Black Friday

What the discount trend tells us about art sales

Whoa!! Black ‘Friday’ has grown legs and now stalks its way through November like a rabid beast slathering its reduced price pressure drool over everything it touches. Once just fodder for an ‘And Finally’ news story where our neighbours across the ocean were fighting each other for half price tvs it has developed from something we could dip our toe into as consumers with the US brands that shipped this far to a whole month of offers from almost every shop, brand and service provider in every country around the world.

While the event has its perks for the consumer it’s a different story from the other side of the counter, especially for small businesses. The expectation of offers puts pressure on to join the melee, to cash in on the festive spending spree that’s kicking off. It seems crazy to keep your prices as they are when the bargain hunters are out in force but we in the art world know a sales secret the regular retailer doesn’t….and we put it into practice 12 months of the year

Art doesn’t need a discount to sell. In fact the idea of a bargain buy in art is the opposite of what collectors are looking to find. Rarity, exclusivity, experience this is what an art buyer, irrespective of budget wants. … That banana that sold last week, think about it, much as it irks to say it, it ticks all those boxes.

Now, it’s not time to abandon your artistic principles and raid the fruit basket BUT if you haven’t implemented the three elements listed above in the marketing of your work or you are tempted to discount your work as part of Black Friday and cyber week. This is why that’s a terrible idea..

Discounts impact the integrity of your work and your practice:

Think about it, if you’re prepared to sell your work for 50% off one day, why not every day?? As a small business you don’t have the luxury of a head office decision maker that you can pass off the decision to nor do you have the luxury of taking the financial hit on one day, let alone several. You’re in charge of the price of your work, don’t give up that power.

Discounts affect the way you think and feel about your work and particularly any sale that might arise:

Work that sells at a discount never feels as good as selling work for what it’s worth and that feeling of standing up for the work by charging full price is unbeatable.

Discounts prevent you from establishing a stable market value for your work

The only way to increase your pricing over time is with a track record of sales at a steady value. Discounted sales throw off your metrics making it hard to determine your market value when you review your records at the end of the year.

Thinking about your changing your pricing? Download my free guide here

Art is not a retail product. An art sale is not a financial transaction for goods. Trading your art is about giving something unique and precious to someone else to treasure, to inspire, to uplift, to accompany them in their life. Does that sound like something to be done on the cheap??