Does negotiation really happen at galleries and in high-end art sales?

Yes, negotiation is absolutely rampant at the high end of the art market. High net worth individuals did not get wealthy by paying retail for almost anything. At galleries, the amount of negotiation that happens on high-end pieces is staggering—galleries just never talk about it publicly because they don’t want people to know. The media reports auction prices that “sold at asking” or above, which poisons artists’ minds into thinking negotiation doesn’t happen, but that’s not reality. Negotiation is fiercest at the highest levels (pieces over $20,000 up to millions), and it’s normal throughout the industry.

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Asked by an artist curious about industry practices · Answered by Patrick Shanahan · art-marketing-podcast · 2022-06-06