How To: Price your Artwork

How To: Price your Artwork – So, you’ve been pouring (literally) your heart and soul into your resin art venture, and now have gifted everyone you know pieces of your art. But now what? It’s time to start selling your artwork, which means you’re faced with the daunting task of figuring out a price tag for your creations. How do you even begin to quantify the value of your creativity? Well in this blog article, we are going to share our recommendations on how to price your artworks.

Materials and Time –
When talking materials, this includes anything you will use to package or wrap your artwork. Here is a list of some of the important items that need to be considered into your costs:

Art boards or Surfaces (i.e. Yupo, Canvas, Timber, Moulds, etc.)
Medium (Resin, Jesmonite, Alcohol Inks, Acrylic Paints, etc.)
Colour Pigments or Additives (Glitters, Flowers, Shells, etc.)
Stirrers
Cups
Gloves
Heat Gun/ Torch
Safety Equipment
Flooring Protection

Not only do you have to consider the main materials but also consider where you are making your art as well as how you are finishing and packaging your art also. Some important costs to consider here are:

Rent & Electricity
Business Cards
Care Cards
Stickers
Brochures
Tissue Paper/ Wrapping Paper/ Bubble Wrap
Boxes/ Satchels

Before diving into the numbers game, you may also need to take a moment to consider all the resources you have already invested. How many hours did you dedicate to your creation? How many hours did you spend perfecting your techniques? What about the cost of trialling top-notch materials and supplies until you found what you love? Factor in your effort as well as your expenses as a starting point.

Skill and Expertise –
Maybe, you aren’t quite Picasso (yet), but your unique style and skill set deserve recognition. Consider your level of expertise and the quality of your work. As you grow and evolve, so should your pricing. Don’t ever undersell the value of your constant learning and growing talent.

Research, Research, Research –
Before you even consider thinking about selling anything, it is important to take a stroll through the art market garden. Explore what other artists with similar styles and even ones with different mediums are creating. Evaluate what they are charging and how well they are selling. This isn’t about copying or ‘stealing’ ideas; it’s about understanding the ballpark figures within your artistic arena and making sure you aren’t over or underselling yourself.

The Scale of Your Creation –
It’s the classic case of “size matters”, especially in the art world. Larger pieces often command higher prices due to the sheer scale of the effort and materials involved. Don’t shy away from acknowledging the physical magnitude of your masterpiece. Or even if you are working on a smaller scale but creating multiple layers – this is all time and effort that needs to be factored.

Factor in Overheads –
Let’s talk more about those hidden costs—studio space, water or electricity bills, and even that large Red Bull can that helped fuel your late-night inspiration. Consider your overheads, both direct and indirect, and incorporate them into your pricing strategy.

Most people often forget that these are costs when creating your artwork. Without the space, having the lights on or access to a heat gun, it’s likely that you wouldn’t be creating. Even if you’re working from home these are still costs that can be factored in, just maybe on a smaller scale.

Who’s Your Ideal Collector? –
Another thing that is often lost or not properly considered is thinking about the demographic that resonates (resin-ates) with your art. Are your pieces geared towards young professionals, kids, art enthusiasts, or perhaps interior designers? Tailor your pricing to align with the spending capacity of your ideal audience.

BUT – Don’t tailor it to the point that you aren’t making enough money. If you are spending hundreds on supplies and many hours of your time to sell it to young individuals or students at a ‘cheap’ price which leads to only making $50 or nothing at all.

If this is the audience you want to target, then tailor your project size and material costs down to suit their budgets and be able to work within a better framework.

Test the Waters –
If you’re just starting out then it’s okay to dip your toe in the pricing pool with caution. Begin with modest prices that reflect your current standing in the art world. As demand for your work grows, so can your pricing.

Don’t Undervalue Your Passion –
Remember, your artwork isn’t just a board with resin and colours —it’s an emotional expression. Don’t undervalue the passion and soul you infuse into your creations. Let your pricing reflect the depth of your artistic commitment.

And wear your price tag with confidence. If you believe in the value you’ve assigned to your creation, chances are your buyers will too. Confidence is contagious, and it’s an essential ingredient in the pricing alchemy.

If you are looking for an easier way to work out your pricing, then we have found this super helpful calculator online. It has a basic formula that will give you a rounded number to sell your artworks at. We have tested a price for you using “Art Pricing Calculator A”

Use the calculator here: https://www.pxpcontemporary.com/en-in/blogs/news/art-pricing-calculator

We recommend creating a spreadsheet listing all your materials and the costs associated, then that total sum can be input into the “Cost of Materials” section.

Your hourly rate should reflect your expertise. If you are beginning, you may only price yourself at $20, however if you’re dedicated to your craft and have the experience behind you then maybe you value yourself at $100 per hour. Put yourself where you see fit.

Then finally the total number of hours it too you to complete. Not just the overall pouring time, but the prep work like priming boards or getting colours ready, cleaning up your space as well as cleaning the drips from the back of your boards or sealing your boards.

Pricing your artwork is a harmonious blend of creativity and commerce. It’s not just about numbers; it’s about acknowledging the worth of your artistic expression. Your masterpieces are worth every dollar. Happy creating!