How do you price artwork?

Many artists price their art relative to the expenses that go into the art. These expenses include materials, time and labor, commissions levied by the art gallery selling the work, and miscellaneous other costs.

Materials used in creating a work of art include not only the canvas, brushes, clay or stone used to make the work itself but also the overhead costs of maintaining a studio space, including rent and utilities. Calculating time and labor costs may be done on an hourly basis. If the artists is able to calculate how many hours were spent making the piece of art, he can then set an hourly rate of pay for himself, usually in the area of $15 to $20.