If you’ve been around here for a while, you know I highly recommend pricing based on size, generally square inches. But what if you do work in both large and small sizes? How do you make sure your large work isn’t priced too high and your smaller work isn’t priced too low? I answer this and other price-related questions in the following email exchange:
Hi Jason,
I bought and read your informative book. My question is why do artists have to price by square inch? I have an elaborate system that accounts for the fact that small paintings take almost as much time as larger ones. I am changing my prices for my website (per square inch) and find that the small paintings are hardly worth doing (though I enjoy painting them). Since I am in several galleries, I will need to inform them of the new Lower prices for the small pieces. The medium sized and large pieces are priced correctly.
Thank you,
Elizabeth
My response:
Elizabeth,
Thanks for reading the book and for the question. What you are describing is correct, and many of the artists I work with will have a graduated pricing schedule where the smallest work is priced at a higher per square inch price than large pieces.
Tell me about the formula you were using previously – perhaps it is consistent enough that it can make sense for your work.
Jason
Her response:
Hi Jason,
I was glad to hear that some of your artists use a graduated pricing system. I am back to that system myself as I am a slow painter. (My system starts with a 10″X12″ painting at $7.9 per square inch and goes to a 48″X60″ painting at $3.4 per square inch. This is $950 for the smaller painting and $9500 for the largest. I can send you details if this is something that you can use.).
On a related subject, you say to price high. This is probably my 4th recession and I have never lowered my prices until now. This is the first time that 2 of my 4 galleries have asked all their artists to lower prices as they say that this helps them sell.
Galleries are now making artists pay for frames and then taking half of this for the gallery. In effect, it is now a 60/40 split with the artist getting the 40%. And I was with a gallery that added the shipping price to the painting price and took that for themselves. To show you how long I have been with galleries, I used to get 60% and my frame cost back so the new business model is getting hard to swallow.
Your book mentions how you rate the importance of biographical statements, portfolios, etc. I, and probably many artists use the website as my portfolio as it includes the elements you mentioned. In my experience, most gallery owners have not cared much about a biographical statement. In fact, I made a little notebook with reviews and newspaper clippings of photographs about shows, and past series. I thought that if I were a gallery owner, I would at least read this once to acquaint myself with the history of the article. Only one gallery owner read this, and told me that the most interesting thing that he told collectors was that I used to do sculpture- which explained my desire to paint sculptural flowers, etc. No one else was the least bit interested. You can see that your book has stirred up some comments from me. I hope that you have the time to write back as I appreciate that you are a person with experience in both worlds.
Thank you so much,
Elizabeth
My Response:
Thanks Elizabeth,
And I think the formula you are using sounds very reasonable.
While I know these are difficult times and that many artists have lowered prices, I have seen only limited response to price reductions. While I don’t discourage it if the artist feels it might help, I find that it usually doesn’t. Most buyers aren’t hemming and hawing over a couple of hundred dollars, the argument they are having with themselves is whether they can buy art at all. Hopefully as the economy improves we’ll start getting more to answer “yes.”
Just as an aside, my two best selling artists continue to be my most expensive artists.
I am surprised also that your galleries aren’t putting more effort into getting to know their artists. It doesn’t always close the sale for me to be able to create interest and give information about the artist, but it often helps in the process. Consider taking the gallery owners or staff to lunch and telling them about yourself so they can at least have that basis for sharing information about you.
Keep in touch.
Jason
Your Thoughts on Pricing
Do you use a variation on square inch pricing or some other method? Have you ever lowered your prices? What was the result?
Cover image features art by Xanadu artist Dave Newman
Hi Jason.
Thank you, so much for taking time to answer our questions! There are not too many people who could give a qualified advice and I’m afraid to damage my reputation by a wrong decision. I have a question about pricing too.
