How do I determine the price of my artwork?

Although the price given to a work of art may be considered arbitrary and subjective in nature, there are several methods and schools of thought to help you make an informed decision as to the price of each of your works. The methods suggested below will allow you to maximize your chances of selling while obtaining compensation commensurate with your talent. Please note that the price of your art is entirely at your discretion.

Here are some suggestions to guide you.

The very first step is to evaluate your rating as an artist. To do so, you must factor many different elements:

Art training and education
Experience as an artist
Number of art shows in recognized art exhibition locations
Number of solo exhibitions
Longevity of carrier
Success and popularity
Audience and outreach
Representation in art galleries
Recognition from peers
Participation in artists’ residencies
Honours, awards and special mentions
Artworks part of important collections
Public art

Secondly, take a look at the career paths and artistic CVs of other artists who do work comparable to yours and try, objectively, to situate yourself according to your own artistic career.

It is strongly recommended to evaluate the price of your works according to their size and a simple mathematical equation that you will apply for each of your works. This allows you to offer fair prices and provide consistency that collectors will appreciate.

To do so, you need to estimate a base value depending on the media and material used. Please consider the nobility of the materials, their popularity, and their base purchase price. For example (from the same artist) the price of an oil painting on canvas is traditionally higher than a work of graphite on paper. It is normal to use a different coefficient depending on the different media and materials you are using.

Next, you need to decide on a basic equation.

Here are some examples :

(Width + Height) (in inches) multiplied by the coefficient determined according to your rating and the materials used.
5 could be a basic coefficient for an emerging artist.

Example for a 24 "x 30" piece:
(24 + 30) x 5 = $ 270.

A more experienced artist might determine that the coefficient according to his rating could be 12.

Example for a 24 "x 30" piece
(24 + 30) x 12= $ 648


Coefficient x (width x height). This equation is based on surface area: price per square inch. The base coefficient could be 0.4.

Example for a 24 "x 30" piece:
(24x30) x 0.4 = $ 288

A more experienced artist might opt for a coefficient of 0.9. The price of the artwork could be : (24x30) x 0.9 = $ 648

It is possible to determine a simple and consistent way to evaluate the price of your works. These examples serve as a guide; you can choose a different equation. The important thing is to always apply this same calculation and so all your works of the same size and the same medium will be the same price, which will show potential buyers that you are professional and honest.


You can also choose to price your art pieces based on an hourly rate. First, you need to estimate a base value by considering the factors that are unique to you as an artist:

Determine the hourly rate you deserve based on your rating. Take into consideration the same elements as listed above: Art training, experience, popularity, etc.

Then, for each work, calculate the number of hours you spent creating it.

Multiply your hourly rate by the number of hours and add the cost of the materials needed to arrive at the final product, in addition to any costs incurred (partial costs related to your studio, transportation, packaging, exhibitions, etc.).

After choosing your pricing method, you then need to take into consideration all the external factors coming from the market. These can affect your base price up or down:

Compare yourself to other similar artists using the elements listed above. Then compare your art pieces to theirs by medium, style and size. You may want to increase or decrease your prices according to what you observe in the market and as a sales strategy.


Then you must consider all the external factors related to the market, which can increase or decrease the base price:

Compare your artwork to the market by medium, style and dimensions.

Compare yourself to other artists with similar experience and recognized success, in terms of artwork sales and participation to significant exhibitions or to gallery residencies.

Consider the art market as a whole, not strictly in terms of your own particular medium.

Seek the most objective opinions possible on the artistic merits of your artwork.



Note: This is strictly a question of assessing the monetary value of a work of art, the artistic field being a capitalist industry like any other.

Consequently, it is the law of supply and demand that determines the price of an art piece. So if you find that the demand for your art is increasing, feel free to adjust your hourly rate or coefficient to price your artwork up.

Limited Edition Prints

Arto Galleria allows you to produce limited edition prints of your artwork and sell them by numbering each individual reproduction (1 of 50, 2 of 50, etc.). Please note that this option should be reserved for your most popular works of art, since limited edition collections are only attractive when they can sell out.

As for determining the price per unit, here is the method used to adjust it according to the price set for the original artwork, each print being worth considerably less, of course:

Evaluate the printing cost and the hours spent on the edition.

Add this amount to the price of the original artwork and divide that amount by the number of units produced to get the price per unit.

We remind you that the artwork valuing methods we have just described are only suggestions and that you are solely responsible for pricing your artwork.



Note:

When pricing your artwork, take into consideration that Arto Galleria reserves the right to offer promotions that could give its customers up to 15% off on the selling price of all participating artists' work on the site (see : (Sales Terms and Conditions) .

We use the API daily exchange rate (https://currencylayer.com/) for CAD/USD conversion, updated twice a day.

See also: How to participate or not in Arto Galleria promotions?

Updated on: 24/09/2021