As an artist, art pricing can be a daunting task. You don't want to underprice your work and miss out on potential earnings, but you also don't want to overprice it and drive away potential buyers. That's where an art cost calculator comes in handy. By using a few key factors, such as the cost of materials and the time spent creating the piece, an art cost calculator can help you determine a fair and accurate price for your art.
In this article, we'll explore how to use an art cost calculator to price your art and maximize your profits.
How Are Prices Formed in the Art Market?
In this case, it will be great to mention Olav Velthuis' book "Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art". It provides a fascinating analysis of the contemporary art market and how prices are determined. The author uses a combination of economic and sociological perspectives to explore the complex ways in which prices are established, negotiated, and communicated in the art world.
One of the strengths of Velthuis' book is its interdisciplinary approach. He draws on a wide range of theories and concepts from both economics and sociology to develop his analysis. This allows him to provide a nuanced understanding of the art market that takes into account both economic factors such as supply and demand, as well as sociological factors such as cultural capital and symbolic value.
Another key contribution of the book is its focus on the role of language in the art market. Velthuis argues that prices are not simply determined by objective factors such as the size or medium of a work of art, but are also shaped by the way that prices are talked about and discussed in the art world. Through interviews with artists, dealers, and collectors, he shows how prices are negotiated and communicated through a complex network of social relationships and cultural practices.
According to Olav Velthuis in his book "Talking Prices", the art market operates on a complex set of factors that affect how prices are made. These include both objective and subjective factors such as the artist's reputation, the rarity and quality of the artwork, the market demand and supply, the sale location, and the opinions of art dealers, collectors, and critics.
Velthuis argues that the pricing of artworks is not based solely on their intrinsic value, but is also heavily influenced by cultural and social factors. For example, an artist's nationality, gender, and ethnicity can all have an impact on their perceived value and marketability.
In addition, the art market is not immune to economic forces and can be affected by macroeconomic factors such as inflation and changes in interest rates. He also explores the role of intermediaries such as art dealers and auction houses in determining prices. These intermediaries play a crucial role in setting prices by providing information and advice to buyers and sellers, negotiating transactions, and promoting artists and artworks. By the way, there are a lot of factors affecting art pricing, and we are going to talk about them below.
Master the Art of Consistent Pricing with These 3 Simple Formulas
Pricing your artwork can be daunting, especially if you're just starting out. The fear of pricing your work too high or too low can be overwhelming, and the imposter syndrome can make it even more challenging. To help you get started, there are simple formulas you can use to guide you in the right direction.
In this article, we'll explore three easy-to-use formulas for pricing your artwork, with a focus on 2D mediums such as drawing, painting, printmaking, and collage. Additionally, we'll provide helpful resources and tips from experienced artists to assist you in pricing your artwork consistently and confidently.
Key Considerations when Pricing Your Artwork
When pricing your artwork, it's crucial to factor in your costs to ensure you're not selling yourself short. These costs can include your studio fee, supplies, specialty materials, and any framing, packing, and shipping expenses.
However, keep in mind that simple formulas may not be sufficient to determine the right price for your art. You should make adjustments based on factors such as your reputation and the quality of the final piece. By being realistic and flexible, you can arrive at a more accurate value for your artwork and make sure you're getting paid what you deserve. There are two ways how to price art:
Value-based pricing;
Market-based pricing.
If we talk about value-based pricing, it means that we need to keep in mind time that we spend to make the artwork, cost of materials, art supply cost, etc. In the case of the second option, the art pricing is more difficult. It also includes artist profit margin, artist reputation, art fair pricing, gallery commission, negotiating art prices and more. Also, it is important to remember about comparables in art pricing.
Formula 1: The SQUARE INCH Way of Pricing
When it comes to pricing artwork on paper or canvas, simple formulas can be helpful. These formulas take into account factors such as the size of the piece, the cost of materials, and the amount of time invested in creating it. By using these formulas, you can arrive at a fair and consistent price for your artwork that reflects the value of your time, effort, and materials. Whether you're a beginner or a seasoned artist, incorporating these formulas into your pricing strategy can help ensure that you're getting paid what you deserve for your work on paper or canvas. You have to keep in mind that the artist reputation often influences art sales, art investment, and art commissions.
