Here is another article on pricing your artwork.
I use a slightly modified square inch method of pricing (see article below). My price per square inch slides with the painting’s size. Smaller paintings have a higher square inch price. Larger sizes the price per square inch is less. I use a different scale for oil, gouache, and watercolors.
Help! How do I Price My Paintings?
March 18, 2014 By
A few months ago I started sharing snapshots of works in progress on social media. Not long afterwards, someone I know on Facebook asked if my work was for sale, because she wanted to buy a particular piece I was working on.
It gets better: turns out she was interested not just in purchasing the canvas-in-process; she also wanted me to create a second, “sister canvas” to go with it.
Just from posting my process pics on Facebook, I had a buyer for not one, but two paintings! Great!
The only problem? Now I was going to have to come up with a price…
I am convinced that pricing is always the hardest thing I do as an artist. How the heck do we decide what to charge? Pricing just feels like a big, black void, and one with a lot of pressure: charge too much, and they’ll run away; charge too little, and you’re shooting yourself in the foot.
Ultimately, this spontaneous Facebook commission made me determined to set an entire pricing structure for my work, rather than just grabbing a number out of the air every time I create a new piece. Here are some of the “ground rules” I followed, and some tips that I hope will help you confidently set pricing for your own art.
Pricing Ground Rules for Painters
1) Remember: your pricing gets to change.
If, like my story above, you’ve got a client waiting to hear back about a price, know that as you become more established, you’ll be able to command higher prices. You may even raise your prices on your very next sale.
In other words, whatever you charge this one client is not set in stone, so don’t stress too much about it. Keep in mind, though, that it’s always a better business move to raise your prices than to lower them, so leave yourself some room for growth.
2) Never undercharge.
That said, leaving no room for growth is not actually most artists’ problem — most of us have the opposite issue: charging too little. Once I brought art to be juried into a show, and was horrified that one of my fellow artists was charging less for her work than it had cost her to frame it!
Needless to say, this is a big no-no. Always make sure your pricing covers your actual costs (canvas, paint, framing, shipping if applicable — unless you’re going to charge a separate, additional amount for shipping/packaging).
You also want to take into consideration how much time you put into creating your work. Emerging artists may not be able to command high enough prices to pay themselves fantastically for their actual time spent, but that’s definitely the goal for the long term!
If you’re lucky enough to work fast and loose, you can get away with charging less, because each piece just doesn’t take long to produce. However, if your style is very detail-oriented and meticulous, what another artist could sell happily for $500 might mean you’d be earning pennies per hour, which is not sustainable. Your choice, then, is to grit your teeth and charge a lot more, and/or to figure out how to offer less-expensive work (smaller and/or looser originals, prints, etc.)
Not sure if you’re undercharging? As I wrote in this post on 5 Pricing Lessons Learned the Hard Way, I have a practically foolproof gauge: resentment. If I notice myself feeling resentment about a sale, it’s a good bet I need to raise my price!
On the other hand, if my prices don’t make me feel at least a little uncomfortable that I’m charging too much, I’m probably undercharging!
Your mileage may vary with this: start to pay attention to whether you tend to undervalue or overvalue your work, and adjust accordingly.
3) Be clear and consistent.
Of course your goal is to be paid well for your time, but the truth is, some of your pieces probably take a lot longer to create than others.
You know how much work went into each piece, but customers don’t know (and don’t usually care) how long a piece took you to create. Charging by the hour is likely to result in a lot of confusion as potential customers look at two pieces of the same size and wonder why piece A is so much more expensive than piece B.
Customers who are confused do not buy, which is why I’m a believer in clarity and consistency.
If you’re a painter, one way to ensure you’re clear and consistent is by using size-based pricing — either by the square inch (h x w) or by the linear inch (h + w). This makes your pricing easy for potential clients to understand, and it prevents you from charging more for pieces you’re particularly fond of, which makes your pricing seem random and confusing (and remember, customers who are confused do not buy).
With size-based pricing, you simply need to determine your current multiplier (the number you multiply by the canvas size) in order to immediately know the price for any given piece (okay, possibly with the help of a calculator…) .
If you create in a lot of different sizes, you may find linear inch pricing more sensible than square inch pricing. Why? When you charge by the square inch, the price difference between a small painting and a larger one can become astronomical.
Here, for example, is square inch pricing, using a multiplier of 2.5 (ie, $2.50 per square inch):
4×4 inches = 16 square inches x 2.5 = $40
8×8 inches = 64 square inches x 2.5 = $160
16×16 inches = 256 square inches x 2.5 = $640
24×24 inches = 576 square inches x 2.5 = $1,440
32×32 inches = 1,024 square inches x 2.5 = $2,560
I don’t know about you, but $40 seems awfully small price for a painting by someone who commands $2,560 for a 32×32 canvas.
