As an artist, setting the right price for your artwork can be one of the biggest challenges you face. I have seen this time and time again…artists consistently undervalue their work and ultimately their time and talent.
Many artists find themselves undervaluing their pieces, often overlooking essential factors like materials, time, and additional fees. The temptation to keep prices low to attract buyers can be strong, but underpricing can undermine both your business and the art community as a whole. Here’s a guide to help you understand how to fairly price your work, ensuring that each sale reflects the true value of your craft.
1. Materials and Production Costs
Each piece of art is unique, with its own set of material requirements. Start by listing every item that went into creating the work, from the obvious items like canvases and paints to the smaller, often forgotten supplies like brushes, framing and fixatives. Even if you buy materials in bulk, estimate a cost per artwork. Your goal is to cover these expenses as part of the base price to ensure you’re not losing money from the outset.
2. Time is Money – And Your Time is Precious
Many artists underestimate the time they spend on a piece, which can make the end price feel arbitrary rather than calculated. Track the hours spent on each piece, considering not only the actual creation but also time spent planning, researching, and refining. Decide on an hourly rate that feels fair and adds that to the material costs. Remember, time is one of your most valuable resources, and your pricing should reflect that investment.
3. Commissions and Representation Fees
If you’re working with galleries, art fairs, or online platforms, they likely take a commission on each sale. Commissions typically range from 20% to 50%, so consider this cut when pricing your work. Calculate a base price, then add the commission percentage to ensure you receive fair compensation, even after the fee. Transparency with buyers about these costs can also foster respect for the final price.
4. Hanging Fees and Exhibition Costs
If your work is displayed in galleries or other venues, hanging fees and exhibition costs may apply. These fees can vary widely but should be factored into your pricing. Some artists choose to spread this cost across multiple pieces to avoid inflating prices on individual works. Others add a small percentage to all pieces to cover annual exhibition expenses.
5. A Simple Formula to Calculate Your Artwork Price
To make the process easier, here’s a straightforward formula that factors in materials, time, additional fees, and gallery commission, providing a clear base price for your artwork:
Price = (Materials Cost + (Hourly Rate x Hours Worked) + Additional Fees) x (1 + Gallery Commission Percentage).
For example, let’s say:
- Materials Cost: £50
- Hours Worked: 10 hours at £15 per hour
- Additional Fees: £20
- Gallery Commission: 30% (or 1.3 multiplier)
Calculate the base price:
£50+(10 hours×£15)+£20=£220
Apply the gallery commission:
£220×1.3=£286
So, the suggested price is £286. Using this formula helps ensure all costs are covered and that your time is valued fairly.
6. Your Unique Voice and Value as an Artist
Pricing also reflects the value you bring as an individual artist. Consider your reputation, style, and the demand for your work. Art is about connection and emotion, and buyers understand they’re investing in a one-of-a-kind experience, not a mass-produced product. While it may feel daunting to price confidently, remember that buyers are willing to pay for authenticity and skill.
7. Consistency and Flexibility
Creating a clear pricing structure will make it easier to quote prices and maintain consistency. For example, have set price ranges based on the size, medium, and complexity of your pieces. This not only builds buyer confidence but also allows you to adjust for specific works without starting from scratch each time.
8. Taking Care of Yourself and Your Practice
Underpricing often comes at the cost of an artist’s livelihood and well-being. When you price your work fairly, you’re not only valuing your time and skill but also sustaining your practice long-term. Don’t hesitate to stand by your prices; the right buyers will appreciate and support the real value of your art.
Conclusion
Pricing artwork is more than just assigning a number; it’s about respecting your creative journey and the value you bring to the world. By considering materials, time, fees, and personal value, you set prices that honor both you and your buyers. Empower yourself to price confidently, knowing each sale supports the continuation of your unique artistic voice.
