Saturday, 2 April 2022

The Hangar Art competition III - suggestions on pricing!

HOW TO Price your artwork

There have been a couple of questions, especially from the less-experienced artists in our membership, about pricing their artwork. I am not a specialist or  gallery owner, but I know of a couple of methods that have helped in the past. I will repeat them here, for your information. 

There are several ways to get there. 

1. A good one is speak about it with your artist-pals who are similar in their artistic development, what prices do they ask when they have an expo. Does their price feel reasonable for your work too? Then that is a good indication

2. Another one is to calculate what the creation of your artwork has cost you, in hours, materials and maybe rent of a space, stuff like that.
Example: 60€ of clay + 10€ firing +  10 hours of actual creating à 25€ per hour (rule of thumb) would give a price of a small sculpture on 320€.

3. There are also formulas. They are based on size, combined with your art education and the time you have dedicated to being an artist. They are often used by galleries. The formula is:

Artwork length + width times a factor for years of art education  (6 for an academy diploma) plus experience, prizes won, articles written. For a mid-career professional artist the factor is 12, for an established artist the factor is sometimes 'thousands'!
Example: Your painting is a canvas of 80x80 cm. That's 160 to start with. You have never been to art school, but consistently went to a Hangar class for 4 years. Let's rate that as factor 2. You have won an art contest and have sold  artwork to people you don't know. Add 1 to your factor, and then the gallery price would be 160 x 3 is 480€.

Again, rule of thumb, an indication! Does it feel good? Keep it, or else, use the cost price + hours rule or compare with peers, or ask your teacher for advice.

Lots of success!!

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