will charge by the hour, eg. £25 – 35 per hour,
depending on your experience. I started at £12 per hour,
as this reflected other work as a draftsman at the time
(1995). You will need to research market comparisons to
find something you are satisfied with, morally and
ethically. - By vigilant with your timekeeping and start the clock
from the moment you leave your home to the studio, to
include travel, or the moment you are facing the canvas,
if you work at home. - Materials are the next layer of calculations, make sure
you keep all receipts and include canvas, stretchers,
right down to brushes and rabbit skin glue of whatever
medium you are using. Include food and drink in this
budget as every professional will ticket meals as
expenses and you are no different. You will also need to
include framing and any logistical costs you incurred
bringing the work to the exhibition. - The last layer and the least tangible is intellectual
property. This is a percentage of the value of the work
and I believe that half of the value of the work is its
intellectual property value. This is a subjective
quantity, but I would lean towards 30-50% of the amount
you have calculated so far on top of your total.
This is not a proven science and many would argue that the
value of the work is what the market decides. This is a guide
for emerging artists that may not have that data or cache.
This is a formula that will allow you to approach the market
conservatively without undervaluing yourself, which is the
path of least resistance for anyone starting out. Some will
overprice, as a means to add value but I would advise against
that, as you are better to invest in exposure and following
than hedging your bets on a lightning strike.
Established artist
- Multiply the painting’s width by its length to arrive at
the total size, in square inches. Then multiply that
number by a set pound/euro amount that’s appropriate for
your reputation.
eg. £6 per square inch for oil paintings. Then calculate
your cost of canvas and framing, and then double that
number. For example A 16”-x-20” oil-on-linen landscape
painting: 16” x 20” = 320 square inches. Oil paintings at
£6 per square inch. 320 x 6 = £1,920.00, and I round this
down to £1,900. - My frame, canvas, and materials cost me £150.00 (I buy
framing wholesale). I double this cost so that I’ll get
it all back when the painting sells at the gallery.
Otherwise, I’m subsidizing the collector by giving him or
her the frame for free.
eg. £150 x 2 = £300. - Then I put it all together: £1,900 + $300 = £2,200 (the
retail price). When the painting sells from a gallery, my
cut after the 50 percent commission is paid comes to £950
for the painting and £150 for the framing, for a total of
£1,100.