My work was probably priced on the high end from the beginning, because I started showing with an established gallery in a well known art district. And I do everything I can to back it up: national juried shows, art groups, etc (not to mention my best quality for every painting). That gallery no longer represent me, and started showing with 3 new galleries and a few more are interested in my work, but they suggest to lower prices about 25% and say that they almost guarantee good sales if I do. I’ve read that it is not good for artist’s career to go down once the price was set, but in the same time I feel that I’m loosing good opportunities. Is it OK to lower them after 10 year in the market? And if yes – how much lower? Personally I would prefer to sell more then to wait for that special collector. But do I owe it to the people who have paid for my work to honour their investment? I’ve read a lot of articles that contradict each other and I thought I’d ask a professional.
Thank you in advance!
Natalie
I find pricing varies mostly with the place. The galleries in California have higher prices than the Utah galleries, for example. I have always used a square inch model for pricing, which seems consistent and fair, with slight adjustments for the places, as I’ve explained. I separately add the price of framing, which automatically adjusts for size. That seems fair, too. Pricing is always a challenge. I appreciate the insights shared here.
Linda
The suggestion to take gallery owners or staff to lunch was a big surprise, actually more of a shock. Is it truly a sincere belief that an artist should do this? I’d really like to know because it seems out of touch with an artist’s life.
My question is sincere. From the artist’s perspective, my hope is that that the gallery/artist relationship might be more symbiotic so that the artist does not now also have to arrange luncheons to “wine and dine” them. We are not at the scale of ad executives trying to land a big account for a corporation.
Could not an owner and/or staff (whomever will be the ones that are actually going to be in the gallery to have the opportunity to make the sale) schedule the appropriate time together to have that chat with the artist when they meet with them to discuss selling or to view their artwork?
Even better, could they not provide a warm welcome greeting by offering a cup of tea or coffee along with that chat?
For the serious entrepreneurial artist managing everything for their business, we are pushed to maximum modern-day limits. The painting is about 10%, at best, of an artist’s time considering other important tasks and details such as the follow-through of impeccable finishing and framing, creating and managing a website, creating and posting online promos, social media connections, creating and giving workshops or lessons and promoting those, client or collector updates, shows, association memberships, endeavours for gallery representation, accounting, etc., the list is endless.
We want our art out shared out there and look to galleries as part of our business plan. I am serious and respectful in my question. Is this now also something we need to do as part of that plan?
Pricing, I am sure varies greatly based on the market you are in. I live and display mostly in Urbana-Champaign, Illinois and in general the prices here are very low, other than one established highly respected gallery. There are so many talented artists just out of school willing to sell their 24″ by 24″ for $150-200. I have tried to explain to them how this is way too low, but the common answer is, “If the price is too low, why hasn’t it sold yet?”
And the normal price I have to charge for a 12″ by 12″ original is $99 while my larger pieces go for $499 or less. This is definitely a buyer’s market. My main success is in selling prints or cards made from my paintings, as the average consumer will rarely spend over $25-50 here. So instead of selling a $400 painting I sell 20 prints of it @$25 (and I still have the original). 1-phil-strang.pixels.com
I can agree with you on this. While I’m not yet in any gallery, it is my goal. I am, however in Art shows here in very rural Northern NY. I have my pieces priced for the market in the areas I have my paintings…a small town, a larger town. While they’re priced the same…square inch pricing…my prices are in no way high compared to being in a gallery. I have even gotten comments from the owner of one business that, especially this year, prices on all their works are coming down. The artists want them to sell. So, I’m totally confused. Am I pricing correctly? Am I too high or too low?
Hi, Jason,
A little over a year ago, a well known artist who likes my work asked why I wasn’t charging more for my paintings. I work on gallery wrap canvas or cradled birch and had moved away from framing because it’s expensive. (The day I decided to stop framing was when I walked into my framer’s shop and found one of my pieces being reframed.)
The sizes of my pieces normally range from 18 x 24 to 36 x 48. When I was asked about my pricing, I was charging $1.00 per square inch; I now multiply that figure by 2.0. And for giclees, I charge by the square inch and multiply by 1.2. My sales went up.
