How can I figure out pricing for my artwork when displaying in a gallery?
If I'm trying to sell my artwork in a gallery should I use my normal formula for figuring out pricing and then double it to cover the 50% that the gallery takes? Or is that a big no no?
(P.S the picture above is not my work. I found it on Google images)
The best authority is always the gallery, they want to make money but want you to make money too if they want you back. Unless you are an established artist with reputation it is quite difficult to put a "price" on your work since you will only get what clients are willing to pay.
I agree with Luis. The gallery knows their customers and what they're willing to pay. Pricing follows demand, so if demand goes up, then pricing should follow. The gallery will give your starting point.
I once asked the same question, and got a very wise answer. I evaluate artwork in this way.. "If your artwork was stolen and held for ransom... what would you pay to get it back?" This will determine your personal value of your work. This is your net price, your profit. When a gallery takes a percentage or adds on to the artist's desired price for their share.. You add this on to the answer to the question (above). Never cut yourself short on pricing, but be wise - your work goes up in value to the public as your name and style becomes publicly familiar (known). Your goal as an artist is first to get your name and work out in the public eye consistently, not to take high dollar on your best work. Be willing to keep your price modest for the sake of exposure but within the realm of respecting yourself as the artist. A collector does not 'collect' just because he/she likes a painting. A collector purchases as one who invests.. which means in hopes your name (your work) becomes more in demand than when he/she purchased one of your works, thus being of more value than the purchased price. (Ego Food ~ They believe you can make it, or they wouldn't invest in your work!) Once you get your foot in the door with exposure, keep pushing. Be relentless. Don't give yourself down time. One thing i do, on my spare time, which is motivational and directional for me, is to check out random artists' sites on the net, and go to their exhibition history. This will indicate to you how much an artist works not only on his artwork, but on his business agenda as well. Its hard work, and its business. Perseverance is the key. "Dont give up!" I hope this helps.. Best of wishes to you, from a fellow artist.
This is actually quite complicated even though the underlying formula is rather simple. in short:
Consider your time and assign a value.
You will have to decide what you want to make per hour. We feel a fair rate of art time should vary from $15-$100 depending on image complexity and your skill level.
Track your materials and cost of production and mark it up (or other intangibles).
The justification for marking up your materials is to both recover your expenses on a project and be able to buy more to keep producing. A typical markup on materials is between 15%-50%. Some expenses some people forget to factor into the formula is gas, phone calls, electricity, paints, brushes, travel expenses, and many others. You really just need to think about everything involved in bringing an image to the world.
Supply and demand
There is one more thing to remember, if you have any image that sells better than others the price may need to be adjusted up.
I made an excel spreadsheet that simplifies this process :
http://www.damicogallery.com/how-to-fig … -art-work/
If you have any trouble with it below are the manual formulas:
1) Original painting price (what you need to make)=Time+ marked up expenses
2) Retail Pricing for a Gallery = (100 multiplied by your price) divided by (100 minus gallery commission)
I know it looks confusing but believe me it works every time. What it accounts for, which can be tough to accurately figure, is a gallery commission. this formula (or the spreadsheet) will make sure you hit your mark to the penny every time. This is a new calculator so please let me know if you have any input or discover any bugs. Thanks and I hope this helps.
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