Pricing your artwork can be a challenging task, whether it’s your first or hundredth sale. Overpricing it could turn potential buyers away, while underpricing it could devalue your work. As a beginner, determining the right price for your artwork can be daunting, and feelings of imposter syndrome may lead you to undervalue your work. However, understanding what factors to consider when setting a price and using simple formulas can guide you in the right direction.

In this article, we’ll provide you with straightforward formulas to price your artwork, especially if you’re new to selling your work. Whether you’re struggling with pricing your artwork consistently or just looking for tips to refine your pricing strategy, these formulas will help you achieve fair and consistent pricing for your artwork.

STREAMLINE YOUR ART PRICING STRATEGY WITH THESE 3 SIMPLE FORMULAS

These simple formulas are particularly useful for fine artists who work in 2D mediums such as drawing, painting, printmaking, or collage. However, you can adjust these tips to suit your unique practice. Many full-time artists and art practitioners make a living from their artwork, and their experience and advice can be invaluable. At the bottom of this article, we’ve included helpful guides, tips, and websites to aid you in your pricing journey.

ALWAYS CONSIDER YOUR COSTS:

When determining the price of your artwork, it’s crucial to consider the cost of creating the piece. Include expenses such as your studio fee for the number of days you worked, any supplies and specialty materials like resin or gold leaf, as well as framing, packing, and shipping costs.

ALWAYS BE WILLING TO ADJUST:

These formulas are not the definitive answer to pricing your artwork and must be viewed realistically to provide a more accurate value for your work. Don’t hesitate to adjust your prices up or down to reflect your reputation and the quality of your final piece. Remember that pricing your artwork is an ongoing process, and you should always be willing to adapt and refine your strategy.

THE LINEAR INCH FORMULA: A GUIDE TO PRICING YOUR ARTWORK

The Linear Inch pricing method is another effective way for illustrators and printmakers to price their artwork. This formula uses the length and width of the artwork to determine the price. The value amount is a variable that helps maintain consistent pricing, which may vary depending on the type of artwork you produce. For example, your drawings may have a higher value variable of $3, while your linocut prints may have a value variable of $1.

The Linear Inch Formula:

Width + Height = Linear Inch

Linear Inch x Value = Artwork

Artwork + Materials + Costs = Art Price

Your Art Price / Your Percentage = Art Price with Commission

Here’s an example:

10″ + 12″ Drawing = 22″ Linear Inch

22 x $3 = $66 Artwork

$66 + $30 for two days studio fee + $80 for framing = $176 Art Price

$176 + 25% commission = $220 Commission Art Price

It’s important to note that the Linear Inch method is most effective for works on paper, such as drawings, prints, and other similar mediums. This formula helps artists factor in the size of their artwork and the value of their work per linear inch. By including materials, studio costs, and commission, artists can ensure that they are pricing their artwork accurately and fairly.

Overall, the Linear Inch pricing method is a useful tool for illustrators and printmakers looking to price their artwork consistently and fairly.

THE SQUARE INCH METHOD FOR PRICING YOUR ARTWORK

The Square Inch Method is a commonly used formula that can be helpful in determining the price of your artwork on paper or canvas. With this method, you charge a set amount for every square inch of your artwork. It’s important to consider the market and country in which you sell your artwork, as this can affect its value and price.

The price of your artwork should be in line with your reputation and perceived value. It’s important to note that the numbers you use should not decrease over time. However, the value assigned to your artwork may differ depending on the medium you use. For example, your illustrations may be valued at 50 cents per square inch, while your paintings may be valued at $1 per square inch.

To use the Square Inch Formula, you’ll need to calculate the square inch of your artwork by multiplying its width by its height. Once you have this figure, you can multiply it by the value you’ve assigned to each square inch to determine the price of your artwork.

To arrive at the final price of your artwork, you’ll need to add in any costs associated with creating the piece, such as materials and studio rental fees. Once you’ve arrived at the total cost of the artwork, you’ll need to add in any commission you may owe to a gallery or agent.

Here’s an example of how to use the Square Inch Method:

Let’s say you’ve created a 24 x 36 inch painting, which equals 864 square inches.

If you’ve assigned a value of $1 per square inch, then the artwork value would be:

864 x $1 = $864

You’ll then need to add in any costs associated with creating the piece. For example, let’s say you’ve used $35 worth of resin, $20 worth of painting materials, and rented a studio for a week at a cost of $90.

The total cost of the artwork would then be:

$864 + $35 + $20 + $90 = $1009

Finally, if your gallery or agent charges a 20% commission, you’ll need to add that into the final price:

$1009 + (20% of $1009) = $1210.80 (rounded to the nearest whole number)

So the commission art price for your painting would be $1211.

Overall, the Square Inch Method can be a useful tool for pricing your artwork consistently and accurately, and taking into account all of the associated costs.

 THE LABOURER METHOD FOR PRICING YOUR ARTWORK

This formula is helpful for artists who create intricate or large works that require a lot of time and effort, or for those who use unique materials or methods that increase the cost of their work. The formula calculates the price of the artwork based on the artist’s hourly, daily, or monthly rate of pay.

The hourly rate formula is:

(Hourly Wage x Number of Hours worked) + Materials + Costs = Art Price. For example, if an artist pays themselves $21.92 per hour and spends 8 hours creating a textile sculpture that costs $25 in materials, the art price would be $200.

The daily rate formula is:

(Daily Rate x Number of Days worked) + Materials + Costs = Art Price. For instance, if an artist sets their daily rate at $227.35 and spends 3 days creating a hand-dyed macrame piece that costs $45 in materials and $12 in shipping and packaging, the art price would be $739.

The monthly salary formula is:

Total Costs / Number of pieces you can complete in one month = Art Price, and Desired Salary / Art Price = Number of pieces you’ll need to make to achieve desired salary. For example, if an artist spends $75 on materials and $380 on studio rent each month and can make up to 32 pottery pots in a month that sell for $14 each, they would need to make 36 pots to earn an extra $500 per month.