Hi Jason,
I used to use the square inch formula and it was complicated to price small works vs large works. Now I use linear inches (as suggested by Carolyn Edlund of Artsy Shark). This give me one price per linear inch that works fo all sizes.
Also, I have never lowered my prices, in fact I just gave myself a small raise (price increase) that my gallery owner said I deserved!
Thanks,
Janet
I’d love information on comparing Square inch pricing to linear inch pricing. I’ve considered changing to linear because it seems to put a “more reasonable ” price on the larger pieces. And keeping square inch pricing for the smaller ones. Do you keep the dollar amount the same throughout the pricing for larger sizes?
Yes, I keep the same price per inch using the linear format up to a 30×40 canvas size. I rarely paint larger than that and if I do it’s generally a commission which I quote separately anyway.
If you are familiar with excel, you can use a simple formula and try out different price points and compare it to your square inch pricing to compare the two methods.
Can you briefly give an example of linear pricing?
That’s interesting Janet because I have also switched to linear pricing I think. I felt that a 12 x 24 should be equivalent in price to a 16 x 20 which in custom framing pricing is 36 united inches. (is that linear pricing?) My prices per square inch were always higher for smaller works. I usually research what other artists in my area and abilities are charging (and getting!) and then divide to find out what they would be charging in square inches. Then I use my Excel spreadsheets to see what I should charge and then switch to my united inch chart (the prices per inch are higher on this chart to balance the square inch ones).
Artists here are selling for less than where I am from so I have had to swallow my pride a bit and lower some of my prices. I have never done a 99 ending to my prices and try to do round numbers but lately, in the group gallery I am in, I have noticed there are more sales with paintings that end in 25, 75 or 95. We always seem to be rethinking prices!
Most of my paintings are on the large size so I charge by the sq. foot. It takes me well over a 100 hours to do one and it would be hard for me to charge by the hour.
I set my price by the sq. foot to keep it fair. I came up with $250.00 per sq. foot. That breaks down to around $1.75 per inch and i think that is fair no mater what size it is.
I only want to make sure the buyer really wants it and will treasure it as much as I do.
This was super helpful for me to read – including everyone’s comments! I have been pricing all my work- large and small – at $2.5 per square inch plus adding in framing costs x2 and it seems to be a good formula. I don’t frame everything, but what I do frame, I want to be reimbursed for 100%.
Galleries are happy with the prices, and things sell. However, recently I realized that (like someone here) my small pieces take nearly as long as the large pieces and I was considering how to manage that without overpricing my large works.
I’m definitely going to consider a graduated scale. I’d love to keep this dialogue open as it is mysterious how art is priced, especially now that there are so many different ways/places to show and sell art. I’ve basically taken down my online shop as it just gets too complicated when juggling with 4-5 galleries who also have online presence. Would love another blog post on how to manage that…
thanks for all the insights!
Great article, question and follow-up question. It is sad that Elizabeth’s galleries do not educate themselves about their artists. Having worked in a gallery in the past, I was required to be familiar with and investigate info on each artist. It is hard to remember it all so if I saw someone showing interest in a particular artist I would quickly skim the binder we kept for each artist before approaching the client. The galleries that represent my artwork seem to be knowledgeable about me and my process as well, so I am comfortable that they certainly earn their 50/50 split. I like your idea of taking the staff to lunch or some sort of “get to know you” arrangement (via Zoom?). I find that frequent communication helps my gallery relationships.
Regarding pricing, I have struggled with the same issues. This is how I handle it: I, too, create “minis” as well as regular sized pieces. I recently raised the price of my minis by $50 because the cost of the cradled wooden box they are mounted on went up – the galleries said it wouldn’t hurt sales. I left the price of larger sized works as is. (Larger works are framed, not mounted.) Though not entirely, this past year the majority of my sales are minis. I am represented in high-end tourist areas so a memento is often what the client is looking for. This is also why I seek representation in such areas, as my established prices began in these markets, so lowering my prices for another lower priced region is not an option for reasons mentioned above in Natalie’s question.
