{"id":4071,"date":"2018-04-11T11:54:39","date_gmt":"2018-04-11T17:54:39","guid":{"rendered":"http:\/\/bxwretlind.com\/blog\/?p=4071"},"modified":"2023-02-10T11:33:34","modified_gmt":"2023-02-10T18:33:34","slug":"how-to-price-paintings-and-still-like-yourself","status":"publish","type":"post","link":"https:\/\/bxwretlind.com\/blog\/2018\/04\/11\/how-to-price-paintings-and-still-like-yourself\/","title":{"rendered":"How to: Price Paintings and Still Like Yourself"},"content":{"rendered":"<div style=\"padding-bottom:20px; padding-top:10px;text-align: center;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - https:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"https:\/\/www.hupso.com\/share\/\"><img decoding=\"async\" src=\"https:\/\/static.hupso.com\/share\/buttons\/dot.png\" style=\"border:0px; padding-top: 5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"Tumblr\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Email\",\"Print\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"big\";var hupso_image_folder_url = \"\";var hupso_twitter_via=\"bxwretlind\";var hupso_url_t=\"\";var hupso_title_t=\"How%20to%3A%20Price%20Paintings%20and%20Still%20Like%20Yourself\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>\n<p class=\"wp-block-paragraph\">The art of how to price <a href=\"https:\/\/bxwretlind.com\/blog\/a-fine-ish-art-gallery-of-sorts\/\">paintings<\/a> has always been troublesome for me. While I don&#8217;t want to pretend anything I do should be priced up there with Andy Warhol or Bob Ross, I like to think that art can be a) profitable for the artist and b) accessible to most collectors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Assuming, of course, that what I paint is collectible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It must be: there&#8217;s a collection of paintings in my house.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But I digress.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While I could just throw a number on a painting or look at similar artists in my genre to see how they priced things, I wanted a little more meat to my reasoning. Without art being at auction, I asked myself, just what is a good price? So, in an effort to be consistent with my pricing strategy, I scoured the web for various formulas that would help me while not overpricing anything.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are the 3 main pricing formulas I&#8217;ve found and slightly doctored:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>(A fair hourly rate based on self-esteem x time) + material cost = price<\/li>\n\n\n\n<li>((Length of the painting x width of the painting) x self-esteem multiplier) + material cost = price<\/li>\n\n\n\n<li>((Length of the painting + width of the painting) x&nbsp;a fair hourly rate based on self-esteem) + material cost = price<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading\">The Common Thread &amp; a Scale<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Did you notice a common multiplier? It&#8217;s called self esteem, and it can make or break the price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How do you determine what that self-esteem multiplier in formula 2 should be? Do you say 1 and leave it at that? Do you go all out, throw your ego a boost and say 5?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What about a fair hourly rate based on self-esteem for other two formulas? Minimum wage? A lawyer&#8217;s hourly rate?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You might ask if it&#8217;s fair to base your art on how well you like yourself. Well, is basing your art on how well <em>someone else<\/em> likes you any better? Probably not.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Frankly, determining a multiplier or an hourly rate is ultimately something you have to answer, but let me throw out a piece of sage advice, something I read on a fortune cookie or something:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">Think highly of yourself because the world takes you at your own estimate. &#8211; Unknown Author<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">I&#8217;m pretty sure you can guess what U. Author was trying to say: if you come at the world believing your art isn&#8217;t fit to decorate the inside of a dumpster behind a butcher&#8217;s shop, then you can rest assured the world believes you.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If, on the other hand, you are convinced your art deserves to be in the Louvre (replacing the Mona Lisa because that&#8217;s so 16th century)&#8230; so what? Your esteem is high.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, what&#8217;s high? a multiplier of 5? 25? An hourly rate of $400?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the sake of ease, I&#8217;m going to throw out a scale that I have found makes evaluating self-esteem for the purposes of pricing art easier. It&#8217;s called the &#8220;1 to 5 scale&#8221; and it ranges from 1 &#8230; to&#8230; 5.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>I&#8217;m new at this, but my art is not gutter fodder.<\/li>\n\n\n\n<li>I&#8217;ve sold a few pieces and I know I&#8217;ll sell more.<\/li>\n\n\n\n<li>I wonder what galleries will benefit from my work.<\/li>\n\n\n\n<li>(somewhere between 3 and 5)<\/li>\n\n\n\n<li>LOOK. AT. ME!<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">As a start, I will pick a <strong>multiplier of 1<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What about the hourly wage for the other formulas? Well, minimum wage in Colorado as of 2020 is $12\/hour, but I&#8217;m going to say I&#8217;ve been painting on an off for a year or five and I&#8217;ve earned a few raises which have increased my hourly wage to <strong>$20.00<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now that we have that out of the way, here are some examples.