how to price your artwork
Working out pricing is sometimes more difficult then creating the artwork itself, but once you work out the best formula that suits you then it’s a breeze!
The best thing to do first is visit the galleries around your area, find artists that you may know are at a similar level to you (similar reputation, credentials and experience). Make sure you locate a few that are priced at a reasonable rate and take note of the price and size.
You can work out an hourly rate that you want to pay yourself but if your artwork takes about the same amount of time per square inch then use a formula for the size instead.
Price per square inch: 12 x 12 = 144 sqr inches, 144 sqr inches x $1.5 = $216.
Add materials (eg $10) and the galleries commission on materials (+ 30% $13) = $23.
$216 + $23 = $239.
Round up to $240.
NB: this is using a $1.5 sqr inch formula. Use a higher amount according to your reputation and experience.
The most common practice is to price per square inch. But if you have a large variety of sizes (very small and very large) then you may need to use linear inch formula instead.
Here is an example of why linear inches works best if you do a large variety of sizes. When you use per square inch the formula ends up pricing your larger pieces a little to high!
Using per square inch formula: 12 x 12 inch = $216 but a 48 x 48 inch = $3456.
Plus you still need to add commission and materials.
Using linear inches: 12 x 12 inch = $240 but a 48 x 48 inch = $960