How should I price my artwork?

Key Factors that Influence Art Prices

• Artist’s Reputation and Career Stage: Your experience, exhibition history, awards, and recognition within the art world are major factors. Prices for an artist with an established reputation and a steady selling history will be higher than for an emerging artist who is just starting out.
• Size and Medium: Larger pieces often command a higher price due to the increased materials and time required. Similarly, the medium used (e.g., oil on canvas versus a work on paper for paintings. Bronze, stone, and steel are often more expensive and labor-intensive than plaster or resin for sculptures.) can influence the perceived value.
• Rarity and Demand: Unique or limited-edition pieces are more sought after and will have a higher value. High demand for your style or subject matter can also drive-up prices.
• Complexity and Technique: The level of detail, skill, and effort involved in creating a piece contributes to its value.
• Provenance: The history of ownership, including if the work has been part of notable collections or prestigious exhibitions, can significantly increase its value.
• Market and Location: The art market where you are selling (e.g., a local fair, an online marketplace, or a gallery) and your geographical location can affect pricing.
• Cost of Materials and Labor: While not the only factor, the cost of materials and the time spent on a piece are a foundational element of its price, especially for new artists.

Common Pricing Methods and Formulas

There are a few widely used formulas and approaches to help you set a price. It’s important to be consistent in your pricing, as fluctuating prices can devalue your work.

• Time and Materials: This is a common starting point for new artists.

(Hourly Wage × Hours Spent) + Cost of Materials = Price

To apply this formula, you need to determine a reasonable hourly wage for yourself and keep track of the time and material costs for each piece.

• Square-Inch Formula: This method is often used for two-dimensional art (Paintings) like paintings and prints.

(Height × Width) × Price per Square Inch = Price

The price per square inch is a variable you set based on your career level and the market. For emerging artists, a starting rate of $0.50 to $2 per square inch is often recommended.

• Linear-Inch Formula: 

Another option for two-dimensional work (Paintings), this formula is said to create less price discrepancy between different-sized works.

(Height + Width) × Price per Linear Inch = Price

Since you’re adding rather than multiplying, the price per linear inch will be higher than the per-square-inch rate.

Also, you can use a similar option for three-dimensional work (Sculptures) measuring the three main dimensions (height, width, and depth) of the sculpture and add them together. Then, you multiply that sum by a “Price linear inch multiplier” that you’ve determined.

(Height + Width + Depth) × Price per Linear Inch = Price

The multiplier is a subjective value that you choose based on:

• Your career stage: An emerging artist’s multiplier will be lower than an established artist’s.
• The complexity of the piece: More intricate details might justify a higher multiplier.
• The material: A bronze sculpture might have a higher multiplier than a clay one.
• Comparative Analysis: A crucial step regardless of the formula you use. Research what other artists with a similar experience level and working in the same medium are charging. Look at art that has actually sold, not just what is listed for sale. This gives you a benchmark for what buyers are willing to pay.

Practical Tips for Pricing Your Art

• Maintain Consistency: Keep your prices consistent across all channels where you sell your work, whether it’s your personal website, a gallery, or an online marketplace.
• Document Everything: Keep a record of your sales and the prices at which you sell your work. This provides factual evidence to justify future price increases.
• Factor in Additional Costs: Remember to include the cost of packaging and shipping materials in your final price.
• Start Competitively: It’s better to price your work competitively and make sales to gain exposure than to have pieces sit unsold. You can always increase your prices as your career develops, and your sales history grows.
• Avoid Emotional Pricing: Do not price a piece based on your personal feelings toward it. The market’s appreciation for your work is separate from your own.