The determining factors that result in the final price of artwork are often confusing to navigate, so here is a quick how-to on pricing your art! 🤩
Pricing by Hours Worked ⏰ + Cost of Materials 🎨
This price model is the least intensive and reflects the amount of time and money you have put into creating your work of art.
In order to use this method, you must track the amount of time you have spent creating your artwork and also keep a record of the cost of the materials you have used. You must also decide how much you will pay yourself per hour (for student artists without much professional experience, an appropriate amount would be around $15 or so per hour)!
(Hours Worked x Hourly Wage) + Cost of Materials = Final Price
Pricing by Comparison 🖼
This method is the most time-intensive but also the most accurate and fair way to price your artwork
Using your artwork as a guide, search the web for comparable artworks sold through online marketplaces.
Write down the prices for each comparable artwork you see!
Keep in mind that you should be looking for artworks made by artists with similar experiences and backgrounds to yourself. The more accomplished within the arts you are, the higher prices you can command on the market.
Once you have found 5-10 comparable artworks and their corresponding prices, take the average of the prices to determine the value of your own artwork.
Note: a comparable artwork should be a similar size and style to your artwork, if you have questions about whether an artwork is comparable to your own please consult your fellow artists or ambassadors