With Artboost, you’re in charge when it comes to deciding how much to sell your art for. However, this can be one of the most challenging tasks, and deciding how much money your art is worth whilst still attracting buyers can become a delicate balancing act.
But it doesn’t need to be a stressful process. To help, we’ve put together our tips based on what we’ve seen, and what we know, so you can get the best out of selling your art online.
Our main advice is to not stress about pricing your art. There’s plenty of help at hand, and resources at your disposal. For example, here’s a spreadsheet that will help you price your art like a pro, and it’s definitely worth a look.
Principles of pricing for new artists in the market
Look at the market:
Of course we all value art pieces on the individual merit, but it’s important to step slightly away from that canvas and consider the art world around you.
Have a browse through what’s for sale and what’s trending currently to get a rough idea of how much people are selling their art for. Pay careful attention to the size and medium of the artworks available as all of these factors will affect how much people feel their work is worth.
A good test is to think about how you feel about the prices in the market, compared to how you feel about your own work. Would the price you have in mind seem too high, or too low, in the market? If so, then it might be worth having a think about reviewing your price.
Remember to keep reputation in mind. Artists who have appeared in galleries or who have trended online (check out our Instagram guides here) can generally charge more.
Basic Pricing Strategy:
- Determine an acceptable hourly pay.
- Multiply this by the hours you have spent on creating the work.
- Add cost for materials
If for example, you settle on an hourly pay of $20 and you have spent 20 hours on creating the work, and have used materials in the amount of $100, your calculation will look like this:
20 hours x $20 hourly rate = $400
Material costs = $100
Price for the artwork = $400 + $100 = $500
Tip: Expand your appeal and try to offer pieces at various price points.
Consider the medium and run:
Unfortunately there’s no magic formula when it comes to pricing your artwork. But one easy shortcut is to think about the material cost and size of your work.
Some oil painters work out a sum based on a certain amount (usually 50 dkk to 100dkk) per 5cm², which would then be calculated on top of materials used and time spent- and this is certainly a good starting point.
It’s also important to think about how many pieces you’re going to be producing. Of course, a unique artwork is going to justify a higher price compared to print run. But if a print run is what you’re looking to do, then how many?
How to price your prints (Limited editions)
Fixing prices for limited editions is not much different from the strategy outlined above:
- How much does it cost to produce an edition of 30 pieces, and how many hours do you spend doing it?
- Divide this by the number of pieces to get the price per unit.
Remember that ideally, all editions need to sell out!
When Pricing Your Prints, the Two Primary Price Factors are the Following:
- Print type and quality
- Quantity – If only 10 prints are made, this is more exclusive than an edition of 30 pieces. Therefore, the 10 pieces should be priced higher
Don’t undersell yourself
It’s important to look at the market and take into account other pieces of art, but you should never undersell yourself.
Think about how much your time is worth. How many hours did you invest in your artwork? Whether your art is a hobby or your career, think about how much you’d expect to be paid for your time in other jobs.
Listen to your customers
Ultimately, your art is worth as much as people are willing to pay for it, so your greatest resource when it comes to pricing your art is other people.
Ask someone you trust what they think, and chat honestly to your customers about what they make of your prices. When you start out it could be a good idea to sell a number of pieces in different price categories.
At Artboost, we want to make the process as easy as possible- and place the power in your hands, to get started, click here and sell your artwork online today.