How to Price Fine Art is a Skill That You Can Learn

When you decide to become a professional fine artist, or fine crafter, how do you decide on fine art prices? How to price art work is very difficult to determine, especially if you are a new artist without a fan base.

There are several factors related to prices of art that you have to consider, not the least of them is your material costs, your marketing costs, your valuable time, and what the market will bear at that particular time. And it always helps if you make a profit from your work so that you can make a living.

This article is designed to be a guideline on how to price art work so that it will sell and make you a profit at the same time.

Fused Glass Pendant by Paula Atwell

What Factors Should You Consider When Pricing Art?

The following factors need to be taken into account when you price your work even if you choose to disregard them in the final figures:

1. Material cost
2. Any fees that you are paying to sell in this location
3. The time it took you to create the piece
4. The time it took you to design the piece
5. How much profit you would like to make ideally on this piece
6. What is the least amount of profit you will take for this piece
7. How long have you had this piece in your inventory
8. How much do you want to get rid of it
9. Room to negotiate or discount price
10. What the market will bear

Are You Comfortable with Pricing Your Work?

Material Cost

Material cost is the easiest thing to figure out about pricing.  Unless you are very well known artist with a reputation, material cost is the main thing you should base your price on.  Here is how to figure out material cost.

Material cost is the cost of your supplies for your piece + the cost of the design materials + cost of gas to transport the piece for sale + cost of using any equipment you used to make the piece.

Cost of using equipment includes electricity and wear and tear on your equipment but not if you had to buy a new kiln because your old one broke.  Figure out how many uses you get on average from your kiln, then charge the use cost for your piece.

Blue Fused Glass Pendant by Paula Atwell

Rent and Fees to Sell

If you are in a gallery or an art show, there are fees that you have to pay to sell there.  That includes your transport fees to a show, booth fees, and any travel expenses like hotel.  Work that into the cost of your pieces.

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How Many Hours of Labor Did You Use?

Part of being an artist is similar to what a contractor does.  Contractors base their price on materials and labor.  How many hours of labor did it take you to actually make the art work?

This means that you need to determine what your time is worth.  Some of this is where reputation comes in.  Is your time worth $10 per hour or $20?  Is it worth more?

Figure out your labor cost by multiplying your hours x your cost per hour.

Least Amount of Profit You Will Accept

Now you have to take a good hard look at your work, and decide what is the absolute bottom amount of profit you will accept on your piece. If it is a piece that has been hanging around the studio for 3 or 4 years, you may be willing to accept zero profit.

On the other hand, in most cases you will want to make some actual money on your work. This bottom profit will allow you to determine how low you can go when a customer wants to negotiate with you.

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Fine Silver Necklace by Paula Atwell

How Long Has This Piece Been in Your Inventory?

Is this a piece that has been in your inventory for a very long time?  Maybe you just want to get your cost back from it.  This is when you can put an item on sale.  It could be that it is a piece that just needs to find the right home, but it could be that the style has gone out of fashion.

This is a judgement call, but one you should make from time to time.  Maybe you just don’t like that piece.  For whatever reason, you can mark down pieces to get rid of them.

This is the Register I Use in My Gallery and at Shows

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Fused Glass Pendent by Paula Atwell

Cash Box to Keep Your Earnings In

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Excellent Guide to Negotiating

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Leave Room to Negotiate with Your Customer

Customers love to negotiate pricing. It makes them feel like they got a great deal on the price, and they walk away happier.

That means you should expect to have customers try to get a discount. To allow for this, you need to price your items at least 10% higher. This way you can reward customers who buy more than one item, or offer them a discount to encourage customers to buy multiple items.

Fine Silver and Beach Stone Necklace by Paula Atwell

What the Market Will Bear

When you are deciding how to price art work, the most important factor is what the market will bear.  The market is different from place to place, and from time to time.

Don’t make sweeping general assumptions about what the market will bear.  Remember, that no matter what state the economy is in, there are always people who can afford your work.  Also, the market is variable.  For instance, items in California usually cost 4 to 5 times more what they do in Cleveland, Ohio.  One neighborhood is different from another.

Do some research about the area your show will be in.  If the market in a region you are showing in will not bear the prices you need to charge to make a profit, then go to another show where it will.

Think about how to market your products to be more enticing for that particular market or time.  For instance, I am marketing my gallery right now as a place to find gifts for other people because that is what most people are shopping for now instead of for themselves.

Terrific Guide for Any Working Artist

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So How Do Your Resolve Pricing Issues?

What it all boils down to is working out the answers to the above questions to your satisfaction while selling within what the market will bear, and still making a profit.

Look at what your competitors are charging and compare your work to theirs.  Most people undersell their work.  Don’t be ashamed to charge what it is worth.

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