In business few things are more important than establishing pricing that provides the proper profit margin. How is this done? Here I will share with you a simple mathematical system to get pricing that not only makes sense, but will provide you with the profit and income you deserve.
Start with doing an accurate job cost of a printed canvas. Then multiply this cost by 5. This is your retail price for a "Printed Canvas". If you are an established "Brand", you may want to add more to your price to compensate you for your Brand and or talent.
Once you have this done, multiply your Retail Canvas Price by a 2 to 3 multiplier. If you are just starting out, you may want to keep it to 2X however if you are an established brand, 3X's may be more appropriate.
Here is an example if your are just starting out.
If your printed canvas cost (just using an easy number to see) is a total of $500, times a 5X's multiplier, your retail printed canvas price is then a minimum of $2500. Now, if you are new to Painted Giclée's multiply by 2 and create your Painted Giclée retail price of $5000.
If you are an advance studio and or photographer/artist and have an established brand, then things are multiplied higher.
For example....you cost for the original printed canvas is still $500 however due to your established brand and talent you can justify a 10 times markup in your marketplace. Now your retail is $5000 for your canvas. To establish your Painted Giclée retail price you will need then to perhaps multiply it by 3 and your final piece is then worth a retail of $15,000.
This is all something that you need to sit down and think about. What is your talent and knowledge level? Where is your brand at in it's journey? Do you have a following and how much do they like your style. Art and the price of art is a subjecting and abstract topic, however using these simple mathematical steps you can get your starting pricing in place with some accuracy.
I also know that once a brand reaches it's peak, the math goes out the window and supply and demand takes over. For example...the Mona Lisa is now worth $600 million. That is quite a mark up from the job cost. Just know that you must start somewhere and then move up from there over time.
CREATING ART, PERSONAL AND BUSINESS DEVELOPMENT