Should I consider offering very high-priced pieces, even if they seem outrageously expensive?

Yes, think big and don’t be afraid to price some special pieces outrageously high. Consider creating a limited edition of just four hand-signed prints that will never be reproduced, and price them at 10X your normal rate. Your audience follows a bell curve: some have no money, most have modest means, but on the far end you have people with significant wealth who don’t think about money the way you might. A three-hundred-dollar purchase to you might be like a two-cent purchase to them. Sometimes taking a shot with work priced at five, ten, fifteen, or twenty thousand dollars means you’re at least in the game. Higher net-worth collectors may actually prefer something with prestige and a price point that gives them a dopamine hit when they purchase. If you never ask, you’re never in the game. Plus, even one sale at that level will dramatically increase your average order value.

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Asked by an artist considering premium pricing · Answered by Patrick Shanahan · art-marketing-podcast · 2019-08-13