To figure out a paintings price often evolves a large number of factors to people. The time involved with it’s creation, the amount and types of paint used, the support and materials, the paintings size, just to name a few. I however, like to use a simplified formula that works very well for smaller paintings. I take the supports rounded length (L) and width (W) and multiply them together to get the total squared inches of the painting. I then take this number and multiply it by my price per square inch (P/Sq In) to get my final price for the painting without a frame.
To represent it more mathematically: L*W*P/Sq In = Final Price
If a frame is included I will add it’s cost to the final price and a 10% fee for the materials and time involved with inserting the painting properly. (Backing board and framing points, etc.) It’s also not uncommon to double the price for the frame to recoup your charges. That would essentially place the frame at suggested retail a majority of the time but I don’t currently feel the need to do so.
I’ve found this works really well and adds a much needed consistency to my pricing. Before adopting this formula of standard pricing I struggled with what to charge. Now I do a flat rate of 1.00 USD per square inch of the painting. When I become more popular and when the prices of painting materials rise I can simple alter that one number and get an accurate change in pricing. This is both a positive for my inventory purposes, and for buyers wondering what will change with time.
