How should I think about pricing my art, especially if I want room to discount?

Many artists price their work way too low - some are actually terrified to raise their prices, which is a real psychological barrier. But here’s the strategic approach: price your work higher than your target selling price to create layers of discounting. This gives you negotiating room. For example, if you want to net $18,000 for a piece, price it at $23,000. Then when a buyer negotiates down to $18,000, you hit your target price and the buyer feels great about getting a discount. They’re happier with the transaction than if you’d just priced it at $18,000 to start. And remember: nobody saw your old prices anyway, so you can raise them right now. Your audience didn’t memorize what you were charging before.

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Asked by an artist developing a pricing strategy · Answered by Patrick Shanahan · art-marketing-podcast · 2020-11-03