How to price your artwork

Following on from our previous post where we highlight that signing your print can generally increase the sales price by two times. When starting out in the art industry, how should you go about setting a sales price for your artwork?

There are several important factors that you must consider here. You must consider all your costs when setting a reasonable sales price. It’s important that your pricing makes sense and that you haven’t just plucked numbers out of thin air! It’s probably a good idea to take a quiet moment to sit down and go through your pricing structure, step by step.

Direct costs

These include such things as your raw materials; such as your paper, paints and other equipment if you’re an artist or your photography equipment if you are a photographer. To price your artwork you need to calculate how much of an expense this has been and spread these costs across all your products that you can produce.

You need to account here for your reproduction printing costs. Ensure you have covered this, so this can be passed on to your customer. This would include any framing costs you may have, if you are selling prints in frames of course. You also should consider your postal costs and packaging costs if you are shipping to your customer yourself. We can help with this, by direct shipping your prints to your customer – please contact us for more information.

It goes without saying though, if you are selling a reproduction of your original artwork, the pricing will be lower than compared to the original as you can sell many more of the same image.

Overheads

Secondly, when pricing your artwork, you need to consider your overheads. This includes utilities such as lighting, heating, rent, insurance and other administration costs. All of these day to day things need to be taken into consideration. Even cover your time for social media and advertising too.  A proportion of your bills and utilities should be spread across your work.

hourly rate

Finally, you need to assess how long it takes to create you work. By setting yourself an hourly rate and multiplying this by the time spent on your work, it helps keeps things clear and understandable. You should also consider here, any travelling costs you may have. If you tend to work on location, you should cover the cost of your fuel and other expenses you may have here.

do your research!

If in doubt when pricing your artwork, one top tip we would recommend; do your research! Why not take a look at work similar to yours and see what prices others are setting? With the art industry there is always an element of subjectiveness so doing this should be done with some caution. However, there is no harm in understanding on what is going on in the industry as a whole and where you fit within this spectrum of work.


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