Setting a price for your artwork is incredibly hard especially if it is your first time, here are
some guidelines to follow when pricing your artwork.
So firstly it is important that you do not make a loss on your artwork, therefore it is vital that
you count in the cost of your material and charge double that amount, make sure to also
factor in the purchases you will need to make for the shipping of your work. Also, count your
time as you have dedicated time and energy to your work and should be rewarded
accordingly. Here is an example, your materials cost you $100 and you would give yourself
an hourly rate of $20 and it took you 25 hours to make the work you would reach a price of
($100×2) + ($20×25) = $700
Compare your artwork to other similar ones. Look around on the Gallerima page and see at
what price point artists with similar experience to you have set, look at factors such as
exhibitions they or you have participated in, any media attention or awards but also take in
similarities on the artwork itself such as the size of the painting and what materials you have
used. Comparing these attributes is an easy way to price your artwork at a similar price point
to artists with similar work and experience. Make sure you look at sold paintings as that will
give you a view of what price points actually sell because anyone can set an extremely high
price point but not everyone can sell at that level.
Make sure that you have a wide variety of paintings at different price points, there will be
buyers that might find one of your works for $2000 but they do not have the ability to pay that
but would still love to buy work from you then they would be able to buy one of your works at
lower price points. Make sure to diversify your portfolio to be able to attract a wide audience.
Our recommendation is to always start at a low price point if you are inexperienced and
when you have made a few sales and have a track record to show then you can always
increase your prices, but it is hard to justify a high price with little experience.