Senay - begin by pricing your work so that your retail cost is at
least double your wholesale cost; and your wholesale cost gives you
back your investment, pays your time and overhead, and a bit of
profit. How much at wholesale is up to you. Then when you sell
retail, you do very well from a profit standpoint! It is actually up
to the gallery to set the retail; you just give them a suggested
retail. They can increase it and make more for themselves, or cut it
and make less for themselves. Your percentage is based on the retail
you named, not on the actual sale price, unless you set your contract
up otherwise.
As far as consignment, if the gallery does a good job promoting
themselves and the work of their artists; carries insurance on the
work; and pays in a timely pre-arranged manner, then 50% is normal
in my part of the US. They are taking the risk of advertising and
insuring and displaying the work, and they must take those costs out
of their 50% plus get their profit. The less the gallery does, the
lower the percentage of retail they should get. I’ve never had one
take less than 20%, and as overhead has gone up that has become
increasingly low and uncommon. A consignment of 30-40% is more
common, but the better galleries do get - and deserve - 50%.
Do be sure you have a written contract that specifies the
percentage; what it is based on; insurance; and when you can expect
payment. A few pay on sale, but most pay monthly. Just make sure it
is all clearly stated. Also be clear on how to get work back if you
want it back.
I have had both excellent and horrible consignment experiences.
Good luck!
Beth in SC