What do you think? (need help pricing)

[sequinpirate]

Hi Everyone!
I just joined today so I'm a super newbie. Please let me know if this post belongs somewhere else.
I'm trying to price out this painting (ugh, such a hard part) and would love some feedback. The piece is acrylic on wood panel, 36"x36"x1 1/2" deep, and took me about 7-10 hours to complete. I'm new to selling so I don't have a large roster of collectors/galleries/etc. to base past prices off of. I know that too high AND too low scares people off and I want to price my work fairly. If I take my material costs (approx $50-$60) and pay myself $15 per hour, I come to about $200. What do you think? Should I pay myself more per hour? Any feedback on the piece itself and/or my pricing dilemma would be greatly appreciated. Thank you!!

[ehoeveler]

Welcome to ASC, Amanda! I surely do like the white 'feathers' and workings underneath. You pinks and yellows come
out here and there throughout the piece, in an interesting way. Your pricing plan seems fair, if a tad low.
Since you're new, it is a good idea to keep things low until you get a following but with a work of this size I'd bring it up to $300-350. Then, if you have to bargain down, you can. E

[sequinpirate]

thank you so much ehoeveler, i really appreciate your feedback! I thought $200 seemed low for that size as well, the number you suggested feels more realistic to me. Thanks again!

[Singular]

Hi Amanda,

Here is a good thread on pricing artwork if you want some more ideas: http://www.asingularcreation.com/Forums ... =28&t=2746

all the best,
Joe

[ehoeveler]

Wow, Thanks, Joe. I just learned something myself. Members, check this out...

[sequinpirate]

Fabulous, thanks Joe!

[jenn_iam]

Indeed check out the Article, it is insightful and I think it will definitely steer you on a right path...

At the bare minimum... a decent rule of thumb to concider. Do not allow your sale, to go below what it took you to make it... At a bare minimum (if you are not yet comfortable with figuring out the formula). Ask no less than 5x (preferably more) what it cost in materials to make it... Meaning you are not totally sure, of time X materials X overhead... and you have your receipts and display costs... take the sum of those, and multiply X5.. Start there, dont go under... at a bare minimum.. your work should be valued at at least that.

For instance... Total Materials... rounded up. $60
Framing $60
Gallery or display fee 30%

120(materials) X 5 = 600, factor in Gallery % ($180) and add.
This example would base value the work at $780

**you can factor in your "Artists" worth from there... Your Names notoriety, your arts collectibility, etc. The more your work gets socialized and desired, the more this value increases... etc.

Its certainly not fool proof, or an exact Science as described in the article... (which is GOLD, By the way)... but if you are being pressured, or need to weigh your costs and formulas.. the above is a good cross check that you are not underselling...

[sequinpirate]

That's amazing Jenn_iam, thank you!! You guys are awesome, thank you for all the feedback, it's so helpful!

[arthistoryspot]

Hi Amanda,

pls don't sell this art for 200$... It worth much more

[sequinpirate]

You are so sweet, thank you. Don't worry, I didn't sell it for $200

[arthistoryspot]

hehehe great