Artwork Pricing Basics
Pricing your artwork should not be an over-complicated procedure. There is a relatively easy formula to determine where to start. After you have made an estimate, check with your peer artists to see if you are within the standards for your type of artwork.
- Start with the total costs of the materials used. Use the relative cost of only the materials used.
- Track the amount of time you actually spent creating the artwork.
- Multiply the number of hours by the rate you would charge per hour as a professional art consultant commensurate with your number of years of experience.
- Add the cost of materials and time.
- Multiply the result by a multiple based on your overall experience. This is typically between 2 (just starting out) and 5 (top of your field).
Price of Original Artwork = [Materials + (Time)(Hourly Rate)](Experience)
For derivative works:
- Highest quality (giclee prints or high-end reproductions) = 50% of original price
- Mid-grade quality (limited edition reproductions) = 30% of original price
- Low quality (one-off prints or reproductions) = 15% of original price
What formula do you use to price your artwork? Help other artists by answering in the comments below.