One commonly used artist pricing strategy is to charge a certain amount per square inch. However, when using this method, it's important to consider the market and country you're selling in, as this can affect the perceived value of your art. Your pricing should reflect your reputation and the value you bring to the table.
Additionally, it's worth noting that prices should not decrease over time, although the price per square inch may differ depending on the medium you use. For example, you may value your illustrations at 50p per square inch, while your paintings are priced at £1 per square inch. By considering these factors, you can arrive at a fair and consistent price for your artwork that reflects its true value.
The Square Inch Formula:
Width x Height = Square Inch
Square Inch x Value = Artwork
Artwork + Materials + Costs = Art Price
Art Price / Your Percentage Portion = Art Price with the commission
Example:
24 x 36-inch painting = 864 square inches
864 x $1 = $864
$864 + $35 worth of Resin + $20 painting materials + $90 studio for a week = $1009 Art Price
$1009 + 20% gallery commission = $1210.80 (always round to the nearest whole number)
TOTAL = $1211 Commission Art Price
Formula 2: The LINEAR INCH Way of Pricing
If you're an illustrator or printmaker with works on paper, there's a simple formula you can use to price your artwork consistently. This method involves multiplying the length and width of your work by a value amount, which helps ensure that your prices remain consistent over time. While the specific value amount may vary depending on the medium and quality of your work, this method can be a useful starting point for pricing your artwork. For example, you may set a value variable of £3 for your drawings, but only £1 for your linocut prints. By considering these factors, you can determine a fair and consistent value for your artwork on paper.
The Linear Inch Formula:
Width + Height = Linear Inch
Linear Inch x Value = Artwork
Artwork + Materials + Costs = Art Price
Art Price / Your Percentage = Art Price with Commission
Example:
10″ + 12″ Drawing = 22″
22 x $3 = $66
$66 + $30 studio for a 2 days + $80 Framing = $176 Art Price
$176 + 25% commission = $220 Commission Art Price
Formula 3: The LABORER Way of Pricing
If you use unusual materials, tools, or methods that require a significant amount of time, you might consider using a formula that calculates the price of your artwork based on the cost of your time. This method involves considering how much you want to pay yourself by the hour, day, or month. While it's tempting to set a high rate, it's important to be realistic and fair. You can use resources like the Artist Union of England or the National Minimum Wage to determine appropriate rates based on your location. Additionally, keep in mind that a typical full-time workday is 7–9 hours, so consider what a reasonable daily rate or monthly salary would be for you.
Example:
🕐 Hourly Rates
$21.92 per hour = new graduate artist
$28.42 per hour = 3 yrs+ experience
$33.83 per hour = 5 yrs + experience
🕐 Sessional/Daily Rates
$173.22 per day ($86.61 p/ 1⁄2 day) = new graduate artist
$227.35 per day ($113.68 p/ 1⁄2 day) = 3 yrs+ experience
$281.48 per day ($140.74 p/ 1⁄2 day) = 5 yrs+ experience
As an artist, pricing your work appropriately is crucial if you want to make a living from your creations. While there are various formulas available to guide you, if you prefer a formula-free approach, you can use this free Art Calculator as a starting point. Simply input the size, medium, and style of your artwork, and the calculator will provide you with a pretty accurate price. Keep in mind that you may need to make some adjustments and convert the price to your currency if you're not based in the US. Remember that your art pricing is a part of the Artist Business Plan.
🎨🎨🎨
It is worth considering that any art price calculator will be unnecessarily simple. This is due to the peculiarities of pricing in the art market. However, such a calculator can still be a great tool for a budding artist. If you want to price your artwork, try this Art Price Calculator first.
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services.
In the cookies-settings you can choose whether to accept or reject certain cookies. You can also change your cookie settings at any time.
