“Should I discount the price of my art?” Uhmmmm. Let me think about that. Ah, HELL NO! Original works of fine art are a luxury item. And discounting your luxury product is the very best way to shoot yourself directly in the foot.
And when you do this that bullet ricochets and can hit the entire art market. So, if you’re discounting: Cut it out! Or stop complaining that you don’t make enough money.
Oh, I can hear it now. “I have to discount. We are experiencing a deep recession, don’t you know?” “Yes, I do.”
I recently attended a presentation sponsored by the San Francisco Luxury Marketing Council reviewing current luxury market data and trends. I almost jumped out of my chair with glee when the presenter confirmed that the one category of luxury where sales have actually increased during the current recession is, you guessed it, fine art.
So there. You have no excuses to discount your luxury product, besides a lack of marketing and negotiating skills.
So let me offer you a couple of useful tips. If you maintain a range of offerings, at different price points, you can often redirect your prospects to the choices that work within their budget. My price points currently range from $5 to $39,000 and everything in between. If you don’t have $5 to spend on my art, then I can’t help you. And I can live with that.
If redirecting a prospect doesn’t work and they press me for a discount, I maintain a handy reply. “My prices are about to be adjusted upward, so now is actually a good time to buy.” The looks on their faces, “priceless.” No pun intended.
My former art rep in LA confirmed that those artists who she represented, who did not discount, consistently experienced a significantly higher sales volume.
So take your power back! Build your brand. Don’t discount it.