It’s not just enough to create customized paintings or buy them. You must know how much they cost.
For artists, pricing their artworks or determining the cost of their paintings can be a difficult task, especially when they are new and emerging in the industry and trying to establish their art business. This is why iCustompainting is simply one of the best painting solution providers you’d find around because they give the best quality paintings at an affordable rate.
If you’re someone that follows trends in the global artwork and painting space, you’d see that there is no definite pattern or way of pricing artworks or paintings. Every business magazine or book have varying advice.
Where it gets more complicated is when artists price with their emotions and not the actual price of the painting. A lot of artists overprice their paintings, hoping to make it look more valuable to potential buyers. This can go two ways- either it works, or it doesn’t.
If it does, it’s either the collector is a novice or the painting is so exceptional that it attracts serious buyers.
But it isn’t healthy to price on emotions, because most times, artists tend to undervalue their artworks. Both buyers and sellers need to know the cost of the paints and act objectively.
Guide to determining the cost of a customized painting
When you decide to put emotions aside as a buyer or seller, you sell objectively. However, this doesn’t discourage the fact that artworks reflect the stance or position of the seller in the painting world. You can’t expect a young artist with less than 3 months in the industry to price his goods the way an artist with over 10 years of experience and a wide customer base would.
Without further ado, let’s look at it carefully.
1. Multiply the length of the painting by its width to get the real size in square inches, then multiply the number given by the set dollar suitable for your reputation. For average, middle class artists, the price is usually from $6 – $10 per square inch, if it’s an oil painting.
For instance, if the total length of painting is 15” x 20” = 300 square inches. At the rate of $6 per inch, it will be at 300 square inches x $6 = $1800
2. Calculate the cost of your frame, canvas, and other materials. Let’s assume you buy it at $150 (wholesale price). You now have to double the price so that you can get your money back when it’s sold. If you feel like, you can give the frame for free.
3. Add it together ($1800 + $150 = $1950 as the retail price)
Your percentage after the 50% commission, when you sell it off, will be roughly $900 to $1000.
4. If you’re dealing with larger pieces, you can decrease the price per square inch a bit so that you don’t overprice your work beyond what your reputation can sustain. The alternative goes for smaller works- you increase the price per square inch.