Pricing your original art work appropriately is critical to selling your work. As an artist, you should consider 3 main things… Popularity, initial outlay for materials and the time that it takes to create the art work. Therefore, it’s very important to adopt consistent, fact-based pricing principles and methods.
If you’re new to the market, the following are some basic pricing principles and methods for you to consider.
Price your art based on comparables. Set your prices similar to those of other artists with similar experience and who work in similar mediums. When comparing your works to others, consider factors such as dimensions, medium, materials, and the artists’ achievements such as prizes, exhibitions, press, etc., as these will have a bearing on pricing. Also, when looking at price figures for comparison, always consider art that has sold, not art that has not yet sold.
Price your art like a retailer—at two times the cost of materials.
A common practice for new artists is to establish prices based on time, labor, and the cost of materials. Set yourself a reasonable hourly wage, multiply that by the number of hours it took to make the work and add that figure to the cost of your materials. For example, if the cost of materials is £50, your hourly rate is £20, and you spent 20 hours creating your art, then your work would be priced at (£50 x 2) + (£20 x 20) = £550.
You should also be consistent in your pricing. If you are selling one work in multiple channels, make sure its price is consistent everywhere. Similarly, be consistent about pricing works within your portfolio–for example, your larger works should be consistently priced higher than your smaller works.
Broaden your appeal by offering works at various price points. If someone likes your work but can’t afford a £3,000 painting, they will find a £500 painting more attainable.
You can always increase your prices after you have made some sales and have factual evidence to justify a price increase. Keep records of all your sales and the prices at which you’ve sold works. Remember that it’s much better to competitively price and sell your work now to gain exposure (increasing your prices in the future) than to have your work sit unsold.
If your artwork sells, the cost of packaging the artwork for shipping is the responsibility of the artist. The cost of packaging materials should also be factored into the price of your artwork.
Note that for larger, oversized artworks that require a wooden crate, please add an additional 30 – 35 lbs (13 – 16 kg) to the physical weight of the artwork during your upload to account for the crate. Also, if you require professional crating services, note that these services may cost up to £500.00. We highly suggest that you first research your total crating costs, and then factor these costs in when pricing your artworks. If your artwork sells, Saatchi Art will provide you with the shipping of your parcel, but the cost of proper packaging is responsibility of the artists.
Please note that on occasion, we offer promotional discounts as an incentive for new and returning collectors to explore the constantly updating selection of artwork on our site.
In this video I want to answer one of the most popular questions that the majority of artists are asking… “How do I price my art work?”