The Real Cost of Art: How to Price Artwork

How to Price Artwork

Pricing artwork can be one of the most difficult parts of running an art business, especially if you’re new to the field. There are several different ways to price your pieces, and each has its own benefits and drawbacks. Some are more favorable in certain situations, so it’s important to know what those are so you can choose the right pricing method when it comes time to price your next piece. Here are some steps to help you price your artwork.

Fearless II by Shubham Kumar
Fearless II by Shubham Kumar
canvas board
  1. Decide an hourly rate for your art style. Remember, don’t let your emotions come in the way while deciding the rate.
  2. Now multiply the amount of time invested with the hourly rate decided. For example, To make a painting of size 2’x2′ it took you 15 hours. And the hourly rate decided by you is Rs300,
    so, 15 x 300 = Rs.4,500
  3. If your art consists of expensive material like, gold, metal, stones, or any other material, you should add the extra amount in the costing of your artwork. For example, in order to make 2’x2′ painting, where you used copper of Rs.5000, your calculation will be
    15 x 300 + 5000 = Rs. 9,500
  4. Don’t forget to including your frame and painting material charges. If you are selling your artwork in any other city or country, don’t forget to include the transportation and packaging charges. Artworks should always be very carefully packed or else it is highly possible the artwork will be destroyed while shipment. Now your calculation after adding shipment charge of Rs. 1000 will be Rs. 10,500
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