How do you price an original painting? Is there any formulas?

Question: How do you price an original painting!? Is there any formulas!?
Best Answer - Chosen by Asker:

There are many ways to figure pricing!.

One method is similar to any production business!.

Figure out what you want to make hourly and multiply that by the time it took to create and market the painting!.
Add that to the cost of materials!.
Add the cost of doing business (marketing, rent, utilities, etc)!. during those hours of work!.

It would look like this:

$250 !.!.!. 10 hrs!. painting and marketing X $25/hour
35 !.!.!. Cost of materials
60 !.!.!. Business costs of $12000/year X 10 hrs/2000 hrs (year of working full time)
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$345 - wholesale price
$690 - retail priceWww@QuestionHome@Com

Basically, I would
a!. Look at the total price of materials included
b!. Time consumed
c!. Quality of final work
d!. Pricings of similar works by others
e!. Settle on a price that I wouldn't mind shifting a little left and right, and also it shouldn't make you feel guilty when someone hands you a check for some huge amount!

Formulas = I know of none!.!.!. !?!? Good luck!Www@QuestionHome@Com

What the other person ahead of me said: Factor in those things!.
also, check out this guide, it's helpful, but sometimes they overprice a little bit:

Graphic Artists Guild Handbook for Fair and Ethical PricingWww@QuestionHome@Com