I'm just starting to think about trying and selling my art but I honestly have no idea how to price it. Do. any of you have suggestions or a way of calculating a price?
Hi
@randarrington, I'd like to share my perspective about this topic, which is, actually, very complicated.
Let say that because of human behavior (that is frequently far from rational) and market (which is essentially chaos) it is very hard to define a deterministic starting point.
If we speak of simple math, it is relatively easy. You set the minimum gross earnings per year for a decent living in your country. For example, in Italy, it is somewhere between € 25000 and € 45000 (for a single person). Then you divide it by the number of ours that you are supposed to work. I usually consider 52 weeks minus 4 weeks of vacation and 1-2 weeks of possible sick leave, therefore, the total amount of hours per year you will work is: 46 x 40 = 1840 hours of work per year. That said, you have to consider that your work is not only drawing and painting. If you plan to make a real job out of it, you will have to manage it (bureaucracy, taxes management, invoicing, fulfillments, etc.), promote it (marketing, workshops, gallery relationships, public relations, etc.), manage your clients (including briefing, meetings, etc.). So, you don't actually paint or draw, 40 hours per week. And if you do it, it means that you are paying someone to manage all the rest for you. Let's say optimistically that you will draw/paint 50% of working time: 1840 / 2 = 920. So, your hourly price is RAL / 920, if you know, how much time it takes to finish a subject (on average), you know the price. For example, in my case, lets say I point to earn € 35000 per year.
35000 / 920 = about € 38 per hour (which is pretty close to what any professional of any profession in Italy could ask)
How long it takes to complete a portrait of mine, let's say with colored pencils? Some hours possibly. Probably between 4 to 8 hours. I go for 6: 38 x 6 = € 228 for a colored pencil portrait (no background or very simple, bust framing, A4-A3 format... Pencils artwork time is highly influenced by size of the artwork). Which is pretty plausible.
In other cases, I read of pricing by size. You just set an amount per cm or inch. A4 is 21 x 29.7 = 623.7 cm, which means I was pricing my A4 € 0.366 per cm: 623.7 x 0.366 about € 228.
Though, despite the modest price, no one want to buy them

. What are, nowadays, € 228? I spend them in 1 evening at the restaurant, for 2 persons, if I am lucky, 2 hours of pleasure,

gone. Years ago, a friend asked me if I would have drawn a b&w portrait of his favorite singer, A2 format, when I told him I would have charged him € 400 (because he is a friend), his eyes popped out of their sockets

.
That said, there are artists charging even much more.
Thomas Wells Shaller which is one of my favorite artists charges $ 1500 on average for a 15 x 11 inches (almost an A3 format) of his watercolors. Which is about € 1200-1300. Not bad, it is about 4 times my prices, though he has got a reputation (not without some lucky opportunity, of course). On the other end,
Oliver Pyle, another one among my favorite artists and exquisite watercolor master, compared, only charge on average £ 500 for the same size, which is about € 575.50, essentially half the price of Shaller.
Still, if we are speaking of artistic value, I see Pyle at the same level of Shaller. This is where, the market, and the artist positioning in that market, makes a difference.
Then, it comes my personal opinion (not only mine, it is supported by many professionals) an A3 watercolor painting (well painted: not bad; neither a Canaletto... reasonably well painted), under € 500 is unacceptable (I am talking about advanced countries with a relatively high cost of life like USA, Canada, Iceland, UK, north-west Europe, etc.).
About prices (professional ones) there is a very interesting article by Nick Macari,
https://nickmacari.com/comic-page-rates-and-creator-budgets/, pointing out what are the real prices for a comic book page, which is close for complexity to a painting and sometimes even exceeds the single illustration painting complexity.