How are Paintings Priced?

Sep 3, 2017
2 min read

Non collectors or novices to the art business often wonder how artists come up with their pricing. In fairness, it is probably the most difficult job an artist has. If you price too low, people make the inference that your stuff isn't worth much. If you price too high, nothing sells. This my friends is a catch 22.

Most artists use a system. A system it takes out the guess work and we avoid emotional pricing. This may sound silly but if we make a piece that we are not very fond of, we tend to almost want to give it away. On the other hand, if a painting has sentimental value or meaning, we may price at some outrageous figure - warranted or not. With a system, you are able to justify the pricing scheme and defend it.

So what are the systems?

There is the linear inch (or centimeter) system. This means that you would add the length and the width and then multiply that number by the rate you have set for your paintings.

L + W x RATE

There is a similar system using square inches. This one works by multiplying the length and width and then multiplying by rate.

L x W x RATE

Then there is the system that you set a flat fee say for example $250.00 and then adjust based on size. It would look something like this

$250 for a 6 x 8

$250 BASE + $50 for 8 X 10

$250 BASE + $75 for 9 x 12

Etc.

Artists may also have a design or studio fee to cover material and expenses.

So while all of these systems (and there are no doubt others as well) explain how the artist arrives at the total, it still doesn't explain how they determine their RATE.

For obvious reasons, an artist just starting out selling will have a lower rate. A well known artist will be a great deal higher. And rates in both cases can increase at any given time. If you can't keep any paintings in stock, chances are it's time to increase the rate. Commissions are usually double the regular asking price.

Remember, buying a painting is an investment.