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To sell or not to sell? Pricing strategies of newly-graduated artists

Lee, B, Fraser, I and Fillis, IR (2022) To sell or not to sell? Pricing strategies of newly-graduated artists. Journal of Business Research, 145. pp. 595-604. ISSN 0148-2963

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Abstract

The paper investigates the pricing strategies of newly-graduated artists and identifies innovative strategies more suited to achieving sustainable practice. Our work is novel in investigating the drivers of discrepancies between artists’ willingness-to-accept (WTA) and potential customers’ willingness-to-pay (WTP). Using mixed-methods, we explore the viewpoints of the ‘public’, by survey, and of ‘newly-graduated artists’ and ‘intermediaries’, by interviews, and interrogate price lists and sales records. Newly-graduated artists find pricing challenging, leading to ‘underpricing’ or ‘over-pricing’. Few artists make sales, reflecting discrepancies between WTA and WTP. Our work has theoretical and practical implications. Pricing reflects the ‘endowment effect’ (Thaler, 1980) and Bourdieu’s ‘avant-garde’ circuit. Our results imply a need for educational institutions and other intermediaries to offer more advice to newly-graduated artists who might benefit from adopting forms of personalized or participative pricing such as ‘Pay What You Want’ and, given the emergence of digital markets, contemporary techniques such as ‘action rules’.

Item Type: Article
Uncontrolled Keywords: 1505 Marketing
Subjects: H Social Sciences > HF Commerce > HF5001 Business
L Education > LB Theory and practice of education > LB2300 Higher Education
H Social Sciences > HF Commerce > HF5001 Business > HF5410 Marketing. Distribution of Products
N Fine Arts > NX Arts in general
Divisions: Doctoral Management Studies (from Sep 19)
Publisher: Elsevier
Date Deposited: 22 Mar 2022 14:45
Last Modified: 19 Sep 2023 00:50
DOI or Identification number: 10.1016/j.jbusres.2022.03.035
URI: https://researchonline.ljmu.ac.uk/id/eprint/16529

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