You are a young passionate artist. Maybe you know that you want to pursue your passion and make a living out of it, or maybe you are still deciding if this love will translate into a lifetime hobby.
If it's a hobby you are leaning towards, it is still good for you to know how to price your art. You never know if down the road someone will approach you for commission work. So you need to be armed with knowledge.
Our goal at NextGen Artists Awards is to help future international young artists achieve their dreams. So we are writing this blog post to build your confidence as you say the price you want someone to pay for your art, out load.
Part of the equation in establishing a price (this can apply to anyone selling unique pieces of art from paintings to fashion accessories.) is to be confident and firm. Another part of the equation is basic mathematics. We recommend you take a look at this vlog by Carla Grace . She has done a great job of explaining the details that every young artist should consider as they grow what will be their future business... themselves! Yes, you can be your own business. Your skills, you presentation, your talent. When somebody purchases your art, they are investing in the unique beauty it offers them, and they are investing in you.
Carla is very clear about establishing a price and never wavering from it, as it can look unprofessional to buyers. If they buy from you once, you never know if they may want another piece of art again. Or maybe they may tell their friends about you. Word of mouth is very important for a strong reputation, so always be firm on your price. If a customer haggles with you for a better price, you can consider a serious offer, but make sure you stay true to your worth.
In the above video she goes on to remind young artists to consider;
1) Your hourly rate (how long it took you to make the art)
2) Shipping costs, including insurance on the shipping.
3) The cost of materials to make the art.
4) Packaging costs.
5) Taxes.
Note that tax rules and rates are different from country to country. A general rule is that if you charge taxes on your art, you are likely collecting it on behalf of your government, meaning, you will need to remit that tax money to your government. It sounds complicated and intimidating, but one or two calls to the right tax organization in your country will clear this all up.
Over time pricing will become easy for you as you sell more product and start to consider other costs you may want to include in your own personal formula. In the beginning, keep it simple. Just remember, that if you are your own business, you need to be profitable. Passion is vital in doing what you love to do, but you profit is a very close second place.
