Some of the new members have asked me for advice on how to determine the right price for your work. So, the BIG question is what to charge for your work and how do you figure it out?
Some of the artists suggest looking at prices from couple of angles:
1. Make sure you are fully compensated: keep track of your costs (frame, mat, cost of printing), including computer software, your studio space and don’t forget to include your time. How long did it take you to create it and what is your hourly rate? Once you come up with a number for your costs you should feel right about it. Obviously, you’ll want to more than cover your costs when you set a price. Lastly, don’t forget to include the cost of registration for this show.
2. Look at “comparables”. Go and visit some of the wonderful galleries we have here on the island to see what people are asking for similar work and set the “low” and “high” ends of the spectrum for what comparable work is priced at. You’ll also want to consider whether the artist is at a similar stage as you are in his/her career. Obviously, someone who has been a professional photographer for many years and is well known will charge at the high end in comparison to an amateur photographer. Further, many galleries also take into pricing consideration an artist’s education, how many people have seen and purchased their work before and the quantity of pieces produced.
A traditional rule of thumb is to figure out what it really costs you to produce a piece and multiple that number by two to arrive at a price. I hope this info is somewhat helpful to determine the pricing for your work.
Have a great day and keep shooting!