Well, I have to disagree with just about everything everyone else has said on this subject, and the subject of discounts overall. I love for people to own my art. For me, that is what it is about. The more people who have one of my paintings, the happier I will be. So I keep my prices REALLY low. In addition, if someone has ever purchased any piece of my art at any price, for the rest of my life I give them a 25% discount on future purchases. I guess that is why I sold over 100 paintings last year. And that is also why I have to limit the number of shows I do each year ... I'm constantly running out of work to sell. Gee, what a great place to be.
I will never fill my bank account with lots of money from doing this, but that is not why I do it. If I did this for the money it just wouldn't be so much fun ... and I sure do have a great time. Imagine how many people out there go to work every day simply hating what they are doing, and they just continue doing it. I get to do something I love and share it with the world. Heck, when someone purchases one of my paintings, they are helping me with my dream of putting a little happiness in everyone's home.
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I guess you have all covered it. One has to do what works for them. BUT Is one really making art, a painting they are proud of or just chunking it out. Whan times were fat I would have to create 20 to 25 small custom framed original pieces between shows as well as other sizes and at times I would get the feeling is this really my best work or just creating art to fill the walls in my booth. I am of the persuasion that It must be my very best or else why sell it . I would only be selling myself and the customer short. I want their friends to say WOW when they show of their art, I want their family and friends to say that is the most beautiful painting I have ever scene. For that reason, I only sell my best now, Gallery worthy work. If it is not it never gets out for others to view. I know, I know we all have to make a living but not at the cost of the best workmanship one can do.
There is some sort of a difference between giving discounts and keeping your prices low. People always feel like they are getting something lagniappe when the get a discount and it always feels special to them. As others have said, you only need to do what feels right for you because there are no corporate set rules and guidelines for us that are self employed artists.
We have to cover all of our expenses and have a profit that is in line for the standards we set for our present and future lifestyles.
Everyone has to find their best fit. Do what works for you. If we were that concerned with what everyone else thought, we would not be artists in the first place. So go forth and be happy!
I agree with previous comments. Each person has to find what works for them. I make jewelry using beads I make. I think I do a nice job and I do it because I love it and can't not do it. It makes me happy when someone finds something she loves and has to have it.
I try to keep my prices reasonable. Customers have actually thanked me for having something they could afford at an art show. That reinforces for me that many people who come to art shows love what they see but just can't afford the higher priced pieces. It's not that they don't think the work is worth the price. They just don't have the money.
Everyone needs to determine their best pricing strategy and if keeping prices low is the best in order to turn pieces then that is great. As long as it is making a profit (except for those that are doing it as a hobby or side business and just want to cover expenses... that is a different scenario). I'm not opposed to giving discounts or incentives to previous buyers and I do that for my best buyers. That is a relationship builder and given as a thank you for their business. Much different strategy than giving discounts and having people expect it on their first purchase.