What should I understand about high net worth collectors and pricing?

When artwork exceeds $10,000 and you’re targeting high net worth individuals, real discounting and negotiation actually increases significantly. High net worth individuals—aside from those who inherited their wealth—did not become wealthy by paying retail prices. They negotiate aggressively. This is true whether you’re operating at a small scale, at the very top of the market, or anywhere in between. The notion that discounting only applies to lower-priced work is completely backwards—negotiation and flexibility on price becomes more important, not less, as you move up market.

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Asked by general teaching audience · Answered by Patrick Shanahan · art-marketing-podcast · 2021-06-09