23 This exercise is specifically designed for visual fine artists but could be adapted for other disciplines. It is designed to help you to create a pricing structure for your work. STEP 1 Work out the cost of creating the work- what are your overheads? What are the material costs? How long does it take you to make? Think about: Studio costs- including bills I.e. Phone/Internet etc Rent and bills (Household costs) Pension and savings Food/Living expenses Maternity and Childcare Travel costs and Holiday Pay Administration costs i.e. marketing, accounting etc If you live in a big city that is expensive include an extra amount to account for higher prices. STEP 2 Think about what kind of product you normally make. Is it heavily material based or digital, is it a one off or an edition, is it a time-based medium, is it 3D or 2D? What size is it? What stage of career are you at? STEP 3 Add selling costs. Consider the fact that some galleries will take 50% commission so factor this in to all prices. Don’t change your prices if commission is more or less. Factor in 50% always STEP 4 Consider what contingency or income protection you might need. Remember your prices need to have room to go up. What is the price for? A sale of a one-off work? An edition? A bespoke commission? Write notes about how this would affect the price of the work. Time needed: 5-30 minutes Task: Produce a pricing structure Pricing Your Work Difficulty: Moderate