Art Collecting Today by Doug Woodham

Author:Doug Woodham
Language: eng
Format: epub
Publisher: Allworth Press
Published: 2017-03-10T05:00:00+00:00

Negotiate in Good Faith, Leveraging Public and Private Information

Galleries are generally willing to discuss how they set the price for an artwork and how it compares to auction pricing, where relevant. (See Exhibit 5.1 to learn about online services collectors can use to obtain detailed auction sale records.) It is important for buyers to learn the technique of pricing conversations, so they can ask for discounts and buy with more confidence. For primary market work, galleries may be willing to extend a discount. It is not uncommon for buyers, even those who are new to a gallery, to be able to negotiate a 10 percent discount off the asking price. The more frequently a collector buys from the gallery, the higher the likelihood she may be able to obtain larger discounts over time.

A collector’s ability to get a discount is also influenced by whether he is buying at the gallery or at an art fair. Art fairs are a convenient way for collectors to see a lot of work and to comparison shop. But at the same time, they have less negotiating leverage because so many people are on the prowl. Many of the collectors I spoke with enjoy going to art fairs but prefer buying during gallery visits, so they can avoid art fair buying pressures.

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