price for artwork

How to price your artwork

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Kshitij Bhardwaj

kshitij@touchtalent.com'

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 Today’s collectors are more sophisticated and price conscious than ever. They rarely see themselves as having only one choice when selecting art. Not only they are cost-conscious, but they almost always compare work from artist to artist before they make a purchase.

How to Price Your Original Work

Subjective qualities, such as emotional value and uniqueness can vary from one viewer to the next. Therefore, a consistent fact-based price structure should be applied when you price your work. As an artist, you should be prepared to explain how and why you set your price.

Pricing principles for artists new to the market:

  1. Price your art based on comparables. Compare your art to what sells, not to what does not sell. Set your price similar to other artists with similar experiences and work in similar mediums, or
  2. Price your art like a retailer, at two times the cost materials, or
  3. Price it at cost of materials plus your hourly rate x hours spent creating the art. For example, if the cost of materials is $50, your hourly rate is $20, and you spent 10 hours creating your art, then your art would be priced at $50 + ($20 x 10) = $250.
  4. Broaden your appeal and try to offer works at various price points.

Pricing principles for artists with sale history:

  1. Set value of your work based on documented accomplishments, sales history and exhibition history. Art sales are not immune to the ups and downs of the general economy. Artists should make necessary price adjustments to reflect market conditions.
  2. Broaden your appeal and try to offer works at various price points.

You can start selling your artwork right away. Just opt for the PRO subscription on Touchtalent to get started.

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