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ARTIST BUSINESS
WORKSHEET

Money
Mind

Created for you via DOMESTIKA by Lizzie Snow ‘fortyonehundred’

www.fortyonehundred.com

This may not be reproduced, resold, or used for commercial purposes.

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PRICING YOUR ART

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Pricing art is always tricky; art is worth what someone will pay for it! Here are some formulas to consider

Formula 1:
Pricing your work relevant to your target market & competitors
Considering other artists’ whos career & work are comparable
E.G. This artist sells 30cm/gold/new/abstract artwork for $4000
E.G. This is a good comparison as we have a similar style, are
both 3 years into our careers & have similar target markets
_________________sells their ___________artwork for $___________
Formula 2:
Working backwards from how much you want to make each year
E.G. $100,000 income per year; made up of:
= 10x $10,000 artwork/product/project
= 30 x $3,333 artwork/product/project
Or mixing it with your other income streams;
E.G. 7 paintings; 20 prints; 3 murals; 1 collaboration, so forth…

This is a good comparison as: _________________________________ $________________ income per year; made up of:

____________________________________________________________ = _______x $___________ ________________________

____________________________________________________________ = _______x $___________ ________________________

____________________________________________________________ = _______x $___________ ________________________

= _______x $___________ ________________________

$_________________ income per year; made up of:

_________________sells their ___________artwork for $___________

This is a good comparison as: _________________________________ = _______x $___________ ________________________

____________________________________________________________ = _______x $___________ ________________________

____________________________________________________________ = _______x $___________ ________________________

____________________________________________________________ = _______x $___________ ________________________

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PRICING YOUR ART

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Pricing art is always tricky; art is worth what someone will pay for it! Here are some formulas to consider

Formula 3: Formula 4:
Calculating an amount of money per artwork size Calculating your Hourly Wage × Hours Spent + Cost of Materials

Square Inch × Dollar Amount E.G. $50 p/h 4hr art + $85 materials = $285
E.G. $2 per sq/inch 20x20” size art = $800 E.G. $300 p/h 200hr art + $1900 materials = $61,900
E.G. $13 per sq/inch 20x20” size art = $5200

____________per sq/inch ____________ size art =____________ $______p/h ______hr art + $_____ materials = $________

____________per sq/inch ____________ size art =____________ $______p/h ______hr art + $_____ materials = $________

____________per sq/inch ____________ size art =____________ $______p/h ______hr art + $_____ materials = $________

____________per sq/inch ____________ size art =____________ $______p/h ______hr art + $_____ materials = $________

Choosing a formula Why? Therefore my pricing will be:

The formula I’m going to choose is: The reason I chose this formula is: E.G. $150 for prints, $1k-$3k for paintings, $95p/h for commissions

O Formula 1: ________________________________ $________ for ________________ $________ for ________________

O Formula 2: ________________________________ $________ for ________________ $________ for ________________

O Formula 3: ________________________________ $________ for ________________ $________ for ________________

O Formula 4: ________________________________ $________ for ________________ $________ for ________________

O ____________________________ ________________________________ $________ for ________________ $________ for ________________

____________________________ ________________________________ $________ for ________________ $________ for ________________

____________________________ ________________________________ $________ for ________________ $________ for ________________

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TRACKING YOUR EXPENSES

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What do you need to buy/pay? What’s the price? How frequesntly do you need to buy/pay it? What does the cost add up to each year?

Expense Name Cost Each Time How Frequently Yearly Cost

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 SET UP & UNDERSTANDING
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Banking & Currency types Funding Business Start Up Accounting / Taxes

The different formats I’ll use include: Where I’ll get financial support: How I’ll keep track of my bookeeping:

O Traditional banking O Savings account O Keep spreadsheets

O PayPal / Stripe O Loan from bank/family/friend O Use online software (e.g. Xero)

O Cryptocurrency O Investor O Hire a bookkeeper

O Credit cards O Grant / Fund O Hire an accountant

O ______________________________ O ______________________________ O ______________________________

O ______________________________ O ______________________________ O ______________________________

O ______________________________ O ______________________________ O ______________________________

O ______________________________ O ______________________________ O ______________________________

O ______________________________ O ______________________________ O ______________________________

O ______________________________ O ______________________________ O ______________________________

Revenue, Expenses, Taxable Income, Profit - PER YEAR

If I make $_________ revenue, and my expenses are $____________; my taxable income will be $________________

My tax bracket will be / is likely to be ________% After expenses and taxes, my profit will be $________________

Budgeting

From my profit, I’m going to commit ___________% to needs, ___________% to wants, ___________% to savings & repayments
 Lizzie Snow
fortyonehundred
Contemporary Visual Artist

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