Of every $100 in sales the average artist has, he only gets to keep $30
Think about this when formulating your business plan and/or your price structure.
How did I arrive at this conclusion?
I was reading one of the "Deep Thought" posts over on Alyson Stanfield's Art Biz Blog (
http://www.artbizblog.com/2008/03/deep-thought--2.html) and the artist, Patricia Oblack, made a comment regarding costs that got me thinking . . .
Essentially the math breaks down like this:
Let's assume you have a $100 work of art (low, I know, but just for illustration purposes).
If you sell it in a gallery, then you generally lose 50% off the bat.
So, you're left with $50.
But wait, you're self-employed as an artist, so you have to think about income tax and self-employment tax.....generally about 40%.
40% of $50 is $20.
That leaves you with $30.
Make sure that you are not undervaluing your work.
Sincerely,
Clint Watson
Software Craftsman and Art Fanatic
Related Pages and Posts:
Price is a Shortcut (Clint Watson/FineArtViews)
Does Expensive Art Just Look Better? (Clint Watson/FineArtViews)
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