Pricing Your Work: The Value of Your Art
One of the most difficult things I, and many artists struggle with, especially in the beginning is how to price artwork. Value is a pretty nebulous idea. Webster defines it, in part, as “the regard that something is held to deserve; the importance, worth, or usefulness of something.” I certainly value the time I spend learning and creating but placing a monetary figure on a finished piece? Where does one begin?
There are many formulas out there for you to Google and apply. Choosing to use one of the formulas is an individual choice and requires factoring in your level of experience and type of art. A couple of formulas I recommend checking out are the (hourly wage x hours spent) + cost of materials; and square inch x dollar amount + cost of materials. (Note: the dollar amount is based on reputation and credentials)
Clear as mudd, right?!
Here are a few steps that have helped me and I hope might also help you. I will also note that this list is meant just as a simple no-frills way to begin, and can apply to any type of art or craft.
1. Research similar art prices
Check out Etsy, galleries, art fairs, websites, basically anywhere you can find artwork remotely similar to find “the going rate.”
2. Cost of materials
Figure out your materials cost; paint, paper, framing, etc., and a little extra for brushes, classes and the like.
3. Your time
Add something for your time. How long did it take you, start to finish. What’s a reasonable hourly wage you’re willing to accept. As a benchmark, as of 2020, the United States Bureau of Labor Statistics indicates the median wage for fine artists to be roughly $24.00 per hour.
4. Cost with sales
Be sure to factor in the costs associated with your sales location, i.e. booth fees, gallery commissions, website fees, etc. Oh, and don’t forget shipping fees!
5. Replicate it
Once you add all that together, if you were asked to replicate it would you be willing to do it for the price you determined.
6. Non-monetary value
Conversely, is there a benefit you gain that may justify pricing something a little lower, i.e., advertising, “foot-in-the-door,” etc.
These last two can fight against each other.
Real world example; I was asked to create a gift item for a local jeweler to give clients who purchased diamonds. His logo is a bird of paradise flower and he wanted something using my clay flowers. He also wanted something in the 25$ range. I came up with the item pictured below. He was extremely satisfied with the result, and it comes in on target for most of my costs…..however, I’ve now made at least 25 of them and find myself dreading making more, lol. I was so excited and eager to be part of this idea and create something we would both be proud of, it seems I went a little light on the time factor in my initial calculations, lol. Luckily, our initial “contract” ends soon and I’ve already hinted at a redesign ;) Lesson learned.
One last thought, if you ever wonder if you’re charging enough, you are probably not.
We tend to undervalue (undercharge) our own work. Whether it’s that we’re new at this and not yet confident in our abilities or are too eager to make a sale. Remember the old adage, “you get what you pay for?” It applies here too. If we don’t value our work, how can we expect others to?