Repricing My Commissions. Suggestions?
As you may or may not know, I take commissions for five-inch by three-inch oil paintings.
The more I think about it, the more I realize I may have set the price a bit high. Canvases that size I can get for $1.50, they don't use much paint, and I'm not well-known or highly skilled.
So I got to thinking, "How do professional artist price their paintings?"
One suggestion I found put forth a rather simple formula:
For step two, the author of the article suggests doubling the materials price in order to be able to break even while still paying a 50% gallery commission. I don't have a 50% gallery commission, but I do have a 25% advertising fee per sale. As such, I'll only be multiplying by 1.25.
I'm not very highly skilled, so I think maybe $0.10 per square inch might be a good price. this comes out to $1.50 for the work and paint put into the painting.
I don't frame any of these, but I do have to buy packaging, which is about $2.50. Five inch by three inch canvas boards are $1.50 each. This comes out to $4.00, and when multiplied by 1.25, $5.00, even.
Now, the primary reason I'm doing commissions is to keep myself painting and developing my skills. However, there's also the obvious ulterior motive of making a little bit of money. Using this formula, I'll make a grand total of $2.50. This doesn't account for the price of paints, since I don't have to go buy new paints after every painting.
So, all that said, does $6.50 sound like a fair price to you?
(Unless I get a better suggestion from one of you, I'll probably edit the commission thread sometime within the next week with these changes.)
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