Selling Art in a Weak Economy

Given the current economic climate, I thought it fitting to talk to you all about selling art in these tough times.


Art can be a tough sale even in a booming economy, so how on earth do you sell it when people are tightening their wallets for all but the necessities? After all, art is a luxury, and is one of the first things people stop buying when cutting expenses. Or at least that's what it seems like.


Art is a commodity, and is traded as such. It is not immune to economic ups and downs, as some people (artists included) tend to believe. Sure, we all notice that less art is sold during a dowturn in the economy, but try convincing someone to reduce the price of his/her paintings: "Are you crazy? I have a hard earned reputation to keep. My originals are now worth at least $5000 each, I will not sell them for less."


I disagree. If you are relying on the sale of your originals to pay your bills and put food on the table, you must treat your art as a business. In any good business, when the economy slows down, prices come down. Products go on sale. Therefore, you must offer your art at a reduced price. This is not ruining your reputation. In fact, there are multiple benefits to selling your art in this way:


1) Present this as an investment opportunity to your valued collectors. Compare it to real estate: The housing market is terrible right now if you are trying to sell. But if you have plenty of cash to invest, it is housing on sale! Investors know that the property values will come back given time. Your art is the same. You are a dedicated artist, you have no plans to stop producing work, you have a good reputation, and you have lowered your prices for only a limited time. Let your collectors know this, and sell them your work at reduced price. You may sell them more than one piece. Then when the economy springs back, your prices come up as well, and your collector's investment has already been worthwhile.


2) It is better to sell two pieces at $500 each, than one for $1000. Why? Twice the publicity. Every piece of your art that is out in the community is another piece of publicity for you. The more pieces you have out there, the more chances you have of getting work in front of eyes that like it.


3) It will actually build your reputation. You present yourself as sensitive to the needs of the public, modest, and intelligent.

4) You will make more money. You may make less profit on each piece, but selling is better than not. And your point is to sell the art, right? You can always create more. There's no point in having 50 paintings sitting in your garage because your prices are too high.

5) Selling inspires you to paint more. Even when you're not getting your usual prices, you are encouraged by the fact that people want to own your art. You are providing them the capability to do so.

I am in no way advocating selling your art at detriment to yourself. Make sure you are getting back your time, materials, etc. The point here is to create cash flow that will allow you to continue your passion, not sell yourself cheap. Obviously, if you are selling plenty of art without reducing your prices, don't change them! You may even want to consider increasing them when things pick up again.


The suggestions I made apply to all methods of selling your art - festivals, fairs, your website, and galleries. And make sure that if you reduce your prices in a gallery, the gallery is also coming down on its cut of the sale (that seems obvious, but worth saying).


My next posting is going to be on diversifying your (artistic) portfolio for greater profit. Stay tuned....and please post your own comments/experiences too!