If you've followed the career of any artist, you've likely noticed their prices change over the years. You may have wondered about how and why an artist decides on these increases - or maybe you've been saving up to collect a piece, only to see prices change. Let me tell you why an artist raising their prices is a good thing for collectors.
An artist may decide to raise their prices for several reasons; the changing economy, increasing cost of supplies and shipping, and other economic factors. But the most important reason an artist will increase their prices is to keep up with the market demand for their work. Here's an explanation of what that scenario looks like:
If I am an artist (which I am), who is about to raise their prices again (which I am as of writing this), this is a good thing for my collectors, and something to be celebrated - for a couple of reasons.
Are you already a collector?
If you already own a piece of my work, me raising my prices to keep up with the demand for my work means the work that you already own is increasing in value. Which is a good investment because it means that you can theoretically sell your work on the secondary market for more than the original purchase price.
Have you been planning to purchase my work?
If you haven’t purchased work from me yet, or if you plan to collect more work, a price increase may initially be disheartening if you've been saving up to make the purchase. BUT the fact that I am raising my prices to keep up with demand for my work is a good indicator that I am a healthy and stable career artist, and my work is worth investing in.
The market is self-stabilizing
Now, you might get a little sus and say to yourself "What's to prevent an artist from over-inflating their prices?"
Well, the price of art is sort of a self-stabilizing thing. If an artist's prices are too low, they’re going to sell work too quickly and they won't be able to keep up with demand in terms of supplies and time to create enough work. And at the opposite end of the spectrum, if an artist prices their work too high they’re going to price themselves above the comfort level of their market, and therefore they won't achieve consistent sales to support their price.
A good thing all-around
Overall, a raise in prices is a good thing for everyone. It means artists are doing well, and their current and future collectors are making a good investment in purchasing their work.