<strong>&nbsp;<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Example 1<\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.etsy.com\/listing\/580915320\/blue-door-a-24x36-acrylic-painting-of-a?ref=shop_home_feat_1\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"214\" src=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1508761129_pxr0-300x214.jpg\" alt=\"Blue Door\" class=\"wp-image-4078\" srcset=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1508761129_pxr0-300x214.jpg 300w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1508761129_pxr0-768x549.jpg 768w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1508761129_pxr0-1024x732.jpg 1024w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1508761129_pxr0-1511x1080.jpg 1511w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">My first example is called <a href=\"https:\/\/www.etsy.com\/listing\/580915320\/blue-door-a-24x36-acrylic-painting-of-a?ref=shop_home_feat_1\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Blue Door<\/em>, a 24&#215;36 acrylic painting<\/a> I finished and framed a few years ago.<a href=\"https:\/\/www.etsy.com\/listing\/580915320\/blue-door-a-24x36-acrylic-painting-of-a?ref=shop_home_feat_1\"><br><\/a>At one point the price on <a href=\"https:\/\/www.etsy.com\/listing\/580915320\/blue-door-a-24x36-acrylic-painting-of-a?ref=shop_home_feat_1\" target=\"_blank\" rel=\"noopener noreferrer\">Etsy<\/a> was$1508. You might think that&#8217;s a bit high, but using the above formulas and plugging in my self-esteem multiplier or hourly wage, I can show you that it&#8217;s not.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(It&#8217;s higher now, but there&#8217;s a whole different post waiting to happen on why that is.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Formula 1: (A fair hourly rate based on self-esteem x time) + material cost = price<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I need to know the hourly rate based my self-esteem as well as the material cost. &nbsp;For this particular work of art, I worked for 40 hours total (painting and building the frame). Material cost was roughly $120.00 (canvas, paint, wood, corner accents, hanging hardware).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(20 x 40) + 120 = $920.00<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;But that&#8217;s not $1508!&#8221; you say. No, it&#8217;s not. But take a look at the other two formulas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Formula 2: ((Length of the painting x width of the painting) x self-esteem multiplier) + material cost = price<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">((36 x 24) x 1) + 120 = $984.00<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Formula 3: ((Length of the painting + width of the painting) x a fair hourly rate based on self-esteem) + material cost = price<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">((36 + 24) x 20 x 1) + 120 = $1320.00<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The three formulas each give you a different price. What to do&#8230; What to do&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s all about consistency for me; if I pick Formula 2 for this painting, I should pick Formula 2 for all my paintings. But you&#8217;ll see why I would kick myself for picking Formula 2 in Example 3.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what if I <em>average<\/em> all three? Then I get $1074.67, or rounded up,&nbsp;$1075.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And that&#8217;s still not $1508. But&#8230;if I change the self-esteem multiplier to 2.5 (halfway between &#8220;I&#8217;ve sold a few pieces and I know I&#8217;ll sell more&#8221; and &#8220;I wonder what galleries will benefit from my work&#8221;), then I get $1508 as a final.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Example 2<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Here&#8217;s another painting, completely different from the last. <a href=\"https:\/\/www.etsy.com\/listing\/594535537\/gold-silver-1-a-12x12-abstract-acrylic?ref=shop_home_active_3\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Gold &amp; Silver<\/em> is a 12&#215;12 acrylic flow abstract<\/a>. In this case, the time it took me from start to finish was about 2 hours and the material cost was much, much lower (about $27) since there is no frame (yet). You will see the formulas give a wide rage of answers.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.etsy.com\/listing\/594535537\/gold-silver-1-a-12x12-abstract-acrylic?ref=shop_home_active_3\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"212\" src=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1430380602_b8lg-300x212.jpg\" alt=\"\" class=\"wp-image-4081\" srcset=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1430380602_b8lg-300x212.jpg 300w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1430380602_b8lg-768x544.jpg 768w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1430380602_b8lg-1024x725.jpg 1024w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1430380602_b8lg.jpg 1298w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Formula 1: (A fair hourly rate based on self-esteem x time) + material cost = price<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(20 x 2) + 27 = $67.00<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Formula 2: ((Length of the painting x width of the painting) x self-esteem multiplier) + material cost = price<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">((12 x 12) x 1) + 27 = $171.00<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Formula 3: ((Length of the painting + width of the painting) x a fair hourly rate based on self-esteem) + material cost = price<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">((12 + 12) x 20 x 1) + 27 = $507.00<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And the average of all 3? $248.33, or rounded down , $248.