Pricing your artwork doesn't have to be difficult if you break it down into practical steps. Here is my proven formula to make sure you are getting a fair deal in the art market
Supply cost- Add up the total cost of what you spend in supplies. This includes: Canvas, paints, equipment, etc.
Time- How long does it take to finish a painting? Once you get an idea of how many hours it takes multiple that with how much you want to get paid every hour. This will vary depending on your experience and skill.
Size- What is the size of your painting. Multiple the size with what your cost will be per square inch. For instance I charge $1 per square inch.
Shipping cost- Make sure you add shipping costs to the total because sometimes a painting can run $100 depending on weight.
With all this in mind here is an example of the way I price my paintings:
Supplies- Canvas, acrylic paints, gold leaf, varnish, shipping boxes, packaging materials, stamp, ink, stickers = $100 total for 1 painting
Time- 10 hours at $25 an hour = $250
Size- 16x16 inches multiplied by $1 per square inch = $256
Shipping cost- $100
For me I also add a little more to that total for the intellectual and emotional value of the painting, this will vary to each person so it's really the price you are willing to part with. Also keep in mind the cost of marketing especially when you own an online art shop. Marketing includes what the cost was for customer acquisition, ads, website fees, photography, Research, etc.
This is why original art from an independent artist/business owner costs a little more than you think. It's good to offer replications such as fine art prints and merchandise of your artwork so that you can offer your product to everyone at more affordable rates. That way everyone is happy! Remember Fine Art is an investment to value it accordingly.