I met a lovely lady in Lenox, MA last week. Twice she asked me, “how much is that painting?” Twice, she told me, “I can’t afford it.”
When someone says that, they’re usually not talking about price. They can be expressing uncertainty about their priorities, the timing or their interest. Those are all legitimate concerns. Still, understanding them helps us understand how to sell original art.
Price and value are two different things
Painting prices vary widely, based on skill, experience and public profile. A customer who doesn’t get that is unlikely to understand why one painting costs several times what another does. That’s true even if they understand implicitly why Ferragamo is priced differently from Uniqlo. Educating them on the difference isn’t a quick process.
For each buyer, the question is not what the painting is worth, but what that painting is worth to them. Your goal is to show them what they’re getting that they won’t get elsewhere. These are often intangibles like craftsmanship, exclusivity or even bragging rights.
What do they mean?
“I can’t afford it,” is often followed by, “but I’m sure it’s worth every penny.” What they’re really saying is, “it costs too much for me at this moment.”
When I bought my car this spring, I had a number in mind, based on a web search. I drive my cars for a long time. When I started to carefully consider features, I realized that spending more up front would actually give me better value.
If, at the beginning of my shopping, I’d been asked if I could afford what I eventually paid, I’d have said no. I could afford it; I just didn’t want to spend money that way. I didn’t realize at the time that the higher price was worth it.
Luxury purchases are judged in years, not days
A great example is Princess Anne’s wardrobe. She buys fine pieces and wears them for decades. Original artwork is even more durable than her evening clothes. A good painting has every chance of becoming an appreciable asset or family heirloom. Twenty years from now, your buyers won’t even remember the purchase price, but the painting will continue to be valuable.
What makes your work unique?
Luxury goods are not always about more, better, bigger. They’re often about an indefinable quality that can’t be duplicated. There will always be less expensive paintings. There aren’t less expensive versions of your particular painting.
My painting prices represent my sales history, my profile as a painter, writer and teacher and my competence with the brush. What do your prices reflect? That is a hard question, but if you can’t answer it, how will you convey value to your customers?
Put the cost into perspective
Without minimizing the investment, help your customer realize that the painting they’re buying is meant to be appreciated and enjoyed for decades. Put that way, the cost is surprisingly low. This is especially important when talking to first-time art buyers, who may be subconsciously comparing your prices to Wayfair.
When someone doesn’t pick up what you’re putting down
I’m a lot more confident about the value of my work than I was thirty years ago. Ironically, confidence increases credibility. I’m not going to pressure anyone; it’s far better for both of us if the customer buys something he or she really loves than something they’re unsure about.
Pressure undermines luxury sales.
Never apologize for your price
Avoid statements like, “I know it’s expensive,” or “I wish I could make it cheaper.” Avoid justifications like “this represents thirty years of experience,” or “this work has eighty hours in it.”
Original art isn’t a necessity. It’s something people choose because it enriches their lives. If a painting speaks to the buyer, it’s probably going to sell itself. Your biggest job is to not undermine the sale.
Ultimately, art buyers don’t need to be convinced that the item is priced fairly. They need to be convinced that it is worth owning.
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Thanks for talking about this subject. It’s helpful to hear how you think about and navigate the market side of being an artist.
Nobody loves having to sell, but it’s a necessary part of an art career.
My challenge in pricing has to do with commission — and this has been my rant for a number of years. I’ve had paintings in a restaurant gallery for more than 10 years and I’ve had success selling there. They charge a 30 percent commission, which I view as fair. It’s a nice venue with tourist traffic, and I’m in good company with the other artists that exhibit there. They swap out the paintings three times a years and really do no promotion as a gallery other than showing pictures of the restaurant with paintings on the walls on their website. I’m comfortable with the prices I ask, and patrons must agree because they buy my paintings. I’m also a member of a local art guild. They charge a 40 percent commission, which I think is too much for an art guild where members (most, if not all of them amateurs) pay a membership fee and the art ranges from very very beginner to nice advanced pieces. They do no promotion beyond the “opening” of a show and they have a website. I’ve sold just two paintings there in 17 years. I’m at the point where I put just one painting a year in their shows there because my paintings are priced higher than many, if not most, and my price reflects the 40 percent commission. And my paintings are surrounded by pieces that IMO are underpriced, especially considering the commission. How do your prices reflect commission? And do you consider other artists work and pricing in a gallery setting?
The great thing about a free market is that you can stop doing shows where you aren’t seeing a return. By all means, drop the art guild, not because the commission is too high, but because it isn’t working for you.
I expect to pay a gallery or art center between 30-50% commission, usually on the higher end of that, and it’s worth every penny to me. I’ve been selling paintings for a long time, and it’s a hella lot of work.
Painting prices aren’t based on costs, as far as I can see. Obviously, I need to cover my expenses to produce the work, and the cost of the frame must be doubled when the organization is taking 50%, but that’s not something I can pass along to the customer. The price of my paintings is purely based on the value associated with my name and skill and nothing else. That’s more analogous to pricing Hermes scarves than pricing scarves sold at Target (even if the cost per square inch isn’t as high–hah!)
If I sell a painting through my gallery, I’m not paying the 50% fee directly, but it gets paid in other ways–the cost of the space, my labor hours, Laura’s labor hours, etc. I personally think paying someone else the 50% is a good deal–IF they manage to sell my paintings. If not, I move on.