I am
often asked how I price my paintings. First I will tell you how you
should price a 2 dimensional piece of art. The usual (ideal)
formula is to set a price per square inch. Add your cost for
materials and the hourly compensation you feel you deserve for the
actual hours spent creating your art. This should be your basic rate.
Now do a reality check. Can you really command your price? You may
find the price you determined is far above or below the average for
similar work in your market. In that case you must scale up or down
to compete with other artists in your area. Don't vastly under price
your work. If the price is too low, some buyers under value your
work. It's strange I know but that can hurt your sales. Understand if
you are virtually unknown you probably won't get as much money as a
better established artist. Even if your work is just as good you
should expect to sell your work for less. Make a name for yourself
and then you'll get the big bucks. This takes some time and
marketing.
Now,
lets complicate things a bit. Do you really want to sell the work? If
not, feel free to inflate the price of those paintings you can't bear
to part with, at least until you feel better about letting them go.
Someone once asked me how much I wanted for a small picture of
geraniums in terracotta pots. It was an 11 inch X 14 inch oil
painting. I just loved it and really didn't want to sell so I hadn't
set a price for it. I told the lady a price off the top of my head of
$450. That seemed a little high for a little painting so I fully
expected her to say it was too much. Instead, with no hesitation
whatsoever she asked “Will you take a check?” Must have under
priced that one. The money was a nice consolation and I went on to
paint a larger painting that was similar. They eventually became a
series so I don't miss the first one so much.
Some
of my artworks have much more time and effort in their making. Of
course, I charge more for those. I finish knife paintings much faster
than the pictures that I paint with transparent glazes. I price them
lower even though they are lovely and painted with skill. When
pricing your work, consider all these factors and do your homework.
Check out other artists in your area. Are they similar to yours? What
sort of prices do your competitors ask for work of a similar skill.
Get the opinions of artist's you trust. Consider your venue. Gallery
or art show? A gallery will take a percentage of your sale. Don't
undercut your gallery when you sell from your studio or at an art or
craft show.
I
hope this clears up at least some of the confusion. The bottom line
however, is this. Charge what the buyer will pay and a price you are
comfortable with. A little experience and these guidelines should
help. Happy painting!
