What price point range should I offer in my art business?

You need price points that span the entire socioeconomic spectrum of your audience. This means having entry-level, low-commitment options at the affordable end—think under $50 or even under $25—all the way up to high-end pieces for collectors willing to spend $10,000, $20,000, $50,000 or more. When your lowest price point starts at $1,800 or several thousand dollars, you’re immediately excluding a huge portion of potential buyers. The goal isn’t just to serve people at every income level today, but to build relationships with buyers who will grow with you over time. Don’t assume you know which price points will sell best—offer the full range and let your customers tell you what they want.

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Asked by artists establishing pricing strategy · Answered by Patrick Shanahan · art-marketing-podcast · 2021-10-20