Best Selling Secrets Galleries Won't Tell You - The $5000 Rule
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Published 2024-05-06
Drowning in unsold pieces, selling secrets galleries won't tell you: • Drowning in Unsold Pieces? Selling Se...
Discovery and Dialogue at the London Art Fair
In this video, I share a profound secret from the art world that can skyrocket a $300 artwork to a valuation of $5,000, significantly boosting sales with just two minutes of effort. This secret was revealed during an art fair in London, an eclectic mix of independent artists and galleries. While wandering the fair, I was drawn to one artist whose stunning creations were undeniably the highlight of the event. Despite his evident talent, he shared with me, in a tone mixed with realism and disappointment, that he hadn't sold a single piece. The sadness in his eyes was palpable, reflecting the harsh reality of his experience at the fair. He even joked, albeit with a hint of regret, about ignoring his father's advice against leaving art school to pursue a full-time career in art. His pricing strategy, he revealed, was modest: $300 for one piece, $900 for another. This stark contrast with other galleries, which were selling lesser quality art for anywhere between $5,000 and $110,000, highlighted a common pricing pitfall.
The Psychology of Pricing and Art Market Perceptions
Recognizing a teachable moment, I posed a question to him about the perceived value of products, using coffee machines as an analogy. If presented with various options where most are priced between $100 and $650 and one at only $30, the automatic assumption is that the cheapest is of inferior quality. This mirrors the predicament on the art fair floor: his superior art, underpriced, likely led potential buyers to undervalue it, assuming something was amiss. Before parting, I advised him earnestly to quintuple the prices of his artworks at the very least, to stand a chance in the competitive art fair environment. As I left the fair, thoughts of whether he would take my advice and its potential impact lingered with me. This introspection drove me back to the fair at its conclusion, where a poignant scene unfolded: the artist was embraced by his parents, a moment of familial pride possibly ignited by his newfound success following the pricing adjustment.
Reflections on Art, Value, and Market Dynamics
The subsequent message from the artist confirmed the efficacy of the pricing strategy: his art had sold, bringing not just profit, but also validating his artistic pursuit in the eyes of his father. This incident underscores a broader commentary on the art market's dynamics—how pricing influences perception and, by extension, sales. Furthermore, the video explores the alarming statistic from the Fine Art Expert Institute estimating that up to 50% of art in circulation could be forgeries, adding a layer of complexity and deception to the market. This revelation, along with discussions on gender disparities and the impact of restoration errors on historical artworks, paints a comprehensive picture of the challenges and manipulations within the art world. By dissecting these elements, the video not only educates about strategic pricing but also delves into the psychological and ethical intricacies that define the art market landscape.
This detailed exploration at the London art fair provides not just a strategic revelation for artists but also a critical reflection on the broader implications of market perceptions and ethical practices in the art industry.
Other links for the curious souls:
Website:
www.driesketels.com/
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www.tiktok.com/@driesketels
Instagram:
www.instagram.com/ketelsdries/
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All Comments (21)
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Free Art Fair PDF guide for selling your art: forms.gle/RfPZf5GcoubJNzm5A
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Love the mad scientist hairstyle.
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You nailed it. I worked in a business where sales people will come and buy lunch for the department. Yes, there was something that we were looking to purchase. I told the staff to ask themselves if the salesperson would come with a free lunch if the salesperson's company wasn't picked as the supplier. They didn't get it. They enjoyed the free lunch. Sales uses this technique to influence.
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Drug dealer, art dealer, gatekeepers, private buyers and investors, starting to see a lot of parallels. Lol
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Art is also used to launder money and assets so there is a dark underbelly in the art trade that has little to nothing to do with creating art. Of course we need money in order to pay for our studio as well as keep an apartment or house and living expenses so we can keep making art. This is phenomenal advice!
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Wow! Valuable information. Although I have experienced this phenomena many times buying a toaster, or a pair of scissors, I have never consciously applied it to my art. Having said that the higher priced art is always selling sooner than the lower priced ones. I’m going to raise all my prices and delete a lot of paintings on my website. Keeping it simple. Thank you so so much for sharing this information. It makes total sense. I also need to raise the price of my retreats. Hallelujah! Liked, commented and subscribed.
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I have been in many galleries, some good, some not so good, I've done art shows across the US/Canada and my take is always the same: 50% of the viewers are just there to look at art, to browse and not buy, 25% are artists themselves and the remaining 25% are the classic "art holes" the shmoozers, the posers, know-it-alls and the designer set who sip on free wine and comment on how the pile of garbage on display addresses the overall structure of the disenfranchised the struggle the artist had to overcome, blah blah blah. I have overheard things like "I could have painted that" many times and I've even been guilty of it myself. As for pricing my art I just set a base number perhaps $3k then add in another 50% for materials, hours of work, gallery percentages etc, but I have sold pieces for almost 10k privately, those ones took a very long time.
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You are doing a masterful job, Dries, meshing together challenges of retail art with solutions from marketing masters like Cialdini. Bravo!
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Dries, Great video as always. As financially compromised art students we used to go to all the openings at the rich galleries in the city - just to have the free wine. The galleries hated us but couldn’t appear nasty to the crowd. I liked the guy who just told us to get lost. But it did educate us and we saw some really good art by people we were studying. I miss those days. Topsy x
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Super Video, I got so much out of it. I paint but don't sell anything but instead concentrate on perfecting a unique vision but eventually want to get representation. Your video is info I can use in my goals. So grateful.
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A great podcast, this was my first time here. Thank you so much. The advice was extremely valuable. I look forward to more.
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it is so true. When you want to meet people half way and give a low price there is no interest but when they are able to tell others I payed this much for this! then they are interested....sometimes it is just about being able to say they have spent money. Same reason the same tshirt in a butiqur will cost less than one with a brand name on it.
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What an eye-opening revelation! 💡 The $5,000 rule could indeed be a game-changer in the art world, challenging perceptions of value and authenticity.
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I think art is 100% subjective. Every individual views art through their own lens and what is attractive and valuable, varies depending on the person. So pricing artwork is absolutely random.
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Thank you for encouraging us!!! Love your videos...
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Well thought out and full of practical wisdom. Subscribed.
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I don't know if im discouraged or inspired haha
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I like your direct ways of challenging the ways we understand the symbol of Art - for me it is about “ serendipedy” and “listening to the secret songs of a heart” 🙃♥️♥️♥️
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Great ! Thanks a lot ! I will consider your advice before selling my firts painting
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You have an amazing delivery style. Loved and was captivated by your flow of wisdom in selling secrets. Will be back to check out more of your content. Thanks for posting. 😜😜😎😎
