8. Pricing Tips
Like all art galleries, the Blue Moose art gallery has seen significant cost increases within the last three years. Costs for rent, insurance, utilities and all supplies have risen rapidly.
Despite those increases, and recognizing that artists also have seen their own costs increase significantly in the last few years, the Gallery has not increased increased its costs to artists, and the Gallery does not plan to increase those costs now.
However, to boost artist income and to improve sales, the Gallery urges all artists to consider these changes to the prices of new art brought to the Gallery.
1. All research suggests that pricing at just below a whole number has a psychological advantage (e.g., 49.00 rather than 50.00). This is called odd-number pricing or charm pricing. Customers see the left digit first, and they see the 4 in 49.00 or the 5 in $50 first). So, consider this pricing strategy for all new work (whole numbers are preferred for all items except cards).
2. Strategically change and increase prices.
a. Single cards. Most cards in the gallery are priced well under $10, and most are a whole number (4,5,6…). Consider increasing the price by 0.95, which will keep the first digit the same and increase revenue a bit, both for the Gallery and you.
b. Most other art. First consider using odd number pricing. An item that you sell for $200 might sell quicker at $199.00. Then consider raising your prices a bit, especially if that increase would not affect the first digit. For example, a $35 item could be increased to $39.00, and an $80 item could be increased to $84.00 or $89.00.
If you think this strategy is worthwhile, give it a try. If you would like to try it with your existing art, please contact the gallery first so we can plan to redo price tags and barcodes.
