The Keystone method of pricing art involves doubling your costs to determine the selling price of your artwork. Here are simple instructions for calculating the price using this method:
- Determine Your Costs:
- Calculate the total cost of creating your artwork. This includes the cost of materials, such as canvas, paint, brushes, and any other supplies you used. Be sure to account for any other costs like framing, studio rent, or shipping expenses related to the creation of the artwork.
- Double Your Costs:
- Once you have calculated your total costs, simply double this amount.
- Add Your Hourly Rate And Hours Worked On Art
This is your wholesale price.
- Double or Triple That Total Number
This is your retail price.
Here’s the formula for calculating the selling price using the Keystone method:
Selling Price = 2 x Total Costs+Hourly Rate x Hours Worked x 2
The Keystone method is a straightforward way to ensure that you cover your expenses and generate a profit. It’s particularly useful for artists who are starting out and want a simple pricing strategy. However, it doesn’t take into account factors like your experience, demand for your art, or overhead expenses, so you may want to use this method in conjunction with other pricing strategies or adjust it as you gain more experience and recognition in the art market.