I compute the square inch pricing on the image size, however the resulting price includes my framing. My minis (5” x 6” image size ) are priced at $8.3/sq.in. and larger paintings (10 x 11 up to 16 x 24 image size) are $7.5/sq.in.
I consult with my galleries before making a decision, I keep my pricing the same in all sales situations, I keep in contact with and communicate with my galleries fairly often. Sometimes there are bumps in the road, but seem to get smoothed over eventually.
It is important for the artist to establish a realistic pricing structure for their work, and keep it consistent wherever they sell. Don’t make the mistake by immediately telling yourself that this other artist is asking “X” amount, therefore you are going to ask the same thing. There are a lot of factors that go into pricing such as how long you have been selling, the demand for your work, how familiar the public is with your work and your name, etc. If you are new to the market, then keep your work at a modest price. Yes…Some smaller works do require as much time as larger ones, however the public does not really care how much time you put into a work. Size is the key variable for them. Work with the gallery and ask them for their advice if you are not sure. They should know what the public would be willing to pay for your work. Pricing your work too low can deter a sale, because the public perceives it as being of little value. Pricing it too high, and the public thinks you are trying to cheat them. Start with your smallest work and ask what is the minimum amount you would be willing to take for that, after the gallery gets it’s cut. Also consider that the gallery may discount it down to an agreed upon %. After establishing that price ,work with a square inch method to determine the range for your mid sized work. Keep your largest work below the same square inch range. You want to entice the public to purchase your larger work. Once your work is selling consistently then you can raise your prices up more on your larger works. It takes time to establish a market and following for your work, so don’t rush raising your prices too quickly or you may find your sales dropping below your earlier profit margin.
Ray, thank you for this advice. As I mentioned above in another thread, I’m not in galleries yet, but this is my goal. I am currently doing local art shows and have a few of my pieces in shops. The area I live is very rural. And there are times I wonder if people…some people…think my prices are too high. I’ve placed my prices just lower that a few very well known local artists. I am finally beginning to obtain recognition for my work. This is quite thrilling. Also, as I mentioned above, I’m struggling with the question of is there a discrepancy btwn square inch pricing and linear pricing once the sizes get bigger? Maybe I’m still struggling with recognizing my work as valid as professional, and not just small time artist…but I sometimes feel the pricing of square inch for pieces over say, 16 x 20 is a bit too much for the area. Still learning. Maybe it would be a good idea to speak with other, local and more experienced artists to see what they say…especially in reference to prices and our area. Again, thanks for sharing
I would love to see any comments you have for the artists above! I am in agreement with all of them, but it is a conundrum!
I am a math nerd, so I price my work on the square inch formula, but with a sliding scale based on overal square inch total: Starting at $5 per sq inch on the smallest pieces (up to 50 sq inches), down to $2 per sq inch on the things over 2000 square inches. I price for frames separately, based on not losing money on the frame on any given piece. One gallery I work with also offers an “unframed” option, so that the buyer can select their own frame, and I can re-use the frame I selected on another piece. For that, I need to take into account the labor to remove the frame.
It is a great revelation to use a pricing formula that works better for smaller paintings! Thanks for that.
My work is not size regular. I am pricing by the famous “eyeball sizing.” XSmall, Small, Medium, Large & commissioned which is a set fee for the design of a commission.
I due agree that small pieces are the hardest to work on and require the most time. However, I do not think clients think about. I may want to clock the hours it takes to make a Xsmall work. People seem a little fooled that size matters so much, However not in art.
Aloha Jason, I create art gourds so pricing by square inch doesn’t make sense. There are basically 3 sizes I work with – should I just go that direction?
What I am curious about is a factor not mentioned here, whether you use square or linear measurements and/or scale the prices.
