How to Price Your Artwork
Last Updated: December 26, 2024
Tips for Pricing Your Artwork
Pricing your originals appropriately is critical to selling your work, obviously! As a selling artist, you should be prepared to explain how and why you have arrived at your prices. Therefore, a great way to think about pricing will be to adopt consistent, fact-based pricing principles and methods.
If you’re new to the market, the following are some basic pricing principles and methods for you to consider when getting started.
Tip 1 - Price your art like a retailer—at two times the cost of materials
A common practice for new artists is to establish prices based on time, labor, and the cost of materials. Set yourself a reasonable hourly wage, multiply that by the number of hours it took to make the work and add that figure to the cost of your materials. For example, if the cost of materials is $50, your hourly rate is $20, and you spent 20 hours creating your art, then your work would be priced at ($50 x 2) + ($20 x 20) = $500.
Tip 2 - Be consistent in your pricing across channels
If you are selling one work in multiple channels e.g. galleries, other online marketplaces or a personal artist website or social media account, make sure its price is consistent everywhere.
Similarly, be consistent about pricing works within your portfolio--for example, your larger works should be consistently priced higher than your smaller works. A consistent pattern should be established by yourself when selecting pricing.
Tip 3 - Broaden your appeal by offering works at various price points
If someone likes your work but can't afford a $3,000 painting, they will find a $500 painting more attainable. Consider having a variety of sizes for your works.
Tip 4 - Review Packaging Guidelines
If your artwork sells, the cost of packaging the artwork for shipping is the responsibility of the artist. The cost of packaging materials should also be factored into the price of your artwork. Please read our packaging guidelines to review the required packaging materials in the event that your artwork sells.
Oversized Works
Important note, for larger, oversized artworks that require a wooden crate, you may require professional crating services, these services may cost up to $500 USD or more depending on the complexity of your artwork. We highly suggest that you first research your total crating costs, and then factor these costs in when pricing your artworks. Estimating your crating cost can be done by calling to receive quotes from packing services or woodworkers local to you or searching online.
Tip 5 - Promotional Discounts
Increasing your price points by 10% - 15% when listing artworks.
We offer promotional discounts as an incentive for new and returning buyers to explore the constantly updating selection of artwork on our site. We have found that offering promotions from time to time allows artists to gain the attention of buyers previously unaware or unable to own their work and will in turn result in a better chance to make future sales.
The discount codes typically give buyers 10% off original works, and do not exceed this amount.
JV Studio Art will receive 10% of the final sale price, if you sell an original work. If a promotional discount code is offered, the discount will be deducted from the price of the artwork.
It is worth pointing out that JV Studio Art’s commission is 10%, whereas the gallery standard is 50%. This means that even with a discount you will be earning more through your sales with JV Studio Art than if you were to sell through a gallery that takes 50% commission.
JV Studio Art reserves the right to promote and market Original Works of Art through the use of sales and/or discounts. The sale or discount amount will apply to the listing price of Original Works of Art. After the discount code is deducted from the sales price, our usual commission of 10% will be applied.
It's also important to note that during your initial sign up, you agreed to the following condition (included in our official statement of terms and conditions)
Tip 6 - Price your art based on comparables
Another way to get started with selling and pricing works is to set your prices similar to those of other artists with similar experience and who work in similar mediums.
When comparing your works to others, consider factors such as dimensions, medium, materials, and the artists' achievements such as prizes, exhibitions, press, etc., as these will have a bearing on pricing.
Important for comparison, always consider art that has sold, not art that has not yet sold.