Sometimes people will ask for a discount (actually, a lot of the time), and after decades of being in this business, I learned a few things about this topic. I’m going to share just a few of those things here.
When you have your original artworks set at a certain price, and someone asks for a discount, you have to keep in mind a few reasons why you shouldn’t discount it:
1 – If you discount an original art piece, you lower the value of the other works you sold previously. This is not fair to people who have supported you in the past and paid full price.
2 – When you give in to a request for a discount, in the buyers mind, you just lowered the value. This is especially true if you discounted it by a large amount.
3 – You ruin it for other artists who are trying to make a living with their art. You just lowered the bar for everyone.
Now, there are some times when it’s okay to discount art, within reason and in a strategic way.
*When you have a collector who has bought originals from you before, it’s common practice to discount any additional purchases by 10%.
*If someone is haggling and really, really, really wants to negotiate with you, don’t lower the price of the art, but instead, offer to pay for the sales tax and/or shipping, or offer to throw in something extra that doesn’t cost you much.
*If it’s a family member or a really good friend, do a friends and family discount (of 10% – 20%).
I have a lot more to say on this, and if you want greater details on when and when not to discount your art, go to my ART MONEY SUCCESS PODCAST and listen to This Episode!
I hope this helped someone out there. Drop me a comment if it did!
Cheers,
Maria