What about medium. I paint in three mediums, though mostly oils. Watercolors take the least amount of time for me, followed by pastels, then oils. Depending on your method, oils can take considerably more time. I scale my prices to size and also medium.
I’m seeing such low per-square-inch prices above that it cause me to wonder who is painting in what medium?
Ellen, I also paint in pastel, oil and acrylic. I price them all the same, by the square inch, but on a sliding scale like is mentioned by several here. Smalls (4×6, 5×7, 6×8 inches) are $7 per sq. in., and goes down to $2.75 for 36″x48″ size. I add an average price for my frames, bought at wholesale, but I double that so the gallery makes money on the frame, but I am repaid for my framing price (wholesale). The gallery is allowed to remove a frame and deduct the frame cost, also returning my framing package to me, if a buyer wants to pay to have it framed.
I use a hybrid size-based pricing method, with a sliding scale. I have established prices for a number of benchmark sizes (small, medium & large) over the years based on a combination of what artists with a similar type of work are selling for in the same markets, and my own experience with selling my work. I used to show in galleries, but now my main venues are upscale outdoor art shows across the US, and many of my fellow artists show on the same circuit. My largest sizes are much less expensive per-square-inch than the smallest ones. I figure out the price per square inch for the largest, smallest and medium sizes, and then interpolate between them to set prices for all the other sizes.
Some rules of thumb:
1.) Prices are the same to the public regardless of location or venue
2.) My prices never go down. They either stay the same or go up
3.) If I need to sell things for lower prices, I do a series of lower-priced work in a different medium. For example, a series of unframed watercolor/gouache sketches on paper as an alternative to my more finished works on canvas
David, your rules of thumb are the same way I have been pricing for many years: consistency and fairness.
It would be helpful to learn a bit more about doing those upscale outdoor art shows. Maybe Jason could interview you about this method of selling work (unless it is too much of a conflict with his owning a gallery!)
Jana, David Palmer is a friend of mine and I have an FB group where I interviewed him and asked him extensively about how he does it. I’m getting ready to upload his interview onto my youtube channel (NatalieFrat). Check there in a week or so and I should have it up…..you can watch that and see if it helps answer questions around the outdoor gallery scene.
Very interesting, and informative discussion. Ian still struggling with pricing after many years. But even if it goes against all the wisdom I still take the time to examine my prices(calculated per square in on a sliding scale for now) against the time I know it will take to create the work and my overall productivity across a year. I don’t share this with potential buyers but for me it helps me feel confident about the price I’m asking and the sale once it occurred. It’s a mind game I suppose but one that provides the courage to stick to my guns when I need to and willingly negotiate when it seems appropriate.
Helpful info. I would like to use a base rate/$125 for small, $150/medium and $175/large cubic inch at $3.50 a cubic inch + an additional option for adding 3D elements/add $50. If it is just just watercolor. there’s not an extra cost.
Will check a couple of current boxes and see what the cost will work.
As a stone sculptor, I find the idea of pricing by the square inch absolutely fascinating.
Consider an almost-finished sculpture that is all smoothly curving surfaces, like some of Brancusi’s sculptures and some of mine. Now consider deciding to carve texture into the stone. It would be slightly smaller and lighter and its high points would still describe that same smooth curvature but its area would increase. The more texture you carved into it, the deeper its relief, and the more detail you carved into the detail, so to speak, the more the area would increase. It would increase rapidly with the amount of detail. Whereas the almost-finished sculpture approximated a “minimal surface”, mathematically, a maximally textured surface would have maximum area.
Which sculpture is more valuable? I don’t really know, but I seem to be hooked on trying to express complex things using simple forms, and for that kind of work, charging by the square inch would be fatal. Bigger, heavier sculptures do have more area and they do cost more. But at a given scale, I’d hope area (aka the amount of detail) follows quality in the priority list. (however you define quality) Detail is valuable stuff, to be sure, but detail for detail’s sake isn’t worth so much. Detail takes time, though (so do minimal surfaces), and some sculptors charge by the hour.
