Understanding Your Value: A Guide to Pricing Your Artwork Fairly
- Tony Agnello
- Oct 6
- 2 min read
Pricing your art is one of the biggest challenges artists face. It feels like an impossible formula—how do you put a number on the passion, time, and skill you've poured into a piece? It's not about guessing; it's about a systematic approach that honors your work and positions you for success. This guide breaks down the key factors to consider.
1. The Material + Time Formula
This is the most basic starting point. It ensures you're at least covering your costs.
Material Costs: Tally up every expense: canvas, paint, brushes, varnish, shipping materials, etc. Don’t forget the cost of your time!
Time Spent: This is a tricky one, but it's essential. Estimate a fair hourly wage for yourself. If you’re a newer artist, you might start with a lower wage and increase it as your career progresses.
Example: (Hours Spent x Hourly Wage) + Material Costs = Base Price
This formula gives you a solid, logical number to begin with, but it's just the first step.
2. Factor in Your Experience and Demand
Your experience, training, and sales history are valuable. A degree, a residency, or a number of successful exhibitions all increase your worth. Also, consider the demand for your work. If your art is consistently selling and you have a waiting list, it’s a good sign that you can, and should, raise your prices. Conversely, if you're just starting out, pricing your work competitively is a good way to get it into the hands of new collectors.
3. Consider the Selling Environment
Where you sell your art matters. A gallery will take a commission (often 50%), so your price must be adjusted to account for that. When you sell directly from your studio or website, you keep a larger portion, but you’re also doing all the marketing yourself. A good rule of thumb is to maintain consistent prices across all your platforms. Don't undercut your gallery or yourself.
Ultimately, remember that pricing is a part of your business, not a judgment of your self-worth. It's a strategic decision that evolves as you grow as an artist.
Comments