Question of the Day? How do you price your artwork?

Last week, an artist who is new to working with galleries asked me how to set up pricing for her new body of work. There are many ways to price artwork, but the one that makes the most sense to me is by the square inch, and then add your other expenses onto that amount.

For Example: A 16x20 oil on linen is priced at $5/square inch (remember this person is just entering the gallery world). That comes to $1600. Then take the cost of the framing (which should be purchased wholesale) and double that cost: So let's say the frame is $100. Double that and add $200... now the price is $1800.

Savvy artists know they have to pay for their canvas, brushes, paint and sometime even studio space, so in order to make a decent profit, they must recoup those costs too. Here's where 10 to 20% is tacked on. I am really bad at math, so let me ask my calculator (I'm even bad at math with a calc)

$1800 plus 10% = $1980  add 20% and you get $2160  you can round it down to $2100.

Smaller works take just as much effort to paint, so increase those works (smaller than 9x12) to $6/square inch.

The example above is for someone who is working with a gallery that takes 50% commission. For artists who sell exclusively on their own, the price per sq inch can be much lower. However, if the artist sells through galleries AND on their own, they must price for the gallery and sell their work at exactly the same retail price.

Never undercut the gallery!

Hope that helps. Oh and please don't email me today with specific questions. I have to get an article done for Watercolor Magazine this week. At this time, I don't have time to respond or set up personal consultations as my plate is rather full. Hope you understand and also hope this post has been useful.

Sincerely,
Loriwords