The difficult subject of pricing one’s artwork! I’m sighing already, it’s something that has to be done but is the least pleasant job of all!
There are various suggestions and ways of calculating this online and they are very helpful. I find that the gallery usually has the best idea of pricing but it doesn’t always represent how I might feel about the work. This can work both ways! I give myself my lecturer’s hourly pay x how many hour’s plus the cost of the materials. This is a good start and then add a percentage to this, or x it up. But, this is where it becomes messy and uncomfortable and unpleasant and I’d far rather walk away and the job is unfinished!
Having worked out the actual cost and my hourly rate I know the basic, plus how much the gallery charges so that has to go into the equation too. Ultimately, talking to the gallery who have a good insight on their clients, is currently my deciding factor. As you can tell by reading this – it is still my least pleasant task in producing an artwork!