With fine art, prices are set by the artist or dealer, but they are established by the marketplace. For instance, you can set any price you like on your artwork, but if no one is willing to pay it, the art should not be priced that high. Which leads me to #2…
How much is your art worth? Your art is worth what someone is willing to pay. Finding the right balance of time spent, material costs, and price can be very tricky. In sales situations, clients often ask me “who sets these prices?” and I always answer them with “you do!”.
Just try a price. Set a value out of thin air - this value should be reflecting what you feel your time spent amounts to, but stay on the modest side. If you sell your first few pieces in 5 minutes, then pause, and raise the prices up.
Prices should be on a sliding scale, with smaller works having a higher price per square inch, and larger works having a lower price per square inch. I prefer working with a “Price per Square Inch” formula rather than a united inches formula. I help artists make price charts all the time - please contact me if you’d like your own personalized chart. With my charts, you’ll be able to reference the chart for ANY size that a client requests, and you’ll always have firm, consistent pricing.
Prices should only go up, slowly and regularly. I think it’s good practice to set a comfortable price that consumers feel is a “good deal”. After all, you want to sell everything you make, so you can keep making more and more! (sidenote: the more art you make, the more you will improve) Yearly, you should evaluate and decide whether you need a 10%, 15% or 20% increase, depending on the previous year’s demand.