Questioning the value of art – How Peter Lik sells $1.6 million in photographs every week

Original Article – NY Times

I came across this article last week and thought it was very interesting. Not only did this photographer change the way he sold his work; he created a tiered pricing strategy to make more money and more hype over his collection. Below is some snippets of what I think are the best parts of the article.

“So six months ago, he had an idea. Nearly every Peter Lik photograph is printed in a “limited edition” of 995; the first print sells at about $4,000, with the price rising as the edition sells out.”

“Last year, the company sold $1.6 million worth of photographs every week.”

“It’s a truism that the price of a commodity doesn’t always correlate to its value. This is especially so in the art market, where experts say a stunningly small percent of what is sold will ever be worth more than it was on the day it was acquired.”

“We tell clients who ask about future values, ‘Buy because you love it,’ ” Mr. Fatoohi said. “There are no guarantees.”

What do you think of his business model? I think his motto “Buy it because you love it” is very true!

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