Pricing your work

It is important to ensure you have a set pricing strategy for your practice when selling work. Never price work according to size or the price that you see other likeminded artists sell their work for. Create a pricing strategy that is personal to you and your practice that doesn’t change.

Below is a pricing strategy that I was given by someone that used to work for Sotheby’s & Christie’s in London. It is something that I have used regularly over the last 10-years and I know is useful for many artists to base their prices off.

Cost of materials (including travel)
+
Your time to make the individual piece (hourly / day rate)
+
20-30% towards your ongoing costs & to make new work
+
Commission owed to any external party
=
Total (+ VAT & P&P if relevant)

Once you have got a total amount, you can then look at prices of other recent works to make sure it feels in line and comfortable for you. I always tweak the price to an amount that sits just below a big figure. For example if the total price in the above calculation comes to £1,000, I would round it down to £950.

It is recommended that within your final price, you should be able to provide 10% discount for friends, family and for negotiations. You should also be able to provide up to 20% discount if a public collection is interested in purchasing your work, as this will benefit your wider practice development.