In 2019, online commerce has become more important than ever in the global art market. Two thirds of collectors now buy online on a regular basis, and they are quick to increase their initial budgets for it. Buying online is not just appreciated - it is now preferred. In order to capitalise on this trend, it is crucial to understand the necessary strategies. Leading the way: visible pricing.
Artists and galleries are far more likely to sell if they publish their prices. But why? Let's take a look at which factors cause such an effect.
A short attention window - especially online
As with any customer facing a wide array of options, a collector doesn't have a long attention span.
This is also the case online, where users are constantly bombarded with information. To maximise sale opportunities, it is vital to minimise the steps between the first click and the final payment. On Artsper, artworks are deliberately presented in the most concise way. The price is a crucial factor in making decision: the buyer is unlikely to linger on an artwork when this information is not available.
Customer inquiries: quality > quantity
Switching to a visible-pricing strategy inevitably reduces the number of enquiries that you receive. This is a positive change! Indeed, publishing your prices allows you to eliminate enquiries that only concern those details, and which often cease contact once informed. If the price is readily available, your exchanges with potential buyers will be of higher quality and much more likely to convert into sales.
Even a range is enough!
A collector doesn't need to know the exact price of an artwork. The importance lies in whether their interest in the work can be justified relative to their budget, or if they are wasting their time and should move on. If you wish to maintain some wiggle room, one simple option is to establish a price range. It will be enough to steer interested parties in the right direction.
It's a trust market
The art market is the most opaque market in the world. The majority of first-time art buyers are intimidated by the thought of doing so from galleries. Many report being more comfortable buying online. Take advantage of this opportunity: publish your prices! Contributing to a more transparent market leads to more trust, and in turn, more sales.
To sum up...
Visible pricing is a win-win strategy. It reduces friction in the buying process, saves time, and contributes to market development.
Make the change and see the results for yourself!