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

Do you know the values that represent major price barriers for those buying affordable art?

Mental price barriers and 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 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.
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!