Practical Guide: Pricing Paintings for Exhibitions

Written by Daisie Team

Published on 10 July 2023 8 min read

Determining how to price painting for gallery exhibition can be quite a challenge, especially for artists new to exhibiting their work. However, with the right approach and understanding, you can establish prices that not only reflect the value of your art but also appeal to potential buyers. This guide aims to help you navigate through this process with practical and easy-to-understand steps.

1. Understand Your Art

Before you can set a price for your paintings, it's imperative to comprehend the art you create. This understanding goes beyond knowing the techniques and materials you use; it includes acknowledging your inspiration, identifying your unique style, and evaluating your technique.

Identify Your Style

Every artist has a unique style that sets their work apart. This could be the way you use colors, your brush strokes, or the themes you explore. Identifying your style helps define your art's uniqueness, which plays a significant role in how to price painting for gallery exhibition. When you understand your style:

You can better articulate your art's value to potential buyers.
You gain confidence in your art—boldly asking for the price it deserves.

Evaluate Your Technique

How you create your art—your technique—also influences its pricing. Do you use a rare or time-consuming technique? Or perhaps, you've mastered a popular style, making your work highly sought after. Evaluating your technique provides insights into the time, skill, and effort invested into each piece, which are all important factors when deciding how to price painting for gallery exhibition. Remember:

Highly skilled techniques often warrant higher prices.
Unique techniques can add a premium to your artwork's value.

Acknowledge Your Inspiration

Lastly, understanding the inspiration behind your art can help in setting its price. The stories, experiences, or ideas that inspire your art can resonate with potential buyers, adding to its value. It might be a trip to the Grand Canyon that inspired a series of landscapes, or a childhood memory that sparked a particular painting. When you acknowledge your inspiration:

You can better explain the value and significance of your work to potential buyers.
Your personal connection to the art can translate into a higher emotional value—and often, a higher price.

Now that you have a deeper understanding of your art, you're ready to research market prices and further refine how to price painting for gallery exhibition.

2. Research Market Prices

Understanding the current art market is a crucial step in how to price painting for gallery exhibition. By researching what other artists are charging, and the prices galleries are setting, you can gauge where your art fits in the grand scheme of things.

Study Other Artists

Start by studying artists who create similar work to yours. Look at artists of the same skill level, using similar techniques, or working in the same style. Take note of their pricing—this can give you a ballpark figure for your own work. Remember:

Comparing with other artists helps you stay competitive.
It's about finding a balance—don't undervalue your work, but don't price it out of the market either.

Visit Art Galleries

Art galleries can provide a wealth of information on current art market trends and prices. Visit local galleries, particularly those that exhibit similar art to yours. Observe the prices and ask questions where possible. You can learn a great deal from the way galleries price and present art. Key points to note:

Galleries often mark up prices, so consider this when setting your own.
Galleries cater to a specific clientele—understand who they are and what they're willing to pay.

Explore Online Marketplaces

Online marketplaces have become an essential part of the art world. Platforms like Etsy and Saatchi Art are filled with artists selling their work, providing a wide range of price points to consider. Exploring these platforms can give you a more extensive view of the global art market. Keep in mind:

Online prices may differ from physical galleries—consider both when setting your prices.
Pay attention to the best sellers and their pricing strategies.

Armed with an understanding of the market, you're now ready to calculate the cost of materials and time, another vital step in how to price painting for gallery exhibition.

3. Calculate Materials and Time

Part of how to price painting for gallery exhibition involves accounting for both the tangible and intangible aspects of your work. This means considering the cost of materials and the value of your time.

Calculate Material Costs

First, let's talk about the tangible: your materials. You'll want to factor in the cost of everything you use to create your art, from paints and brushes to the canvas itself. Here's a simple way to do it:

Keep track of all materials used for a piece.
Add up the total cost of these materials—that's your baseline.
Remember, even if you bought in bulk or on sale, factor in the full cost.

Evaluate Your Time

Now, let's move on to the intangible: your time. This one's a little trickier, but just as important. After all, time is money, right? Some points to consider:

Start by deciding on an hourly wage for yourself.
Estimate how many hours you spend on each painting.
Multiply your wage by the number of hours—that's the cost of your time.

Consider Studio Costs

Lastly, don't forget your overhead costs. If you rent a studio, factor in that cost. If you work from home, consider a portion of your rent or mortgage. Other costs to account for might include:

Utilities like electricity and water.
Any special equipment you need for your work.

