Congrats.
Congratulations Kathy. I hope you got a reasonable amount for it.
This is a very nice shot, although I would probably clean up the bottom left edge as the bright piece of a branch /reed is definitely distracting.
Manfred, I am sure I did not charge enough. It cost 82.69 to have a 16x24 canvas printed, how much would have you charged the customer? Thanks for your input . . . oh that piece of branch will be wrapped around the bottome of the canvas so it will not show. Thanks for the tip.
Good on you Kathy,well done..
There should be two parts to your costs.
1. Time and materials - cost of the print, you going to the printer and picking it up, any shipping costs you are paying, the cost of the print itself, etc. Figure the total out and then double it (at least). This is pretty standard practice in retail. Look at a basic hourly rate to do all that stuff and figure out (to the nearest hour, rounded up) the time you spent on this; multiply the hourly rate times the number of hours to get your labour costs built in.
2. Cost of the piece "art"; i.e. your image. I assume that the sale is not exclusive and you can sell more copies if you want? That part should be worth a couple of hundred at least.
My guess is that unless you sold the piece for at least $400 - $500, you are probably taking a loss.
It was on here that I was first directed to the 'rule' that the standard procedure was 1) Compute cost, including time and , 2) Add 223%.
Seems that was/is an accepted percentage to apply. Don't who arrived at that figure, or when.
Well done, Kathy! Gorgeous photo!
It's a good photo Kathy. Congratulations. Did you sell it from a website, or to a gift shop, or was it to friend/family etc.?
I happy for you! ...here's to the first of many!
Pleased is understandable but surprise that someone would buy a shot as beautiful as this? Well done!
It would be interesting to see the workup to that number. I'm not a great fan of formulas, unless I understand what went into them.
In my experience the "producer" doubles their costs, i.e. 50% gross profit margin and then the retailer does the same thing. Costs have three basic components; material; overhead (electricity, insurance, depreciation on equipment) and direct labour. Something that has an intellectual property content, that will be either be included in the overhead numbers, for instance a "goodwill cost" and license fees, but that tends to be for mass produced items. For something like a piece of art, I prefer to see that as a separate cost breakout, as the value of the IP (intellectual property) can go up (or down) over time.
A photographer who is just starting out could charge something fairly nominal for the IP use, but would ramp that up if their work becomes more popular.
Last edited by Manfred M; 4th February 2015 at 10:46 PM.
Congratulations Kathy. It is a beautiful image.
Congratulations Kathy
The feeling from having produced something that someone else wants is perhaps greater than the monetary aspect
Thank you Donald and Manfred for the very useful information and for taking the time to look at my posts.
Kathy
You might be okay as the highlight would be on the bottom of the wrap, and would likely be low enough so that it is out of sight.
On the other hand, as canvas is wrapped, I would still pay attention to see how the borders might be affected; you don't want any distractions that the viewer is going to pick up on to the detriment of the viewing experience.
Lovely image, congratulations...