How To Price Your Artwork: A Simple Formula For Emerging Artists
"How do I price my work?"
It's the question I get asked more than any other, and it's rarely really about the maths. Most artists already know how to add up numbers. What they don't have is a starting point, or the confidence to hold their price once they've landed on one. Here's the formula I actually give artists in mentoring sessions.
Step 1: Work out your base cost
Add together:
Materials
Framing
A fair amount for your time
This is your base price. For example:
Materials: $120
Frame: $180
Your time: $300
Base price: $600
Step 2: Double it
Most commercial galleries take 40 to 50 percent commission. A simple rule of thumb is to double your base price.
$600 x 2 = $1,200 retail
Is it exact? No. Is it close enough for most emerging artists? Absolutely.
It also means if you sell direct, you make a small profit! It's worth keeping your retail price consistent with what your gallery charges. It protects the trust of any collectors who've bought from you at full price, and it respects the relationship with the galleries who are investing real time, cost, and energy into building your career alongside you.
Step 3: Gut check
Now ask yourself three questions…
If this sold tomorrow, would I feel disappointed? If yes, it's probably too cheap.
Would I feel embarrassed telling someone the price? If yes, it might be too high for where you are in your career right now.
Would I happily make another one for this price? If the answer is no, increase it.
One final thing
This is something I've seen artists struggle with over and over. Your first prices aren't permanent. It's much easier to raise your prices after you've built a track record of sales than it is to lower them after work has sat unsold.
If pricing has been the thing holding you back, this is exactly the kind of thing I work through with artists in one-on-one mentoring, alongside exhibition prep, artist statements, and building real confidence in your practice. Read more about mentoring at The Corner Store Gallery, or get in touch directly cornerstoregallery@outlook.com.
