Price Higher, Not Lower, to Sell More Art
The psychology of pricing works in favor of creative work. Here’s how to harness it to sell more.
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Do you price your creative work low because you’re afraid nobody will buy if you price high?
If so, you’ve got it backwards.
Pricing creative work too low is likely to keep buyers away.
I know. It’s counterintuitive. But stick with me and I’ll show you why this is true and how you can raise prices to unlock growth.
The Creative Pricing Paradox
Regardless of your creative field, you’ll run into this pricing paradox at some point. I saw two examples from the art world this week.
“I’m new to selling art. How should I price my 30” x 40” oil painting?”
This artist was seeking advice from someone more experienced. Several artists jumped in with bad advice. We’ll get to that.
The other example came from an artist with more experience.
“An art expert told me it’s hard to sell work for less than $5000. Another told me that I should ask for at least $10,000. I’ve never priced that high and it feels uncomfortable!”
This artist is close to a breakthrough for their art business and their livelihood. Their expert advisors understand the creative pricing paradox.
Pricing too low sells less. And this isn’t just limited to oil paintings.
Let’s look at the psychology of pricing (and buying) to see why.
The Misunderstood Law of Supply and Demand
You’ve probably heard of the law of supply and demand and know it has something to do with pricing. (Don’t worry, I’m not here to teach economics.) This law is often oversimplified:
If you price really low, you get a lot of demand. If you price really high, you don’t get much demand.
Creatives feel pressure to keep prices low to sell more work!
But this simplified version only kind of works for commodities. Commodity products are not emotional, can be made by anyone at low cost, and look exactly the same no matter who makes them.
Single-ply toilet paper is a good example. Every tissue manufacturer in the world makes cheap single-ply that’s exactly the same. When people buy it, they’re unemotionally choosing something cheap. Drop the price and you’ll sell more because some buyers will trade down from nicer toilet paper to save money.
But you’re not selling toilet paper. You’re selling an emotionally-charged, exclusive, branded experience that appreciates in value over time. No matter what creative field you’re in.
In economics speak–you’re selling luxury.
The Consumer Pricing Continuum
Ditch supply and demand thinking. It’s better to think about a continuum of pricing power that ranges from commodity products (like toilet paper) on the left to luxury goods (like private trips to space) on the right.
Luxury buyers don’t try to save money. They have money to spend and want something exclusive. Price becomes part of your brand. It’s a signal of the quality and exclusivity of your work.
The ultrarich pay millions for a few minutes in space, just to be among the first in human history who can do so. What would happen if prices dropped and anyone could afford a ticket? The wealthy would stop going.
Your work is the same. In fact, it’s even more exclusive than a private trip to space.
You’re the only one in the world who can do what you do. Even space trip providers have competitors.
Private space trips last minutes and burn money. Your work lasts a lifetime and appreciates in value.
Your work isn’t blatant extravagance. It’s meaningful. And that’s increasingly rare.
If you price too low, you lose all of those benefits to your brand.
Buyers who seek them will overlook you because of your low price.
Shifting Your Mindset
I’m not saying to start charging millions today. It takes years to build a brand that commands millions.
But you should start thinking big. The value you bring to the world is worth a lot for people who will gladly pay for it. So go find them.
And if you’re just starting out, ignore advice like, “New artists should charge $2,000 for a 30” x 40” painting.” The amount your buyers are willing to pay is set by them, not other artists who priced low when they started out.
You’re also not new at this. You’ve probably been creating your whole life. You’re just undiscovered and that’s the ultimate in creative exclusivity. Use it.
This Week
Start experimenting with higher prices this week. It’s the best way to learn what your buyers are willing to pay.
Pick one piece or one offering that you’re especially proud of. Raise the price to a level that makes you uncomfortable. Have an original piece priced at $5,000? Make it $15,000. Offering a performance at $10,000? Make it $25,000.
Then try to sell it. You’ll be surprised at what you learn.
If your customers balk, they might not be your people.
That’s good to know too.
It just tells you it’s time to expand your horizons.
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