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Example 3<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Okay, one more. <a href=\"https:\/\/www.etsy.com\/listing\/575529855\/stairs-a-11x14-acrylic-impressionist?ref=shop_home_active_21\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Stairs<\/em>, an 11&#215;14 acrylic impressionist painting<\/a>, is small but includes a custom-built frame. You will also see that the formulas also give very different prices, making the averaging technique worthwhile (for the sake of consistency).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.etsy.com\/listing\/575529855\/stairs-a-11x14-acrylic-impressionist?ref=shop_home_active_21\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"249\" height=\"300\" src=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1475766082_aaxm-249x300.jpg\" alt=\"\" class=\"wp-image-4084\" srcset=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1475766082_aaxm-249x300.jpg 249w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1475766082_aaxm-768x924.jpg 768w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1475766082_aaxm-851x1024.jpg 851w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1475766082_aaxm-1024x1232.jpg 1024w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/il_fullxfull.1475766082_aaxm-897x1080.jpg 897w\" sizes=\"auto, (max-width: 249px) 100vw, 249px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><strong>Formula 1: (A fair hourly rate based on self-esteem x time) + material cost = price<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(20 x 20) +&nbsp;49 = $449.00<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Formula 2: ((Length of the painting x width of the painting) x self-esteem multiplier) + material cost = price<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">((11 x 14) x 1) + 49 = $203.00<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Formula 3: ((Length of the painting + width of the painting) x a fair hourly rate based on self-esteem) + material cost = price<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">((11 + 14) x 20 x 1) + 49 = $549.00<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Average: $400.33, or rounded down, $400.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So that&#8217;s it. Not a lot of math, and in the end the pricing strategy is consistent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Oh, and one last quote:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">It\u2019s not who you are that holds you back. It\u2019s who you think you\u2019re not. &#8211; Anonymous<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<\/blockquote>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"249\" height=\"692\" src=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/price_paintings.jpg\" alt=\"\" class=\"wp-image-4091\" srcset=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/price_paintings.jpg 249w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2018\/04\/price_paintings-108x300.jpg 108w\" sizes=\"auto, (max-width: 249px) 100vw, 249px\" \/><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><a href=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2021\/09\/price_paintings_pin.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2021\/09\/price_paintings_pin-683x1024.jpg\" alt=\"\" class=\"wp-image-5901\" srcset=\"https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2021\/09\/price_paintings_pin-683x1024.jpg 683w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2021\/09\/price_paintings_pin-200x300.jpg 200w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2021\/09\/price_paintings_pin-720x1080.jpg 720w, https:\/\/bxwretlind.com\/blog\/wp-content\/uploads\/2021\/09\/price_paintings_pin.jpg 735w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\" \/><\/a><\/figure>\n<\/div><div style=\"padding-bottom:20px; padding-top:10px;text-align: center;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - https:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"https:\/\/www.hupso.com\/share\/\"><img decoding=\"async\" src=\"https:\/\/static.hupso.com\/share\/buttons\/dot.png\" style=\"border:0px; padding-top: 5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"Tumblr\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Email\",\"Print\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"big\";var hupso_image_folder_url = \"\";var hupso_twitter_via=\"bxwretlind\";var hupso_url_t=\"\";var hupso_title_t=\"How%20to%3A%20Price%20Paintings%20and%20Still%20Like%20Yourself\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"excerpt":{"rendered":"<p>The art of how to price paintings has always been troublesome for me. While I don&#8217;t want to pretend anything I do should be priced up there with Andy Warhol or Bob Ross, I like to think that art can be a) profitable for the artist and b) accessible to most collectors. Assuming, of course,&hellip; <br \/> <a class=\"button small blue\" href=\"https:\/\/bxwretlind.com\/blog\/2018\/04\/11\/how-to-price-paintings-and-still-like-yourself\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-4071","post","type-post","status-publish","format-standard","hentry","category-art"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6.1 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to: Price Paintings and Still Like Yourself - Benjamin X. Wretlind<\/title>\n<meta name=\"description\" content=\"The art of how to price paintings has always been troublesome for me. While I don&#039;t want to pretend anything I do should be priced up there with Andy Warhol or Bob Ross, I like to think that art can be a) profitable for the artist and b) accessible to most collectors. Find out how I do it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bxwretlind.com\/blog\/2018\/04\/11\/how-to-price-paintings-and-still-like-yourself\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to: Price Paintings and Still Like Yourself\" \/>\n<meta property=\"og:description\" content=\"The art of how to price paintings has always been troublesome for me. 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