Two very good methods of pricing your paintings

• Method #1: Hourly: Let’s say you feel your hourly rate is worth $20.00. If you take 5 hours to do a painting than you would need to charge $100.00 for labor alone. Now you need to add materials. Let’s say you paid $8.00 for a canvas, $10 for supplies including pens, pencils, tracing paper, paints, etc… Now take that number ($18.00) and multiply it by 3.5 That equals $63.00. Round up to $65.00. Now go to overhead. Do you pay any fixed amount monthly in order to have a studio or anything? Let’s say you do this on the kitchen table using no new services. So charge $5.00 for overhead. Multiply by 4. That means $20.00 for overhead. So your profitable price would be:
• Labor $100.00
• Materials $ 65.00
• Overhead$ 20.00

You should sell that painting for $185.00 to meet typical profit.

• Method #2: Market Price: This is whatever the market will bear. To find this out, start with the price you come up with using #1. If people buy without hesitation, up your price for the next painting by $25.00, and keep going up with each “next” painting until you find a price level people will stop buying your paintings.
• Now I’m going to do an example……….
  * You do the above………….$185.00 people are happy to pay.
  * Add $25.00 for next……….$205.00 people still happy to pay.
  * Add $25.00 for next……….$230.00 people still happy to pay.
  * Add $25.00 for next……….$255.00 people still happy to pay.
  * Add $25.00 for next……….$280.00 people still happy to pay.
  * Add $25.00 for next……….$305.00 Nobody willing to pay.

This would mean that your price for a painting is between $280 and $305.00. Now you would start adding $5.00 for each painting you do until no one’s willing to pay. Now you have what the market will bear. For our example, let’s say $280.00 is the market price of your 5 hour paintings.

Now you really know how to price your paintings….

• You’re receiving…………… $ 65.00 Materials
• ………………………………$ 20.00 Overhead
• ………………………………$ 195.00 Labor (Thus your new hourly rate is $40.00)

Now whenever you’re asked to do a painting and you think it will take over 5 hours, you simply multiply the additional hours by $40.00.

Hello Ya’ll

If you are an novice or a seasoned artist I invite you to share you work and you experiences with other artist from around the world. This blog is for you to showcase your talents and to share any tips or suggestions you may have to to help other artist improve their abilities.

You can even add a picture to showcase your latest masterpiece. What a great way to share your work with friends and relatives. So why not ad your two cents? Who knows the real value of what you might have to offer.

- Scotty

How the Hummel miniatures came about and the artist that started it all.

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