What is The Formula for Selling a Million-Dollar Work of Art
Do you think that I know the formula?
If you think I may know this formula continue reading this article.
I think consistent pricing is key for successful art sales. This does not guarantee that the prices will increase over time.
And, how do you put a price on your efforts and artwork?
You may have to have your minimum for that size of the painting. But never forget that it’s good to think about the price including shipping to anywhere in the world. And the shipping needs to include a tracking number, to send to the art lover.
How do you decide on a logical approach? If you want that $1 million dollars price maybe there is no logical approach.
One solution for many artists is to select a pricing formula that works well for the art form and is a good fit for the stage of your career.
A formula can simplify an artist's life and makes it easier to explain your prices to buyers.
Consider one of these 5 formulas for pricing your work.
FORMULA 1: Square Inch × Dollar Amount.
For example a painting with a width of 18 inches, a length of 24 inches, a square inch multiplier of $5, and a material cost of $100. Total: a regular and your consistent price.
FORMULA 2: (hourly wage × hours spent) + Cost of Materials. (I do not like this option).
FORMULA 3: Do not consider the size of the painting but your brand name and or the art gallery representation.
FORMULA 4: Just go with your guts and ask whatever you want or an amount you need to live the next 5 years. (every artist's dream)
FORMULA 5: ASK 1 MILLION FOR YOUR PAINTING PORTRAIT OF A FAMOUS PERSON (it does not matter the size of the painting).
Emerging artists should consider pricing their art starting off with a $2-$3 range when you were selling online or at outdoor art festivals and increasing the dollar amount once you started working with galleries. With the Internet, some artists…