Art Business Info. for Artists
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The Price of Affordable Art

Do you know
  • the definition of "affordable art"?
  • what price is affordable art?
  • what values represent major price barriers for those buying affordable art?
  • where you can find affordable art?
  • ​how to support artists producing affordable art
Picture
Image: Creative Commons 2.0

What is "affordable art"?
​

"Affordable art" is defined by the marketplace.
What might be affordable by one segment of the market is very definitely not by those who are not so wealthy. You need to look at who the seller is pitching to to determine the context for their claims that art is affordable.

"Affordable Art" is also a brand name.
  • the term is used for a set of fairs which revolve around and spin off from the big name Art Fairs where art is sold for astronomical prices
  • so one version might be that "affordable" means "NOT astronomical"
​
The term SHOULD be used to mean
  • art which is equivalent to quality art
  • being sold for a reasonable price and
  • capable of being bought by ordinary people who are not part of the top 1% or even top 10% of people in terms of wealth.

You DO not need to visit an art fair with "affordable" in its name to find affordable art.
  • Many high street galleries have affordable art
  • so do many online websites
  • plus the best place to find affordable art is on artists' websites - if they've remembered to price their art!!
Different places define it in different ways.
​
  • - The Affordable Art Fair in New York says it's everything from $100 to $10,000 (that's £62 - £6,200)
  • - In London, The Affordable Art Fair defines it as being anything under £3,000 (that's $4,845)
  • POLL: What price is affordable art? | Making A Mark (2010)
Affordable art is a term used in many ways across the market for British Art . The actual definition and perception of affordable art is very subjective. What is affordable art varies in definition from one British art buyer to another set of British art buyers. So understandably affordable art for one art collector can be unaffordable art for another art lover.
Red Rag Gallery
With a name like the Affordable Art Fair, we’re no stranger to questions about the pricing of artwork. We understand that the word ‘affordable’ means something different to everyone, and what might be affordable to one individual or family, might seem like a whole lot more to someone else.
Affordable Art Fair
REFERENCE
  • What price is affordable art? (Poll Results) - MAKING A MARK
  • ​What does affordable art mean | Affordable Art Fair
  • As the Affordable Art Fair Marks Its 20th Anniversary, Young Buyers Find Its Transparency and Accessibility More Relevant Than Ever | Art Net News​

What price is "affordable art"?

When trying to sell affordable art, it's critical to understand what are the mental price barriers are - whatever currency you are selling in.

Mental price barriers are the numbers beyond which people feel unable to go

This explains why people often sell their products at a price just below 'price point' which represents a mental price barrier to buying e.g. £950 or £999
People attach importance to certain NUMBERS irrespective of what their value actually is.

If you look at the two charts below they demonstrate that the two big numbers which are critical to affordable art are;
  • 500
  • 1,000

The BIG price points for affordable art are "mental price barriers"

Take a look at the two charts about the price of affordable art

Note the differences in opinions between the UK and USA
​- despite the differences in relative value
The really important point is that THESE ARE COMPLETELY DIFFERENT PRICES due to the exchange rate!

The NUMBERS "500" and "1,000" are hugely influential in terms of people's perceptions of what are "the BIG price barriers"
  • This is nothing to do with value and everything to do with the psychology of a number​
  • Both £500/£500 and $1,000/£1,000 produced a peak in the charts below and very similar values in terms of percentage responses
  • after which there was very little activity until the next price hurdle was reached.
Picture
Picture

How to support the artists behind affordable art
​

If your priority if to help support the development of promising artists, can I recommend that you BUY DIRECT from the artist. 
  • they will then maximise the financial benefit from the price you pay
  • if you go on to collect more of their work, they will undoubtedly consider ways to make it more affordable for you.
Places where you can find Affordable Art
  • Graduation Shows for reputable art colleges
  • Annual Exhibitions by art societies. The majority of artwork sold at exhibitions by national art societies is between £300 and £5,000 - with most under £2,000
  • Art Galleries outside the Art Hot Spots eg. on high streets in provincial towns
  • Art Fairs which declare their focus is about affordable art
  • Instagram & Facebook - many artists now market their art direct to art collectors on social media. No commission is paid. Just be sure to clarify who pays for the shipping and how much it is.

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ABOUT ART BUSINESS INFO. FOR ARTISTS  -  Please read "PLEASE NOTE"
This website aims to provide a compendium of resources about the art business for artists. 

