Won't discounting devalue my artwork?

No, discounting does not devalue your work. This is a common misconception in the art world. The reality is that buyers, especially high-net-worth individuals, expect to negotiate and receive value. When someone buys discounted art, they don’t think the art lost value—they think they got a great deal on a valuable asset. They believe they purchased a piece worth the original price for less, which makes them happier with the purchase. Successful artists understand this psychology and price accordingly, knowing that the perceived market value is set by the initial price, not the discounted amount.

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Asked by an artist concerned about devaluation · Answered by Patrick Shanahan and Nick · art-marketing-podcast · 2020-09-03