Selling your work? What price to ask?!

Commissioned Work, Exhibition

I’ve had a few queries with regards to pricing art work, while there is no exact answer, I found a couple of articles that may assist the artist selling work for the first time. I would also suggest for those still in art education to talk to their peers and tutors, you’ll be surprised on what you’ll learn.

How to Price Your Original Work

Subjective qualities, such as emotional value and uniqueness can vary from one viewer to the next. Therefore, a consistent fact-based price structure should be applied when you price your work. As an artist, you should be prepared to explain how and why you set your price.

Pricing principles for artists new to the market:

  • Price your art based on comparables. Compare your art to what sells, not to what does not sell. Set your price similar to other artists with similar experiences and work in similar mediums, or

  • Price your art like a retailer, at two times the cost materials, or

  • Price it at cost of materials plus your hourly rate x hours spent creating the art. For example, if the cost of materials is £25, your hourly rate is £10, and you spent 20 hours creating your art, then your art would be priced at £25 + (£10 x 20) = £225.

  • Broaden your appeal and try to offer works at various price points.

  • Pricing principles for artists with sale history:

    Price your work based on documented accomplishments, sales history and exhibition history. Art sales are not immune to the ups and downs of the general economy. Artists should make necessary price adjustments to reflect market conditions.
    Broaden your appeal and try to offer works at various price points.

    Article sourced from Saatchi Online

    Peer pricing levels

    To have a clear idea about pricing your work, you need to know what comparable artists are doing. Your peers could be considered as comparable artists to you right now; artists who are at a similar place in their career to you and whose medium is comparable to yours (i.e. If you paint oil on large canvases do not compare yourself to a sculptor who works in marble or video artist; look for another painter working with similar materials).

    This research is important to give you a realistic and relevant view of the market. If everyone else that you compare yourself to is selling work at between, say £1,500 and £3,000 but you want to sell your work at £5,500, you may want to consider lowering your prices. Similarly, if you are considering selling your work for around the £400 in this scenario, you might want to increase your prices (and your self-confidence in pricing your work). In effect, you are ‘benchmarking’ your artworks within a pricing range and giving yourself realistic limits to work within.

    © Medeia Cohan-Petrolino

    Article sourced from Art Quest