Original Artwork Pricing Formula

Art Pricing Formula:

Base Price = (Cost of Materials + Labor) × (Market Multiplier) + Profit Margin

1. Cost of Materials

This includes all the materials used in creating your artwork, such as:

• Canvas, paints, brushes, etc.
• Framing (if applicable)
• Packaging materials for shipping

2. Labor/Time

Consider the time spent creating the artwork. For example, if you charge $30/hour and it takes you 10 hours to create, your labor cost is $300.

3. Market Multiplier

This factor reflects your skill, reputation, and the demand for your work. The multiplier is typically between 1.5 and 2.0, but more established artists or highly sought-after pieces could have a higher multiplier.

4. Profit Margin

Determine the profit you want to make. Typically, this is between 25% and 50% of the base price, depending on your sales goals and the value of the piece.

Example Calculation:

1. Cost of Materials: $50
2. Labor (10 hours at $30/hour): $300
3. Market Multiplier: 1.8
4. Profit Margin: 30%

Base Price = ($50 + $300) × 1.8 = $630
Profit = $630 × 30% = $189

Final Price = $630 + $189 = $819

This formula helps you calculate the total value of your artwork, ensuring you're accounting for costs, time, and the market value while setting a fair price for both you and your customers.