How has inflation and economic uncertainty affected art sales, and how should I adapt?

During periods of inflation, people with discretionary income may become more budget-conscious. Rather than just waiting it out, adapt by introducing new product lines at different price points. For example, if you typically create large originals that take significant time and command higher prices, introduce ‘petite originals’ at much smaller sizes that you can complete faster. These might be one-tenth the size of your standard work, allowing you to price them 50-70% lower while still maintaining healthy margins because they require much less time. This makes original artwork accessible to people who might be saving up for a larger piece, or who want originals as gifts. It adds a new tier to your business without devaluing your primary work.

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Asked by an artist concerned about economic impacts on sales · Answered by Kimberly Cammerata with Patrick Shanahan · art-marketing-podcast · 2024-10-30