Talent is not all it takes to make you successful; the skills and tactics play equally important roles in building yourself into a professional. Artists may inspire others through the various creations but sometimes fail to achieve great feats themselves because of their lack of experience in handling the multiple aspects of art. Having ideas and equipment doesn’t make a person a professional artist; you also need to learn how to negotiate for better value of your product. Pricing artwork can be a complex task since it is always based on the type of artist you are. Emerging artists might find it extremely hard to establish their careers through collaborations with various businesses.
Many artists fix a price with their emotions, which would lead to the downfall of their careers. It is important that every artist understands the need for creating a portfolio at a reasonable price. Finding the balance without being too pompous to overprice or naïve to not know about this side of the business is the key to success. One of the first things you need to train yourself at is putting your emotions aside by using a formula that other professional artists excel at applying. Your position and reputation are spoken for by the artwork on the wall of the gallery. So, you must price it accordingly. Knowing the formula will help you in the long run. Let us look at the best methods to price your art.
Learn the Market
The first stage is obviously understanding the market, which would differ from one country to another based on the artwork you choose to focus on. For people with little to no sales experience, the ideal way of pricing your work would be by calculating the time, cost of materials, and labor. That is undoubtedly the best starting point for every emerging artist. But as mentioned earlier, you must know how the various types of art have been performing recently. You cannot expect to make more than what the audience is willing to offer.
The Formula for the Pricing of Artwork
Every artist has to learn the basic formula for pricing their artwork so that they get paid according to the effort put into it. Start by multiplying the width of the canvas by its length to find the total size, and multiply that by a set amount of money. This cost should be fixed according to the reputation. Once you are done with that, take the frame, materials, and canvas into consideration. Such expenses must be added to the total amount. Since none of it was bought for free, you shouldn’t sell these items without an extra cost. Calculate the price by summing up all these. The final amount must contain a profit as well. Larger pieces shouldn’t cost the same per square inch. Set the value only according to your reputation.