For those committed to a profession as an oil painter, putting things into perspective.
You have to start somewhere: A basic unit cost
I used an oil painting 22 X 28 inches
Direct cost
Stretched Canvas 20.00
Gesso 8.00
Oil Paint 24.00
Medium 7.00
Brushes 19.00
Thinners 5.00
Simple Frame 60.00
Hanging hardware 2.00
Total direct cost 145.00
Indirect cost (overhead)
Studio space
Utilities
Cell phone
Internet
Shipping
Exhibit fees
Presentation supplies
Total overhead 1025.00
Basic unit overhead (Indirect Cost) / (Production units)
1025 / 4 paintings per month = 255.50
Total basic unit cost = (Direct) + (Indirect) = 400.50
Price based on a common business model (Cost) X (3) = 1201.50
Relating to size
Cost per square foot
(22X28) / 144 = 4.28 square feet
1201.50 / 4.28 = 280.72
Size | sqft | PRICE
Oil 8X10 |0.56 | 155.96
Oil 9X12 | 0.75 | 210.54
Oil 9X24 | 1.50 | 421.08
Oil 11X14 | 1.07 |300.21
Oil 16X20 | 2.22 | 623.82
Oil 22X28 | 4.28 | 1200.86
Oil 30X40 | 8.33 | 2339.33
Oil 48X60 | 20.00 | 5614.40
How much are you worth
Assuming you sell 100 percent of your production.
(4 each 22X28 paintings er month x 1200.00) = 4,800.00 per month or 57600 per year
This however is unrealistic. Most galleries consider an artist successful if they sell 50 percent.
Therefore half = 2,400.00 per month or 28,800.00 per year
(Actual sales – Cost) = (Income) or 1584.00 per month or 12,545.00 per year income
Assuming you paint 50 hours a week (Actual time at the easel)
(Hours per week X 52 Weeks) = 2600 hours
(Income) / (Hours worked) = 4.83 per hour; LESS THAN MINIMUM WAGE!
This is why you have to price your work higher. Being an artist is an interesting and challenging lifestyle but without reward it can be a quick road to poverty.
To make a simple living supported only by painting you need to price small paintings (8X10 to 16X20) from 500.00 to 2200.00 dollars. Anything less is unacceptable.
Do the numbers. If your work won't sell at the required prices, work harder, develop your skills and produce better art.