Mastering the Art of Pricing: A Guide for Professional Artists

Charging for your time can be difficult and everyone will tell you something different but when you are charging for your time, you need to be honest; you are a professional, creating for a living.

1. Be Honest About Your Overheads

Pricing your time and services accurately requires a clear understanding of all your costs. Many overheads can be overlooked, but they significantly impact your bottom line. Here are the key elements to consider:

Time Is Money

Your time is your most valuable resource. While it’s tempting to charge only for the hours spent teaching or demonstrating, the reality is much broader. Include time spent on:
• Administration: Scheduling, invoicing, and client communication.
• Preparation: Researching, planning, and packing materials.
• Travel: Commuting to and from venues or clients.
Tracking and valuing all these elements ensures you account for the true scope of your work.

2. Material Costs

Art materials can be a major expense, especially for workshops or demonstrations where you supply materials for participants.
Key Tips:
• Factor material costs into your pricing, ensuring you account for everything provided.
• If selling materials, understand your base costs to maintain a healthy profit margin.

3. Framing and Presentation

When selling a painting or accepting a commission, always include the cost of framing and presentation.
Recommendations:
• Build a trusted relationship with a reliable framer to ensure consistent quality and pricing.
• Offer customers various framing options at different price points to suit their budgets.

4. The Magic Formula for Your Time

At a minimum, ensure you’re earning more than minimum wage per hour. Reflect on how you allocate your time by:
• Keeping a detailed diary of your working hours and tasks.
• Calculating a base hourly rate that reflects the full scope of your work.

Be mindful if you are quoting a day rate that you are not selling yourself short. Learning to track and value your time can prevent similar pitfalls and help you stay profitable.

5. Know When to Say No

It’s okay to turn down opportunities if they aren’t financially viable or don’t align with your capacity. Prioritise quality over quantity, and focus on projects that respect your time and expertise.

6. Regularly Review Your Pricing

Pricing isn’t static. Inflation, material costs, and your own skill growth should inform regular adjustments.
Suggested Practices:
• Set aside time annually to review your business. January, for example, can be a quieter month to reassess costs, update portfolios, and organize finances.

By maintaining a professional approach to pricing, you ensure your practice remains sustainable, rewarding, and aligned with the value of your expertise.