How To Price Your Artwork — Addendum
Saturday, June 13th, 2009Articles of Interest: How To Price Your Artwork — Part 1
How To Price Your Artwork — Part 2
This is an addendum article to the two listed above, How To Price Your Artwork Part 1 and Part 2. In those articles I talked about pricing your artwork so that you meet your expenses and include a profit margin. I also mentioned that it would be a good idea to slightly inflate prices in case you had to do a little haggling when facing a client who either has less money or is offering less money than you’re asking.
Now, I gave only one model for pricing, the hourly rate model. Treat your painting / sculpting / drawing work as a day job and price it by the hour accordingly. Using this mode of pricing you’ll always be assured of receiving proper remuneration for the work you put into each piece.
The unfortunate drawback to pricing your artwork by the hour is that pieces of equal size may not be pieces of equal price. In the case of my own work, I’ve got paintings in my inventory which cost several thousand dollars more than others of a larger stature. That price is based solely on how many hours went into each work. The more technical I get with my painting the more time I spend on it. The more time I spend on a piece the higher the resultant price.
From an artistic standpoint this is a fine model. If I work ‘x’ number of hours I’ll get paid ‘x’ number of dollars.
From a collector standpoint this model may be viewed with a bit of skepticism. If you were in the market to buy a painting, walked into a gallery where two paintings by the same artist were hanging, saw that the smaller of the two was priced at two times the price of the larger, which one do you think you’d buy?


