Should I have very expensive pieces in my store even if they might not sell?

Absolutely. Price something outrageously expensive—if your top price is currently $2,500, add something at $10,000 or even $25,000. First, somebody might actually buy it. Second, and more importantly, it creates ‘price anchoring’—a psychological effect where the expensive item makes all your other pieces feel like a better value by comparison. Every retailer uses this technique. Don’t worry if the expensive piece never sells; it’s serving an important purpose by making your other work feel more accessible and valuable.

---

Asked by synthesized from teaching · Answered by Patrick Shanahan · art-marketing-podcast · 2021-01-06