How to begin?
Being an artist is a full-time job, so discovering the value of your work is essential to sustaining yourself and growing. Pricing your artworks is a completely different world from producing them. Considering that the strength of the market dictates a large part of the value of the pieces, how is their price determined? What makes a piece more successful for sale? In fact, there is no magic formula for setting the value. Discovering the best way to evaluate your work is a big challenge for both beginners and experienced artists. In this process, we have to take into account the artist's personal conditions, as well as the market, in order to conceive a beneficial and driving value. To help you, we've put together some useful tips to follow when setting the value of your artwork.
calculate the costs
First, it is necessary to calculate the work's production costs, that is, the material and the time spent. The results will differ depending on the material used to create the piece and the hours it took to finish. An oil painting recurrently has a higher value, as this material is more expensive than, for example, a pencil drawing. Also, due to the drying time, it takes much longer to complete the job. How much did you spend on materials? How long did it take to complete the work? How much do you want to receive per hour? These are all questions that will help you reach a final figure. The advantage of this method is the possibility of modifying the base value. If you feel that your time is worth more, as the work was particularly time-consuming and complicated, you can increase the hourly rate, which will reflect on the final price of the work.
Value for the size of the work
One of the most common ways to define the price of an artwork is based on its size, with or without material costs included. In this method, multiply the length of the piece by the width to get the total size. Set a price for every inch and multiply by the total size.
analyze the market
Search different platforms for artists with similar experience and see the amount they charge for their works. Remember that even if someone asks for a lot, it doesn't mean there is a buyer! In the art market, galleries and online platforms have commission rates that vary between 10% and 50%. Therefore, it is essential to choose a market that is advantageous for you and your work.
People have different tastes and monetary possibilities, so consider having jobs with different types of sizes and means of production with a variety of values. Small jobs or prints can be sold at a lower price, which is an easy way to get customers. Think from the customer perspective, be open and practice the same value across all platforms.
When should I increase values?
When you start selling consistently over six months, increase prices by 10-20% so that it is seen as a sign of success.
How to define the value of a work by commission?
The values of commissions and completed works are usually different. It is essential to value yourself as an artist and a business person, so it is necessary to establish a commission price list to present to your customers. This way, you no longer need to perform accounts on each request, as the values are already assigned.
In conclusion, before presenting prices, carefully and logically analyze the value of your parts. Expose your value with confidence so that people have confidence in you and your work! Practice makes perfect, both for values and for the art itself. In a short time, you'll be able to easily evaluate your works in order to be beneficial for you and the client.