Knowing how much to charge for your artwork is not always easy. There are several factors that need to be factored into the price of the artwork. Below we have listed some of the most important things to consider when pricing.
It is important that you include the cost of purchased materials when determining the price of your work. How much money did you spend on, for example, brushes, paint, work clothes and canvas? If you have framed the work, you should also include that cost in the price. Make sure that you cover the cost price and that you do not make a loss on your business. The next step is to measure the size of the artwork. It is common for larger artworks to cost more than smaller artworks. This is mainly based on the fact that the cost of materials increases and that it takes longer to create the work.
How long have you been active in your art and how much experience have you accumulated? If you are a relatively new artist and have not yet built your name and brand, you should set a slightly lower price and then increase it over time. By starting at a lower price level, it will also be easier for you to get your first sales started and become more noticed in the market. When you notice that you are building a clientele and that demand is increasing, you can start increasing your price. It can also be a good idea to look at what other artists with a similar background, education and technique as you are charging.
Just like any other job, it is important to know how much time you spend on each piece of art. Try to decide on a fixed hourly wage and add up the total hours it took you to create the piece. The hourly wage should be based on experience, career and demand. If you are early in your career, you should not charge too high an hourly wage, but increase it gradually as you gain a larger clientele.
Another important question to ask is how accessible you want your art to be. If you set a lower price for your works, you open up the possibility of acquiring a larger clientele, as people from different economic backgrounds have the opportunity to invest in a work. However, keep in mind that this may mean that you make a loss if you, for example, exhibit your art in a gallery. Normally, gallery owners take up to 50 percent of the sales price, after which a large part of your income disappears. A basic principle is that the price of a work should be the same regardless of the context in which it is sold. If you know that you will exhibit in a gallery, or have that as a goal in the future, it is wise to raise the price slightly. If you still want your art to be accessible to more people, it is better to give a percentage discount in certain contexts, instead of lowering and raising the price back and forth.
Pricing is a long-term process, and our top tip is to increase the price gradually and be consistent. Don't set a higher price for a specific piece just because you like it more than others, but be objective and try to maintain distance from your work. Also, make your clientele aware that your art is a worthwhile investment, the value of which will increase in the long run.
Please note:
If you sell your artwork on The Arte, you need to print the prices including VAT. It is also a good idea to inform the buyer about any shipping charges in your purchase information.
