What is a 'basement sale' and how does it work with collectors?

A basement sale is a type of sale event where you’re clearing out inventory, often when moving studios or decluttering your workspace. The key is giving your collectors early access before the public sale. For example, if you have 75 pieces in the sale and announce it publicly on Monday for a Wednesday event, you send your collectors a special email late Monday giving them first pick. In one case study, collectors purchased 35 out of 75 pieces (46%) before the public sale even started, and that number increased further with collectors who attended the live event. This approach rewards your VIPs while creating scarcity for the public sale.

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Asked by synthesized from teaching · Answered by Patrick Shanahan · art-marketing-podcast · 2021-04-13