Actual for today,
For most artists, the problem is how to objectively evaluate their works of art. I have a clear rationale for collectors and art galleries.
1. Multiply the width of the painting by its length to get the total size in square inches. We then multiply that number by a set dollar amount based on your reputation. I currently use $6 per square inch for oil paintings. Then we calculate the cost of the canvas and frame and double this figure. For example, a 16″ x 20″ oil on linen landscape painting: 16″ x 20″ = 320 square inches. I price my oil paintings at $6 per square inch. 320 x 6 = $1920 and I round this up to $1900.
2. The frame, canvas, and materials cost me $150 (I buy frames in bulk). I will double the cost so I can get it all back when the painting is sold at the gallery. Otherwise, I’m subsidizing the collector by giving him the frame for free. $150 x 2 = $300.
3. Then I add it all up: $1,900 + $300 = $2,200 (retail price). When a painting is sold at a gallery, my share, after paying a 50 percent commission, is $950 for the painting and $150 for the frame, for a total of $1,100.
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