I recently received the following note from and artist who has had some great sales after increasing pricing.
Jason, Mike F. here.
I want to thank you and your staff for having selected my wood vases to be
placed in your on-line gallery.
And thanks Jason for the advice you wrote in your books. I took it
seriously, and I’m proud to say I had a major break-through in pricing and
selling one of my pieces, actually 7.
The story: I met a Chinese business man who had seen my work last summer.
Returning to the US on a business trip two weeks ago, he looked me up and
contacted me. I had a relatively new piece, in which he fell in love
with—but I didn’t know it at the time.
Prior to all this, I had re-set my pricing structure on the very morning
he was in town (Portland, Oregon). Between you and me, I had gotten fed up
with the low rate I was using for my pricing structure and said to myself, ‘
If it takes 3 months to sell something at $1500.00, and it would take ,on
average, the same amount of time to sell it for more, why not double the
figure and see what happens’. Sure enough, that same day, I sold my vase
for nearly double the dollar amount it previously listed for—after the
negotiations took place.
I knew my work would support the new price. I just had to have the guts to
do it. And since the vase wasn’t in a gallery, I felt deep down, it was a
very good deal for him. I probably could have doubled my ‘double’, for a
true retail value, but since it was not actually in a gallery, my heart
wouldn’t let me do it.
Anyway, I thought you’d like to know. The inspiration came from reading
your books, but I had to have the inner strength to make it happen.
Later for now,
PS: Before all this happened, I am quite sure I lost a sale of one of my
other vases from under-pricing it. I meet a woman from Olympia, Washington
several weeks ago. She was ‘amazed’ at my work—her words. We discussed the
story about a particular vase she was interested in. During the
conversation, I related a story to her about someone who made a comment on
it only weeks earlier, saying that the vase reminded him of a piece of
glass by Chihuly, the famous glass artist in Seattle, Washington. Well, she
told me that she did own a piece of Chihuly glass, and agreed with the
earlier comment. But after taking one of my business cards, she walked
away. I haven’t heard from her since. I knew I ‘blew it’ most likely
because the vase was so under priced that, like you said in your book, it
probably made her question her taste.
I have corrected my error.
Way to go Mike! Do you have experience where pricing effected your sales? Share it below in the comments