Adding up these three areas—material costs, time, and overhead—gives you a starting point for your pricing. However, there's more to it than that. Next, we're going to discuss different pricing strategies that can help guide you on how to price painting for gallery exhibition.

4. Set Your Pricing Strategy

Once you've calculated your materials and time, the next step in learning how to price painting for gallery exhibition is to figure out your pricing strategy. There are several methods you can use, and it might take some experimenting to find which one works best for you.

Per Hour Pricing

The most straightforward method is per hour pricing. You've already figured out an hourly wage for yourself, so you simply multiply that by the number of hours you spent on the painting. This method works well if you:

Have a fairly consistent style and technique.
Can accurately estimate time spent on each painting.

Per Square Inch Pricing

Another method is per square inch pricing. This involves charging a set amount for each square inch of your painting. This can be a good option if:

You work in varying sizes.
You want a simple, scalable way to price your work.

Value-Based Pricing

Finally, there's value-based pricing. This method involves pricing your work based on its perceived value—this could depend on factors such as your reputation, the complexity of the work, or its emotional impact. This might be the best fit if:

You're an established artist with a strong following.
Your work is highly unique or specialized.

Remember, these are just guidelines. The key is to find a method that feels fair to you and your buyers—and remember, you can always tweak your strategy as you learn more about how to price painting for gallery exhibition.

5. Adapt Prices for Different Markets

After you've set your pricing strategy, it's important to consider how to adapt your prices for different markets. The value of artwork can vary dramatically from one location to another, and what works for a local gallery may not work for an international art fair or an online marketplace. Here are a few strategies to consider:

Adjust for Local Markets

Local markets can be a great place to start selling your work. Compare your prices to those of similar artists in your area. If your prices are significantly higher, you might struggle to make sales; if they're much lower, you might be underselling yourself. Consider factors like the cost of living and the average income in your area. For example, artwork tends to be more expensive in New York City than in Boise, Idaho.

Consider International Markets

If you're considering selling your work internationally, research is key. Check out international galleries that feature artists with a similar style to yours and note their pricing. Remember to account for additional costs like shipping and customs fees. And don't forget to consider exchange rates—what seems like a reasonable price in U.S. dollars might be prohibitively expensive in another currency.

Price for Online Sales

Online marketplaces have made it possible for artists to reach a global audience, but they also come with their own pricing challenges. It's tempting to price your work lower online because the potential market is so much larger. However, remember to factor in things like shipping costs and marketplace fees. Also, keep in mind that online buyers can't see your work in person, so they might be more price-sensitive than buyers at a gallery.

Adapting your prices for different markets isn't an exact science, but with some research and flexibility, you can find a pricing strategy that works no matter where you're selling your artwork.

6. Communicate Your Prices Effectively

Once you've figured out how to price your paintings for a gallery exhibition, the next step is making sure potential buyers understand your pricing. Clear and transparent communication can help avoid misunderstandings and build trust with your customers. Here's how to do it:

Clear Pricing

Make sure your prices are clearly marked and easy to find. There's nothing more frustrating for a potential buyer than having to hunt down a price. Whether you're selling in a gallery, at a local market, or online, make sure your prices are front and center. If you're at a live event, consider using price tags or a clearly displayed price list. If you're selling online, make sure your prices are clearly stated on each product page.

Transparent Pricing Structure

Transparency is key when it comes to pricing. Buyers like to know what they're paying for. If you've used a specific pricing strategy—like per hour or per square inch—consider explaining this to your potential buyers. This could be as simple as a brief explanation on a price tag, or a more detailed breakdown on your website or in an artist's statement. Transparency not only helps justify your prices, but it also helps buyers understand the value they're getting.

Explain Value

Finally, don't be afraid to explain the value behind your work. This could include the time and effort that went into creating each piece, the cost of materials, or the years of training and experience you have as an artist. Remember, art is more than just a product—it's a piece of you. By explaining the value behind your work, you're not just selling a painting, you're sharing a piece of your world with someone else.

Remember, the goal of pricing your art isn't just to make money—it's to build a sustainable career doing what you love. By understanding your art, researching market prices, calculating your costs, setting a pricing strategy, adapting for different markets, and communicating your prices effectively, you can price your paintings for gallery exhibitions in a way that's fair to both you and your buyers.

If you're looking for more guidance on pricing your paintings for exhibitions, don't miss Olivia Ghalioungui's workshop, 'How to Price Yourself as a Creative'. This workshop will provide you with valuable tips and strategies on how to effectively price your artwork and ensure your creative business thrives.