It helps artists learn how to do better at being business-like, marketing and selling their art and looking after their financial security.
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  • Home
    • Art Business Information Index
  • NEWS
  • PRACTICE
    • Starting Out - Tips
    • Being a Professional artist >
      • Working Lives of Professional Artists
      • Artists' Side Hustles
      • Artists' Residencies
      • Artists Unions
    • Business Management for Artists >
      • Setting Up & Running A Business
      • Risk Management for Artists
      • How to spot Art Scams / Fraud
      • Life in an Art Market Recession
      • Coronavirus COVID-19 and Art
    • Best Art Business Books
    • Learning Opportunities >
      • Art Schools in the UK
      • Art Business Courses
    • Image Management for Artists >
      • How to photograph art
      • How To Scan Artwork
      • How to back up image files
    • Law for Artists >
      • Legal Matters
      • Money Laundering in the Art Market
      • Data Protection for Art and Artists
      • Brexit Guidance for Art and Artists
  • MARKETING
    • How to write an Artist's Statement >
      • What is an Artist Statement?
      • Why you need an Artist's Statement
      • TIPS How to write an artist statement
      • The Language of an Artist's Statement
      • What an artist statement should contain
      • Examples of Artists Statements
    • How to write an Artist's Resume or CV >
      • Social Media summaries
      • CV for Artists
      • Resume for Artists
      • Biography for Artists
    • How to sign a painting, drawing or fine art print
    • Business Cards for Artists
    • How to write a press release for an artist
    • The Private View Invitation
    • Publicity for Juried Exhibitions
    • Websites for Artists >
      • Why websites matter
      • Options for Websites
      • Web content for Artists
      • Web design for artists
      • Keeping Google Happy
      • Writing for the Web
    • Image & Video sizes for Social Media Sites
    • How to be mobile-friendly
  • SELL ART
    • Trading Law & Regulations for Artists (UK)
    • E-commerce for artists
    • Art Exhibitions & Competitions >
      • Juried Exhibitions & Art Competitions
      • Juried Art Exhibition Checklist for Artists
      • How to cost a juried exhibition entry
      • How to make labels for an art exhibition
      • Alternative Options for Exhibitions
    • A Guide to Art Agents and Consultants
    • A Guide to Art Dealers & Galleries >
      • How to find the right gallery
    • The Artist-run Gallery
    • The Vanity Gallery
    • Art Fairs
    • How to Sell Art from Home
    • Open Studios
  • FRAME ART
    • List of Recommended Picture Framers
    • Conservation Products
    • Framing for open exhibitions and art competitions
    • Framing Videos
    • How to hang a picture
  • SHIP ART
    • How to pack artwork >
      • How to pack and ship pastel paintings
    • Packaging materials
    • How to ship art internationally >
      • Rules of Origin
      • Export Licences for Cultural Goods
    • How to ship art to exhibitions
    • How to mail art - Post & Parcel Services
    • UK & Ireland: Art Transport Services
    • USA Art Transport Services
  • COPYRIGHT
    • Copyright and artists' rights
    • BASICS: Copyright Infringement and Fair Use
    • How to protect artwork online
    • How to do a reverse image search
    • What to do about copyright infringement - for artists
    • Global Conventions on copyright >
      • Copyright in the UK
      • Copyright in the USA
      • Copyright in Canada
      • Copyright in Australia
  • MONEY & TAX
    • How to work out profit from an art sale
    • How to Price Your Art >
      • How important is price when buying art?
      • Options for Pricing Art
      • Terminology and Formulas for Pricing Art
      • Art Experts on Pricing Art
      • How artists price their art
      • The price of affordable art
    • Payments to Artists >
      • Paying Artists
      • How to create an Invoice
    • VAT for Artists
    • Tax Tips for Artists >
      • Tax on prize money
      • UK Tax Tips for Artists
      • UK: Self-Assessment Video Tips
      • USA Tax Tips for Artists
      • Ireland: Tax for Artists
      • Australia: Tax Tips for Artists
    • Insurance for Art and Artists >
      • Insurance for Art Teachers
      • UK Insurance Policies for art and artists
      • USA & Canada: Insurance Policies for Art and Artists
    • Artists' Grants & Scholarships
    • Retirement and Pensions for Artists
    • The Art Legacy >
      • Estate Planning for Artists
      • Estate Planning for Art Collectors
      • Famous Artists Estates
      • Artwork Inventory
      • After the Death of an Artist
      • Copyright and Resale Rights after Death
      • Art and Inheritance Tax
  • About + Help
    • Would you like me to help?
    • Privacy & Cookies Policy
    • Contact
  • BANKING