Here are the same canvas sizes using linear inch pricing, using a multiplier of 20 (ie, $20.00 per linear inch) — as you can see, the difference in price feels a lot less out-of whack:
4+4 inches = 8 linear inches x 20 = $160
8+8 inches = 16 linear inches x 20 = $320
16+16 inches = 32 linear inches x 20 = $640
24+24 inches = 48 linear inches x 20 = $960
32+32 inches = 64 linear inches x 20 = $1,280
Neither of these pricing methods is “right” or “wrong,” but once you determine your method and your multiplier, charging by size can be a very helpful way to eliminate the guesswork, and feel confident about your pricing.
Different Pricing for Different Media?
One possible modifier to your size-based pricing structure is the media you paint with. If you only paint watercolors, or only paint oils, there’s no problem, but if you paint both on canvas and on paper, as I do, it gets a little tricky.
For whatever reason, paintings on paper tend to sell for less than paintings on canvas — even though they require framing, which is an added expense. In my case, if I were to pay to have a piece framed, my costs become much higher for a work on paper than for a canvas painting! What’s an artist to do?
I don’t have a final answer to this question, except to refer you to the item below…
4) Do your research.
It can be useful to look around at what other artists are charging for their work: artists in your local area, and especially artists at a similar stage in their careers.
What are people charging for framed works on paper? For unframed works on paper? For stretched canvases?
The challenge here, though, is that what other people charge is likely to be all over the map. So when you do your research, be sure to take into consideration how you want to brand yourself: do you pride yourself on making “art for everyone,” at “everyman” prices? Or do you want to make your mark as a high-end, premium-pricing artist?
When artist Matt LeBlanc was deciding what to price, he looked at what kinds of art were available in his area and noticed the low-end and high-end of the market were rather saturated. The mid-range, though, didn’t have a lot of competition, so that’s the price range he decided to set on his paintings — at the time of this writing, Matt has work for sale from $50 to $900.
This kind of research worked well for Matt: he went from selling no art, to being featured on HGTV, and being one of the hottest selling artists in his area.
5) State your price, then shut up.
My most expensive moment as an artist was several years ago, when a couple flew out to California from Philadelphia to meet with me about commissioning a ketubah for their anniversary.
I’d already told them my price range, which at the time was something like “from $1,500 to $5,000″ (mistake #1: never put an upper limit on your pricing!), and when they told me what they were looking for, I realized it was going to be one of the most time-intensive pieces I’d ever made.
In other words, this was a top-of-the pricing scale commission.
However, I’d never yet commanded $5,000 for a piece, and I was afraid this number, which felt so big to me, would scare them off! So when it came time to give them an estimate, I hemmed and hawed, and said something like, “Well, what you’re looking for is at the top of my price range.”
Then, instead of keeping my mouth shut and seeing how they responded, I stupidly barreled ahead to say, “…but if $5,000 is too much for your budget, I can always scale back the design to make it less expensive.”
The husband said, “$3,000, $4,000, $5,000 — it’s all the same to me. But I’m a middle-of-the-road kind of guy, so let’s go with the middle price — $4,000.”
Yep — because I couldn’t just state my price and shut up, I lost a thousand dollars in a heartbeat. (And “scaling back the design” is a myth. It never happens!) Lesson learned.
This one is important, so I’ll say it again: state your price, then shut up. Period. Do not explain, do not apologize.
(I’ve done that too — gotten defensive about my pricing — and oh, the pain! Now I’ve learned to say, “If you like my work, this is the price. If you don’t want to pay that, you don’t have to buy it.”)
If you’re sending an email to a potential customer, “state your price and shut up” might look something like:
“For this painting, the price is $X [plus shipping/packaging, if you’re charging for shipping separately].”
“I charge $Y per linear inch, and this painting is 24×30, which is 54 linear inches, so the price is $(Yx54).”
“If you’d like to purchase it, just let me know and I’ll send you a link to a payment page where you can pay either with a credit card or your PayPal account [or whatever payment method you use]. Once I receive your payment and shipping address, I’ll ship your painting to you via [shipping service].”
[Be sure to indicate when you’ll ship — a day? a week? does the painting need to cure first? does it need to be varnished first?]”
The really challenging thing about pricing is that there are no hard and fast rules. Everything depends on you, your work, where you live, where you are in your career — there are so many variables it can drive us nutty!
The tips I’ve shared here have helped me get more confident with my own pricing. I won’t lie to you, pricing my work is still really, really hard, but hopefully these ground rules will help light your path as you negotiate this trickiest of areas for artists.
Good luck, and let me know how it goes!
Melissa Dinwiddie is an artist, writer, performer, and creativity instigator, on a mission to empower people to feed their creative hungers. She coaches and consults with individuals and groups, and leads creativity workshops and retreats in inspiring locations around the world as well as online. Get a FREE mini-poster of Melissa’s Keys to Creative Flow and her Imperfectionist Manifesto at Living A Creative Life, MelissaDinwiddie.com