I came across a blog post on a structured method of pricing original art. Now, my prices are a bit random (which is why I’m posting this here instead of over there on my art blog), so I thought I’d do some sums and see what fell out of them.
I thought I’d start with my woefully underpriced LEGO 7 x 7 cm canvases.
I sell these for £10. As they take 2 or 3 hours each, that’s less than the measly wage of £5 per hour.
But how much is that per square centimetre? 7×7 is 49, which is very nearly 50, so 20p per square centimetre.
Let’s move on, taking a fair size leap to 30 x 30 cm. Not an especially big painting. Here’s one such done in oils:
Oils traditonally command a premium over new-fangled (and cheaper-to-buy) acrylic. This – like much of my work in oil – is a knife painting, too, which means the paint is trowelled on in large quantities.
But let’s try scaling up that price. 30 x 30 x 20p is £180. That actually sounds close. I shall add an arbitrary premium for the media of 25%, which makes this one £225 – before framing.
Do you want to go bigger? Let’s try it… Here is Temple old Bridge, another oil, another square – this time, 60 x 60 cm. And it’s got a frame. The frame was a bargain at £37; let’s call it £40, which is still not remotely expensive.
The arithmetic says that this should be:
(60 x 60 x 20p) + 25% for oil + £40 for the frame
= £720 + 25% + £40
= £900 + £40
Wow. Am I undercharging?* My random pricing method had this one somewhere between £300 and £400.
*A genuine question.