How To Price Your Artwork
There are three ways you could price your artwork.
1.Using the Cost Multiplier method.
2. The Hourly Rate method.
3.What you feel the art is worth method.
In the Cost Multiplier method you would add up the cost of materials used to make the art and multiply it by 2, 3, 4 or other numbers you would like and you should come up with a total cost which should cover your profits.
You paid - $10 for canvas
$5 for paint
$15 is your total cost for creating the work
Multiply your total cost by 2 and this should cover profits and other cost for producing the work which would come to total cost of $30.00. You can also include cost for framing if needed. You could use 2,3,4 or 5 as multipliers.
This is how much you could charge for the painting and still make a profit.
For Hourly Rate you would factor in how long(e.g. how many hours )
it take for you to do your work
You can charge by the hour (10, 20 or even a $100 per hour).
Add in how much materials cost to do the work and then you should have an estimate of how much you should charge for your work.
When charging what you feel your artwork is worth. You are said to be using a method that is less effective than the previous two methods, due to the fact that you could charge too much for your work and more than collectors are willing to pay. Therefore you could end up with work that is still with you until long after it is done.
The flip side of this is that you don't want to charge too little as well, because you will always be making cheap art that won't sell as well.
When shipping artwork always allow for the shipping cost to be added with the price of the artwork to alleviate extra cost when shipping and to make sure you earn a profit from the sale.
If the price of the artwork is $100 and the cost of shipping is $30, you should add $100+30 for a total price of $130. Then you will be sure to get a profit from your sale. This happens because although you may be able to ship the art at $30, you may still have to spend an extra $20 on shipping products, so you should just total the cost for the artwork at $130 to include shipping.
You should look at what other artists are charging on websites where artist sell their works such as Etsy and other artists websites.