Should I worry about discounting my art? I don't want to devalue it.

Everyone discounts except perhaps the most elite luxury brands. It’s a normal part of business. The dirty secret is that the higher the price point, the more negotiation happens anyway - wealthy buyers didn’t become wealthy by paying retail. Discounting serves as an incentive to get people to take action. Here’s the key insight: if you price higher initially, you create room to discount while still hitting your target price point. When buyers negotiate a discount, they actually leave happier and more satisfied than if they’d paid full price, because they feel they got a deal. This psychological benefit strengthens the sale. So instead of being afraid of discounting, build it into your pricing strategy from the start.

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Asked by an artist concerned about discounting · Answered by Patrick Shanahan · art-marketing-podcast · 2020-11-03