We understand how difficult it can be to come up with a price for your piece, particularly if you don’t have any previous sale to use as a reference. The below techniques should help you come up with a consistent and fair pricing structure:
Pricing your Art per Hour Wage
An excellent starting the point is to price your art based on a set hourly rate, the cost of your materials and a percentage of your overhead expenses, including the electricity, rent, water and heating for your studio. For example, let’s say you decide to set your hourly rate at $25 for a 20”x40” art painting project, the total cost of materials is $400, and your overhead expenses are estimated at $500. If it takes you 40 hours to create the piece of art, then the total price would be $1,900: ($25x 40hours) + $400 +$500.
Pricing your Art by Square Inch
Another typical pricing structure is to price your piece per square inch. You set a fixed price per square inch, and then multiply this dollar amount by the total square inches of the piece. For example, a 20 inch by 40-inch painting is a total of 800 square inches. So if your price per square inch is $2, then the total comes to $1,600: 800 square inches X $2 per square inch. Don’t forget to add the cost of materials to this initial total also. The relationship between the fixed price and the size of the painting can be inversely related, so the smaller the size of the painting, the higher the fixed price, and vice versa.
Pricing your Art by Comparable
Scan through online and physical galleries in your area to survey what other artists at your level are charging for a similar piece of work. Benchmarking against other artists of the same level is a good technique for those who do not have a consistent history of selling in a particular price range or a particular market.