How to Set Prices for Your Art

Written By Union Hall

Artists bring skill, creativity, and expertise to every piece they make. Establishing pricing that reflects this value is an essential part of sustaining a healthy and confident art practice. A thoughtful pricing formula not only honors the time and resources that go into your work, it also supports your long-term growth, strengthens your professional presence, and helps collectors understand the integrity behind your prices.

This framework is designed for visual artists who want a clear, repeatable method for setting prices that align with their craft, their career stage, and the broader art market. Use it as a supportive guide that grows with you and reinforces the value you already create.

Core Components of the Formula

  1. Materials Cost

    • All physical materials used in the artwork

  2. Labor

    • Hours spent

    • Hourly rate (W.A.G.E.-informed or self-determined)

  3. Monthly Overhead Cost

    • Examples: studio rent, utilities, insurance, software subscriptions, equipment upkeep, taxes

    • Calculate the monthly total of overhead costs

    • Estimate how many artworks you produce per month

    • Divide monthly overhead by number of artworks

    • This gives you the overhead cost per artwork

    • OR Add 10–20% to Materials + Labor to approximate your overhead portion.

Materials + Labor + Monthly Overhead = Core price

Now take the core price and move on to markup multiplier. This is what determines the final price and adjusts for market context.

The Markup Multiplier

  1. Purpose of the Multiplier

    • Creates profit

    • Ensures sustainability

    • Allows room for gallery commission

  2. Typical Range

    • 2×, 2.5×, or 3× based on context

To decide where you fall within the multiplier range, consider how your current career stage shapes demand and visibility.

Career Stage Factors

(Determines which multiplier to use.)

  1. Early Career

    • Lower demand

    • Less institutional support

    • Multiplier: 2×

  2. Mid-Career

    • Growing demand or visibility

    • Stronger collector base

    • Multiplier: 2.5×

  3. Established Career

    • Significant demand

    • Representation or regular exhibitions

    • Multiplier: 3× or higher

Timing & Market Context

(Adjustment layer—can shift your multiplier.)

  1. When demand is high

    • Increase multiplier

  2. Before or during exhibitions

    • Prices escalate

    • Collector interest may be heightened

  3. During quiet periods

    • Stay consistent—do not lower prices

    • Maintain value stability

  4. After notable press or achievements

    • Raise multiplier for future works

Gallery Commission Considerations

(Ensures the artist still earns appropriately.)

  1. Standard Commissions

    • 40–50% of sale price

  2. Direct Sales vs. Gallery Sales

    • Direct sales: use full multiplier

    • Gallery sales: keep prices the same but understand your take-home. 

There is an assumption that gallery representation equates to more frequent and/or higher number of sales. Lowering prices for direct sales is not recommended.

Artwork Pricing Formula

Materials + Labor + Monthly Overhead = Core Price

Core Price x Markup Multiplier + Market Context  = Final Artwork Price

Information in this blog was inspired by teaching from Paddy Johnson, Coach for Visual Artists. 


Union Hall
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