Great perspective and questions Lee, and you’re right that pricing sculpture is a different process. Size will still likely play into the equation, but you will need to account for the level of detail as well. The challenge there is that detail can be somewhat subjective. The ultimate goal would be to have price points that make sense when looking at the body of work together, and where two seemingly similar works would be similarly priced. How are you currently pricing your work?
Ha! Lee, I like the way you think/ponder?
I’m a ceramic sculptor but also make sculptural vessels as my “smaller” (less expensive) work.i have played around with cubic inches for pricing but that doesn’t always work – for instance a protruding section adds greatly to the cubic inches of the piece making the “size” larger than it is. I wonder- how do other sculptors price their work?
I use a sliding /” pricing formula. (the spreadsheet is my friend- it can even determine from the area which part of the scale the work belongs in.)
This makes it easier and skirts the question that drives us all.
“What is my work worth?”
And here is where everything gets fuzzy from my perspective.
What a particular piece might be worth to you is not the same as what it’s worth to the collector.
In order to make the piece you developed a relationship with yourself, the materials, and the emerging image>
The viewer has none of that relationship except what they see. The viewer has their own connection.
The price is that point between you and the collector that makes the exchange of the art work acceptable.
I think this conversation is going to go for a long time frankly. I’m not sure there is a best way. /” pricing at least serves to establish some sort of base.
A side note. I use the /” pricing to gauge where I might be relative to other artists in the marketplace. I try not to kid myself, nor sell myself short.
I found this pricing method from an article years ago and have been using it since. It is linear inch pricing and I feel it is better than square inch since it doesn’t result in a drastic difference between small and a large painting. You simply need to determine your multiplier (the number you multiply by the canvas size) in order to immediately know the price for any given piece. So, it is h + w and a multiplier of 20 (i.e., $20.00 per linear inch). Here are a few examples:
4+4 inches = 8 linear inches x 20 = $160
24+24 inches = 48 linear inches x 20 = $960
32+32 inches = 64 linear inches x 20 = $1,280
I always have two to four dozen works going on at the same time. Over the years I looked at different ways to price. By the inch seemed the least accurate based on content of the work alone. I tried time sheets which is not possible as I usually bounce between works during a typical day. My completed works output varies annually, based on how complex and engaging the content is. I am an experimental painter rather than a constant singular theme. I view this situation as average hours a year and output. I settled on a balance between an annual output and current market value. Any pricing structure fluctuates between what is in demand, what the market is willing to bear, down to the individual exchange. So until a work is sold, there can only be speculation. Consistent – standard pricing works if the scope of work is narrow, ie: landscapes, florals, portraits, ie: apples to apples, oranges to oranges.
`On ‘the ‘take them to lunch’ point.
I make a regular practice of this for clients who have contracted mural projects. Giving back or even frontloading a ‘give’ goes a long way and can be done on a budget.
I do it based on the size of the project in question. For very small projects, it’s a plate of homemade shortbread and a small gift certificate to a local coffee house. For my biggest projects, it’s dinner out.
When I’m really short on funds, I invite them for coffee and dessert, or dinner, at my home and I do the cooking. No one seems to mind that my lifestyle is quite humble compared to theirs.
They love getting the studio tour to boot!
The return isn’t always immediate, but it often results in continued work or referrals and great reviews. So very worth the time and $ spent. Plus it just plain feels good!
Now you’ve got me thinking how I can do this as a way to cultivate relationships with gallery owners, at least local ones.
I have used price per square inch to price smaller works 12×12 and up to 24 inches (my preference is 48×60 or 36×48). I may add on to compensate for the amount of labor to produce the piece.
