How is price determined when selling your own artwork?
I want to start selling my artwork, but I have no idea what to price them at. What are some things I should look at when determining a price?
If you are unknown then you should price it by size.
These should be considered minimum prices for your efforts for paintings in acrylics or oils. These are wholesale prices and you are the wholesaler. Selling direct is wholesale pricing and people who don't know they are getting a bargain don't understand art.
A gallery will double or triple those prices for an unknown artist. If you are known there is no limit. Prices do not include frames.
Well known artists in Vancouver can expect about $5,000-$10,000 for a 36X48 painting. Collectible artists can expect $10,000-$20,000 for the same size, may only paint 10-20 paintings a year and usually sell out immediately.
You can always ask for an offer.
Often, with well known artists, people are buying a collectible commodity... they are buying a signature.
Many don't understand that a lot of art is valuable because of the history of the artist and hasn't a lot to do with how good the art is.
Look at what materials it is made with and add the cost of those. Then add the cost of actual hours/labour at a reasonable amount. Next, add a premium if you have received great feedback about the item (eg if it's going to be popular and fought over, price it higher). If it's a dud, do materials and labour cost only. If it looks beautiful (which is what lots of people look for when buying) then add on an extra fee. Lastly, add on a cost for how long-lasting or durable the item is. For example, if it's an oil painting on correct canvas and framed with glass you'd expect it to cost more than a stand-alone acrylic canvas.
Add up all of this and take into account how well known and famous you are as an artist. If you are not well-known, you might like to make sure it doesn't run past a certain benchmark per piece as people tend to want resale value if they pay above that amount.
Good luck x
Look at what other people have done and see what they charge. Notice whether or not anyone is buying at that price, and pay attention to the types of things buyers prefer.
You might want to check with fellow hubber: Ken Laird Studios. He recently sold some of his artwork and got some other perks as well.
I have often had your same problem. I am a novice painter and after my first individual exhibition people showed interest in some of my works and I simply didn't know how to fairly price them. Then asked family and friends on what they would pay for them and decided on a price I judged as fair. Maybe this is not the best way, since relatives and friends may be biased in evaluating your work.
You could maybe inquire with a local gallery that is interested in the kind of art you produce and ask their opinion.
I agree with doing a comparison on how much a particular artwork sells in your area as this can be very subjective especially for someone who is just beginning to create a name for him/herself.
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