How should artists approach their business during uncertain economic times?

Art and photography still sell during economic uncertainty—people just become more price-sensitive and spend at lower price points. Data shows sales volume can actually increase during recessions, but average order values drop 20-25%. The key is having a complete range of pricing from low (under $100, including merchandise like calendars, magnets, prints) to mid-range ($100-1,000) to high-end (over $1,000). When people are uncertain economically, they look at your full range, anchor on a higher price they would have bought previously, then step down two rungs to what they can afford now. Without this range, they see only expensive options and leave. With it, they still buy—just at a lower tier.

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Asked by synthesized from teaching · Answered by Patrick Shanahan · art-marketing-podcast · 2023-06-02