Have you just completed a new artwork but you are wondering how
to set the right price? If yes then you are not alone. Creating an art is one
thing and setting price is another thing. When pricing your artwork, there are several
things that you need to put into consideration. In this article, we are going
to give you tips on how to set prices for your art.
- Calculate the total cost of material used
The first thing that you need to consider when setting price
for your new art artwork is by determining the total cost of materials used to
create the artwork. Nobody wants to charge less than the total cost of material
used to make the artwork. Even if you bought your artwork materials in bulk,
you can still come up with a price estimate. Your artwork should never cost
less than the total cost of material used.
- Determine the cost of labor
This is another crucial factor that you need to factor in when
setting a price for your artwork. Determine the amount of time you spent
working on an individual artwork then come up with a price that you should be
paid per hour. However, you need to be very careful when determining the amount
that you should be paid for labor. Most beginners usually stand a risk of
overvaluing themselves. As a beginner, you need to set a realistic price. As your
business and reputation grow, your price will also go up.
- Consider the size of the artwork
When setting price for your artwork, you should also consider
its size. Under normal circumstance, smaller artwork, require less materials
and less time to complete. As a result, they should cost less when compared to
larger artwork that has been made with similar materials. This is because a larger
artwork require more materials and more time to complete.
- Consider what other artists in your industry charge
This is a very important factor that many people usually
overlook. Before you come up with a final price value for your artwork, it is recommended
that you first conduct extensive research to determine what other artists in
your industry with similar arts are charging. It is not prudent to set a price that
is by far higher than what your competitors similar arts are charging. If you
do so, then most buyers will turn to your competitors. It is very important to consider
the price that other artists within your industry are charging before you set a
price for your artwork. This way, you will set a price a price that is realistic
and competitive.
- Consider your education level and experience
Your level of education and experience should also determine
the amount that you should charge for your artwork. For instance, if you acquired
your art skills in a well-known school or from a well-known artist, then your price
should be different from a self-taught artist. You also need to consider your
level of experience. If you are new artist in the industry with no former sales,
then your artwork price should not be the same as the price set by an experienced
and well established artist.
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