The world's most expensive painting is Salvator Mundi made by Leonardo da Vinci, which sold for $450.3 million at auction.
When paintings are sold in this price range, it's no longer just about art, but investments. And in this case: the preservation of irreplaceable art objects. A price level like this is unattainable for most artists, but the idea behind such a sale is still just as relevant even if you only sell for a few hundred bucks.
Understanding pricing is everything if you're thinking of making it your livelihood.
What is the value of art?
Many have different models for calculating the price of commissions. Unfortunately, the norm is that artists underprice themselves, and it's important for all parties involved that you avoid this. Here are basic tips to get started:
For example, an ordinary position may have an hourly wage of NOK 190. If you then work a normal working day (8 hours), this implies NOK 1520 before tax. You need to calculate how long you spend on a commission and decide on the hourly wage.
How much can you realistically expect from an employer regarding your expertise and experience?
Is it a painting? Oil or acrylic? Drawing? Materials cost money, and you need to cover your expenses in the price. For example, a canvas can cost NOK 600, and all other expenses on materials must be included. Don't forget to inform the customer about the details of this.
Some forms of art are in high demand and are therefore more expensive. Feel free to check out what others charge for their work, visit galleries and talk to the owners. They can give you an insight into today's market and what to expect.
You MUST let others give you constructive feedback. That is: not family and friends. Post it on social media and ask people if they can give you feedback. Do they like it? Do you have to get better and practice more? This reflects directly on how to price the images. People don't want to pay for expensive art which is poorly made and unpopular on the market. One can often discuss what determines the traits of bad art, but this reflects on future investments. No one wants to invest in a random artist who just wants to earn a few extra bucks. They want to see your passion.
Visual art that is not useful is not VAT-coated in Norway. So if you attach a light bulb to your painting that you can turn on, it is by definition useful art and is therefore VAT-coated.
You can also read more about the Art Fee here, which generally means that you tax 5% of everything you sell for over 2000 NOK.
Appreciate the value of you
In short, the formula is as follows: working hours x materials = base price.
Then, you can vary the price according to what you think the customer expects. Feel free to do research on market value, and settle at a level you are comfortable with.
But the most important thing is not to explain away your prices. They're going to pay for the food on the table and the roof over your head, and that's within reasonable limits.
Hvis du ikke hører at elektrikeren eller rørleggeren unnskylder sin timelønn, skal heller ikke du gjøre det! Ditt yrke og din verdi er minst like viktig som andre yrker i samfunnet, og det er ikke riktig du skal gå ned i pris fordi noen ikke er villige til å bidra til ditt levebrød. Slike kunder vil du heller ikke ha, og da kan det være verdt å gjøre markedsføring for å finne ut hvor dine idéelle kunder er og hvordan du når ut til dem. Kanskje satser du på feil kundegruppe? Det kan skade salget ditt!
Ikke kast bort tiden på de som ikke setter pris på deg.