Testing Flexible Pricing

by Lori Woodward Simons on 11/4/2008 2:29:05 PM9 Comments

Painting featured in Watercolor Magazine

Well, I've decided to test out whether flexible pricing in economic downturns works.

I'm not currently showing at any commercial galleries, so I won't be lowering my prices behind their backs, and I hope my previous collectors will take advantage of the fact that I've lowered my prices for a time. Prices will rise next spring. My hope and test is to see if sales pick up. I'll still be making money if they sell, and the works on paper are not framed. Shipping is free.

I've never really had the opportunity to try this out because I've been working with galleries for the past 10 years. Now, I plan to take my sales into my own hands. I enjoy working with people and having direct contact with my collectors anyway.

So, I'll blog if I notice any increase in interest.

Lori

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My Squidoo Pages are Coming!
I also plan to start a Squidoo page next week. I'm thinking about topics such as:
Famous Painter Friends - what they know about painting. Since I paint along with folks like Schmid, Guzik, Lipking, Pro, Baugh, Handell etc. They're all pretty much teaching the same stuff. I have a lot to share.

Landscape Painting Tips - I write an instructional column for Watercolor Magazine... maybe can share some of my accumulated knowledge on Squidoo. These are just some ideas, so don't hold me to them yet. I'll announce if I decide to set these up.

9 Responses to Testing Flexible Pricing

	Marian Fortunati via web	39 months ago
	I look forward to reading what you find out in your next adventures!!

	wendy chazin via web	39 months ago
	I like you paintings, expecially the portraits. I'm curious to know what effect your price lowering will have. Hope you let us know. Thank you, Wendy Chazin wendychazin.com

	Charlotte Herczfeld via web	39 months ago
	Very interesting, Lori. The great auction houses in Europe, those who sell high-priced art, do not, these days. Sell at very high prices, that is. Often they don't sell a painting at all, as there are no bids, not above minimum bids. They, or their clients, will not sell unless they are willing to accept lower prices. Do we regard our work as investments, or as sellable goods? My paintings are things to sell, but then, I'm not famous, and am not in a gallery. It will be very interesting to follow your test!

	Lori Woodward Simons via web	39 months ago
	Thank you for taking the time to comment. I will certainly let other artists know when and if I see any effects. Lori

	Lori Woodward Simons via web	39 months ago
	Charlotte, That's interesting about Europe's auction houses. Some good news for us "not so high priced" artists. Julie Thompson commented on my blog about diminishing sales and had some good news about a show she did in October - where she sold well and heard the word, "Investment". That is good news for us all.

	Lori Woodward Simons via web	37 months ago
	Okay,it's January 2nd and lowering my prices produce no sales... nada! So, I've gone ahead and raised my prices. As far as I can tell, the experiment didn't prove anything. It has occurred to me that when gallery dealers look at my site and see low prices that they lose interest in representing my work - because there isn't enough to provide a decent commission.

	Ginger Whellock via web	37 months ago
	Lori, I am just starting to read the occasional blog - must watch myself carefully though as this could become addictive - and just read yours about lowering prices. Let me tell you my tale. In October, at my annual studio open house, I reduced the price on everything - 10% on new work, 20 - 40% off everything between 2 and 5 year old. I really needed to reduce my inventory! As I am not currently represented by a gallery and therefore no conflict in pricing, I thought this would be a good idea to increase sales in a bad economy. I sold 6 paintings. One was a new one, one was a large painting reduced at 20% and the rest were really old pieces reduced by 40%. Sounds good? Nope! Usually I sell between 10 and 25 paintings at this open house with only 10% off painting 1 year old or older. My price reduction did nothing! I only hope that it didn't stop some folks from purchasing! I like your blog - will keep reading, thanks. Will begin my own blog as soon as time allows.

	Yvonne Branchflower via web	37 months ago
	Hi All, My findings: 1) Painting sales have pretty much stopped at any price. 2) This recession is not going away within the next few years. 3) Discretionary spending will continue to be suppressed for the the duration of the recession. Near the end of 2008 I reduced my prices to 2007 level. It helped with the sales of paintings under $250. Nothing is helping (for now) above that price. Investments and home values have dropped approx 40% with no relief in sight. I believe, with time, people will relax into the new reality and resume a little discretionary spending. I plan to lower my prices further and be ready for them. I really don't believe a short test is appropriate for current conditions. Best wishes to you all, whatever your choice. YB

	Lori Woodward Simons via web	35 months ago
	I think I found my sweet-spot in pricing. I've been selling directly to collectors through my web site, at Inn's as their artist in residence, and occasionally at an invitational national show. I've been selling unframed works for between $200 and $350 and framed between $400 and $900, and it's been going well. When I was working with galleries, my prices were much higher.

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