Economists are forecasting a slow recovery for the US economy in 2010, as the country tries to rebound from a lengthy recession. Forecasters anticipate the frugal, cautious consumer mindset of Americans will continue for sometime, because households are choosing to use any accumulated wealth to pay down debts.
So how does this effect art sales? Most art buyers these days find themselves with less discretionary capital to spend. To continue their collecting practices, buyers are exercising precaution when purchasing art, making certain the work is a strong investment and the price is within their budget.
So how can artists continue to make sales in these economic times? Let’s explore a few ways to keep buyers interested and willing to purchase your artwork.
1. Installment Plans – Consider selling your artwork on an installment plan, allowing buyers to make installment payments for an agreed monthly fee over an agreed period of time. In doing so, you help the buyer budget for this new investment, and at the same time, you will receive a monthly income.
2. Rent Your Art – Offer corporations and small businesses (like medical offices and bookstores) the option to rent your work in exchange for a monthly fee. Choose works you are less likely to sell outright for rental options. By offering your artwork for rent, your work will be seen buy more potential buyers, and at the same time you will earn steady income.
3. Offer Commissioned Art – If commissioned art is not your normal practice, it is worth considering it as purchasing option for buyers. By creating commissioned works for buyers, you give them an opportunity to purchase a piece that fits their taste and budget, while guaranteeing an art sale for you.
4. Barter Your Art – Suggest your art as trade for goods and services. Several successful artists at some point have traded their artwork in exchange for something of equal value that full-filled their personal want or need. For example, if a potential buyer owns a coffee shop, you could trade your art for a monthly food allowance. Or, if a potential buyer is a web designer, you could trade your art for a new website design. The possibilities are endless, so don’t hesitate to ask a potential buyer for a trade offer whenever and where ever.
5. Have a Sale – Gather your works you have some difficulty with selling in past and offer them for a discount price. Announce your sale to everyone on your contact list. Don’t think you are cheating yourself because you have sold your work under price. It is better to have sold a $700 piece at a 15% discount ($595) than not to sell it all.
Published by Clarke Art Consulting © 2010
