Should you consider multiple price points for your art? Tiered prices can open the door to new and tentative buyers. Once they own a piece of your art, they are more likely to continue buying - and become collectors.
While having a consistent art pricing formula is essential, this doesn’t mean you can’t sell affordable options alongside your higher-priced art. Read on to learn why and how a range of price points can help you reel in buyers and increase your exposure.
“You never know when a buyer who starts small might someday go on to become one of your biggest collectors. Allowing for that possibility is just plain good sense.” -Alan Bamberger of ArtBusiness.com
Let People Test the Waters
Prints are a wonderful way for buyers to feel like they are taking home a piece of your art. Though a print is not the original work, it can still be a decent size. And it is much more affordable. It’s a way for tentative buyers to get their feet wet. When they are more comfortable, they can upgrade to a more expensive artwork.
Need help pricing a reproduction run? Read artist Robert Genn’s letter here.
Reel in New Customers
Some new customers might shy away from higher priced art. Smaller, less expensive pieces are more approachable. They are also more attainable for buyers who can’t afford more costly works. For example, a young buyer might not have the funds for a $3000 painting, but can afford a $300 one. They still get to take a piece of your art home and fall in love with your work. When they have a higher art budget in the future, your art will already be top of mind.
Increase Exposure and Goodwill
Your art is arguably the best advertisement for your art business. Alan Bamberger calls it “your billboard [and] your business card.” The more people who buy your art, the more exposure it will get. More people will see it, talk about, and want to know more about you. This means there is also a higher chance of more people wanting to buy your work. Your range of price points can foster goodwill - people will be happy they can bring home one of your creations - and bring sales back to you.
How to Create Multiple Price Points
Looking for ways to cater to younger collectors with limited budgets? Give them a chance to purchase a less expensive version of your art. Options could include prints, sketches, or small originals.
“Some people who really like your art can't afford much. They may be among your biggest fans, though, so give them a chance to buy something.” -Alan Bamberger of ArtBusiness.com
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