I thought I read somewhere that pricing by the sq inch sould start at a basic number based on your training/skill. I can’t remember the $-number exactly but something like… if you have a BFA start at “X” and then as you gain experience, awards, sales… increase your price per inch from there – as the market will allow.
Jason, have you heard of this?
very few customers care about process or medium
It’s about the Image
I don’t have a “formula” for pricing but try to be consistent. It depends on quality of work, working time spent on piece, uniqueness of work but keeping to some extent with prices of other works created plus the times we’re living in and materials used. Also, if the work is being negotiated through a Gallery…discussing the challenges with the pricing and the possible collections the art might be included in. Mixed Media Rice Paper Sculpture, Mixed Media Multicolored Woodcuts and Oil on Canvas Paintings makes a puzzling task at times for pricing my art, This pricing is calculated for both my art and my husband’s art.
P.S. Currently, having trouble with host of my website so website is not online and website needs updating.
I apologize if someone else has suggested the following but I haven’t had the time to read all of the comments. My gallerist suggested the following: find the most comfortable and fair price per square inch for your medium sized works, let’s say $5 per sq.inch for the starting point of medium size paintings. Then you double that for small paintings (so $10 per sq.inch) and half it for large works ($2.50 per sq.inch).
Example: medium size 20″ x 20″ = $2000
small size: 8″ x 10″ = $800
large size 48″ x 48″ = $5760
You can adjust a bit depending on complexity of the work.
I have had a few studio sales events (for instance when moving across the country) with drastically lowered prices on earlier works and less discounted newer works. My collectors and followers seem happy to add art to their collection and help me clear out space at the same time. Several of my collectors have been thrilled to add a companion piece to an earlier work they bought at full price. nobody has ever complained about it:) I’m currently in the process of moving again and have sold almost 30 small paintings from my studio (mostly demos, plein air pieces and earlier works not listed on any gallery site) and my gallery has also advertised a sale of my higher priced works they carry (figurative works, so a different clientele).
When you raise your prices, do you start with all your work going forth from that date or do you go back and raise the prices on all of your current work being offered for sale?
Hello, everyone!
Reading about your pricing systems of work made me think of Dali’s painting “The Persistence of Memory,” which is the size of a Christmas card, 9×13 inches.
It is valued at $150 million. I bet that Dali would not price it by the inch!
I value my time and how long it takes me to work on a piece, not the size. Bigger pieces are easier to work although may take more time to complete but the thinking and deciding takes more so it is hard to discard the details. Time is the most valuable asset that we all have, I chose to value it above all the rest. In fact the value of a painting is the highest price someone would pay to have it.
How can you put a price on time?
Everybody puts a price on time. Even if you get paid piecemeal, you always convert it into an hourly wage to decide if it’s worth your while or not. As to the price tag on a painting, Dali never saw that $150M.The Persistence of Memory was first exhibited in New York in 1932 and sold for $250. Face it: with rare exception, the big, BIG bucks get made on auctioning works with reputations that have grown after the artist’s death.
Thank you so much for this blog post; it’s a challenge pricing my work as I am just getting re-started selling my paintings and getting into shows after a long hiatus. It’s hard to decide where to price my work because I am a very slow painter. Reading the blog entry and comments is helpful.
How would you adjust a pricing formula to reflect the added labor of researching historical scenes? My hometown is (not) celebrating its sesquicentennial this year, and I’ve been trying to mark it with paintings of times/places gone by, which often involves tracking down images with needed details and sometimes picking people’s brains for, say, the color of something in a black-and-white source, or whether a can’t-find-a-photo-of-it wall was paneled or striped.
Thanks for this insightful article on pricing artwork. As a painter, I’ve struggled with finding the right balance, especially for smaller pieces that can take just as much time as larger ones. The graduated pricing system mentioned seems like a good compromise. I appreciate hearing different perspectives from artists and gallery owners on this tricky topic. It’s helpful to see how others approach pricing while staying consistent across different venues and markets. This discussion has given me some new ideas to consider for my own pricing strategy.