How Artists Can Price Their Artwork
Nothing gives artists more anxiety than pricing their artwork. It’s not just about assigning a monetary value to the piece—it’s about understanding the broader context of the art world, knowing your market, and creating a sustainable practice.
In this class we learn the key takeaways to help artists navigate pricing their artwork.
THE SHORT OF IT
Research and Compare: Study the prices of similar works by artists at your career level using platforms like Artsy and Saatchi Art to align your pricing with the market.
Use a Pricing Formula: Whether it's price per square inch, time and materials, or commission pricing, establish a consistent formula that works for you and your practice.
Be Consistent Across Sales Channels: Keep prices uniform across galleries, online platforms, and direct sales to maintain the perceived value of your work and avoid undercutting galleries.
Offer a Range of Price Points: Create a spectrum of work at different prices to cater to a broader audience, from affordable smaller pieces to high-end, larger works.
Consider Scarcity: Limited edition or unique works often command higher prices due to their exclusivity, so factor in rarity when setting prices.
Plan for Discounts and Payment Plans: Be prepared to offer discounts (around 10%) and consider offering payment plans to make higher-priced works more accessible to buyers.
Pricing is Not Personal, It's Practical
Artists often struggle with pricing because it can feel deeply personal. However, pricing should not happen in a vacuum. When you exhibit work in a gallery or make it available for sale online, you’re entering a broader marketplace where context, comparison, and practicality play significant roles. Think about your peers, market trends, and the gallery’s existing clientele when determining your price points.
Before setting a price, artists need to be mentally ready to part with their work. Pricing is not only about numbers—it’s also about your mindset and readiness to participate in the commercial side of the art world.
Research and Compare
One of the simplest and most effective ways to understand pricing is by researching. Look at prices of similar work by artists at your career level. Websites like Artsy are great research tools. Also some art fairs, such as Spring Break Art Show, post their prices online which makes them very transparent, allowing you to compare your work to others. Keep an eye on not only the size and medium but also the history of the artists you are looking at. Gallery representation, career longevity, museum shows, collections, all factor into an artists prices.
Remember, just because an artist is asking for a price, doesn’t mean they are actually selling at that price.
The Role of Sales Track Record
Don’t underestimate the importance of your sales history, no matter where the sale occurred. Whether it’s a café, a festival, or a formal gallery, every sale is a stepping stone. Galleries often ask about your sales record, as it helps them understand how the market values your work. So, document your sales, and use them as a reference when pricing new pieces.
HOW TO PRICE YOUR ARTWORK: The nitty gritty
Building a Pricing Formula
A structured pricing formula can simplify the process of setting fair prices for your artwork, and many artists adopt formulas based on factors like size or materials. The most important thing is to remain consistent in your pricing.
Do not offer different collectors different prices. This can come back to haunt you. It is important to keep a price list of common sizes so that you know exactly how much a certain artwork costs immediately. If someone asks you for the price of a work, you should be able to quickly tell them.
Square Inch Pricing Model:
One common method is to price artwork by the square inch. For example, if you charge $5 per square inch and your painting is 20" x 30", the price would be:
EXAMPLE
20 x 30 = 600 square inches
600 x $5 = $3,000
This formula provides a consistent baseline, but it's important to adjust based on the complexity of the work, your experience, and the market. Pricing per square inch can be helpful when starting out or if your work is fairly consistent in size and complexity.
Pricing COMMISSIONS:
When pricing commissions, it’s standard to charge a premium, typically around 30% higher than your regular work. Commissioned works often require more back-and-forth communication with the client, customization, and extra time to meet specific requirements, which should be reflected in the price.
For example, if a regular piece of art would be priced at $2,000, a commission might be priced at $2,600 to account for the additional labor, customization, and materials involved. Artists should establish clear terms for commissions upfront, including a deposit to secure the client’s commitment.
Other Methods for Pricing Artwork
Time and Materials-Based Pricing
This method calculates the price based on the actual cost of creating the work, including both materials and labor, plus a profit margin.
Steps:
Calculate material costs: Sum up all the expenses for materials used, such as canvas, paints, brushes, tools, framing, and installation.
Calculate labor cost: Estimate the number of hours spent on the piece and assign an hourly rate based on your experience and the complexity of the work. For example, if you spent 20 hours on a piece and charge $50/hour, your labor cost would be $1,000.
Add profit margin: On top of the labor and material costs, you can add a markup or profit margin (e.g., 20-30%) to ensure the sale price includes a reasonable profit.
This method works well for commissions and custom work where you need to account for the specific time and materials used.
Market Value/Comparable Pricing
As we discussed above, research is key. In this method, the artist bases their pricing on the current market rate for similar work by other artists of comparable skill level, style, and medium.
