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