Tips for pricing and valuing artistic time and work
- 25 Aug 2016
In this week’s tip for emerging creatives, we look at how to price and value artistic time and work.
What price should I charge for my artwork? How much per hour should an actor get paid? Knowing your value and that of other artists can be challenging when starting out. Understanding rates of pay, commission fees, how much to charge, invoicing and tax is key to running a successful creative business.
Where do I start?
- Visual Artists - NAVA (National Association for Visual Arts)’s Code of Practice details everything from selling work in commercial galleries and commissioning artworks to competitions, fees and wages
- Performers – MEAA (Media Entertainment & Arts Alliance) equity minimum payment standards lists the rates of pay for actors in live performance, film and theatre
- Writers – The Australian Society of Authors sets minimum rates of pay and conditions for authors and illustrators
- Regional Arts Australia also provides information on recommended rates of pay and travel costs
Invoicing for your work/services
- For those with product based work check out this post on Etsy that gives you a simple formula for pricing your work
- If you are selling a product or contracting your creative services you are likely to have to Invoice to be paid. If you don’t have an ABN you will also need to provide a completed Statement by Supplier form
- Don’t forget about tax! When you get paid as a hobbyist or through an ABN (if you register as a business) any money paid to you will be before tax. You may be liable to pay tax on what you have earned and also may be able to make a number of industry specific deductions. Arts Law has developed a handy resource called artists tips for a stress free tax return and the ATO has developed a video series tax basics for small businesses and provides Small Business Assist which houses a range of information, templates and access to support on running small businesses.
Starting your creative business? Read our previous tips post Bread and butter tips for starting a creative business