Steps:
Research comparable artists: Find artists with a similar style, medium, career level, and audience. Look at their pricing structures on platforms like Artsy, Saatchi Art, or through gallery exhibitions.
Price within that range: Once you understand the price range for similar works, place your pricing within that spectrum. If you are a newer artist, price toward the lower end; if you are more established, you can price higher.
Emotional Value or Demand-Based Pricing
This method involves pricing based on how much demand there is for the artist's work or on the emotional resonance it has with buyers or collectors. We don’t recommend artists price on emotional resonance, but some do it anyway!
Steps:
Assess demand: If you have a strong following, whether through social media, previous sales, or gallery representation, you can charge more for your work, especially if buyers are competing for your pieces.
Emotional impact: Pieces that resonate emotionally or politically with buyers can often command higher prices. For example, if a particular series addresses a timely social or cultural issue, it may generate more demand and allow for higher pricing.
MORE TIPS ON PRICING ARTWORK
Gallery vs. Direct Sales
Gallery Representation: When working with a gallery, the gallery typically takes a commission on each sale, which is generally around 50%. Galleries often have access to a more established collector base and will help set pricing within their market context.
Galleries offer value in terms of marketing, promotion, and exhibiting your work in professional settings, which justifies their commission. However, you must factor in the gallery’s cut when pricing your work for gallery sales, ensuring that you still receive a fair amount after the commission is deducted.
NOTE: In a traditional gallery setting, the artist and gallery typically split the sale price 50-50. If you’re working with an art advisor or in a less formal setting, expect a lower commission, around 25-40%. Make sure you account for these commissions when pricing your work.
Direct Sales: When selling directly to collectors from the studio, you don’t need to account for gallery commissions. It might be tempting to lower your prices, but be cautious. If you are working with a gallery, do not undercut the gallery price. If it comes back to a gallery that you are offering a lower price out of the studio, they will not want to work with you. Pricing your work consistently ensures you maintain the perceived value of your work.
Scarcity and Editions
Scarcity is a key factor in determining the value of your artwork. Pieces that are unique or part of a limited edition series tend to command higher prices because of their exclusivity.
Limited Editions vs. Open Editions: Limited editions (common in photography and prints) are works produced in a finite number. The fewer editions you create, the higher the perceived value. For instance, a print run of 10 pieces will usually be priced higher than a run of 100 pieces because of the limited availability. Artists should always number and sign their limited editions, signaling authenticity and exclusivity.
Open editions, on the other hand, are prints or reproductions where there’s no limit to the number produced. These typically have lower price points and are aimed at more casual buyers. It’s important to carefully consider the size of your edition and its impact on pricing—rarer works are often more desirable and can be priced accordingly.
Unique Works: One-of-a-kind pieces are often priced higher because of their uniqueness. The fact that there will never be another exactly like it drives up the value, especially for collectors who prize exclusivity. When pricing unique works, artists should factor in their significance, level of detail, and any special techniques or materials used.
Discounting: Plan for It
Buyers often ask for discounts, and it’s important to plan for this in advance. A standard discount of 10% is common, but in higher price ranges, you might be able to offer more. Knowing your minimum acceptable price before entering negotiations will help you avoid awkward moments and ensure that both you and the buyer feel good about the sale.
On the same note, buyers seldom want to pay for shipping. Many galleries will price shipping into the sale price. Its important to know your costs so you can factor them into your prices.
Incidentals Matter
Don’t forget other hidden costs like framing, shipping, and taxes. These can eat into your profits if you’re not careful. Thinking ahead and including these costs in your pricing structure is crucial. For example, offer separate prices for framed and unframed work, and be upfront about shipping costs.
Offer a Range of Price Points
One of the smartest strategies is to create a range of work at different price points. This allows you to attract a broader audience while still offering higher-end, aspirational pieces for collectors with larger budgets. Having affordable pieces alongside larger, higher-priced works can help build a diverse clientele and cater to different budgets.
In painting, many mid career artists will have larger (60” x 40”) works priced 8k-12k, smaller works for 2k-4k, and then drawings and prints available from $200 to $1500. This allows buyers multiple entry points.
Room to Grow, Not Room to Drop
It’s better to start with slightly lower prices and raise them incrementally as your reputation grows than to price too high and have to drop your prices later. Consistently lowering your prices erodes trust and can damage your market perception. Let your sales and career accomplishments—like exhibitions and media attention—justify price increases over time.
SALES TIP: Consider Payment Plans
Offering payment plans can be a game changer, especially for higher-priced work. Payment plans allow collectors to buy more expensive pieces in installments, making art more accessible. Artists can explore third-party services like Art Money or personal agreements to offer this option.
Conclusion
Pricing your artwork is about finding a balance between your time, materials, and market conditions while being realistic about your audience and sales goals. By following these guidelines and staying informed about the art market, artists can price their work more confidently and create a sustainable career.
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