2021 Pivot: Fine Art Sales
A successful career in fine art sales requires a willingness to take risks and an understanding of the ebb and flow that comes with selling luxury goods. Consumer demand for luxury items is elastic and demand is determined by the state of the economy. When the economy is up so are sales and vice versa. With that said it shouldn’t be surprising that today’s economic uncertainty has ushered in a wave of fiscal responsibility that is shrinking demand for art (and all luxury items). When there are fewer prospects in and out of the gallery, proactive strategy becomes incredibly important. This means returning to basics and brushing up on my selling skills in order to increase customer spend. By nature sales professionals are problem solvers, and we know how to generate opportunities even in the most challenging markets. The pandemic has been an upending force in the world we’ve responded by adapting our spending habits. People are spending more money online, putting off significant purchases, and choosing to spend conscientiously.
Rather than dwelling on the decline in traffic, I’ve chosen to optimize each customer interaction by communicating more deliberately and being curious about my clients. With this mindset, I’ve found that there are opportunities to do business even during these uncertain times. I’ve learned for example that, many of my clients, while in quarantine have started to notice the empty gaps on their walls and are eager to explore solutions. For some, the discretionary income that would have been spent on traveling pre-pandemic is being used to improve their surroundings. Now, do I expect everyone to rush out and fill their nooks and crannies with fine art? Probably not, but our homes have become central to both our personal and professional lives and regardless of our economic situations, we are placing a higher value on the comfort of our surroundings.
Fine Art comes with a hefty price tag, to successfully sell fine art, the most important factor is that the value of the art outweighs the cost to the consumer. I always advise my clients to purchase the art that they like but also the best art that they can afford. This means many different things for my clients and it’s understandable that not everyone wants to dive in and buy the most exclusive or prestigious piece right off the bat. But both the seasoned collectors and novices I work with come to me because they want something better than the reproductions they find in the mass market, exclusivity always increases value. Working with clients requires narrowing selections to the clients’ tastes, spatial restrictions, and pricing parameters. Sometimes closing a deal happens quickly and sometimes it takes time. With more time on all of our hands, I’ve found many of my clients are enthusiastically looking to not just work with me but get to know me. This worldwide event has in some ways made people vulnerable and willing to open up about their personal journeys.
For sales professionals, slowing down, conducting a deeper needs analysis, building trust, and selling on value is a reminder we can all benefit from and these sales behaviors can be applied to any company or sales market. From the cars we drive, the food we enjoy, home items, investments, or any other business choice, everyone wants to make good decisions that improve their lives. Improving our home lives has a trickle down affect. Creating a restful and comfortable space for ourselves improves our work performance, our relationships, and our sense of well-being. The biggest lesson I’ve learned as a sales person right now is the importance of working smarter and not harder. Ultimately this means being more efficient at what we do by doing more with less distraction.
We’re all in this together, and although these times are not always easy, there is a silver lining. These hardships are shared, and the burden is carried by everyone. Why not utilize this to come together and learn from each other and make real connections that extend beyond personal benefit?
My clients are making more personal buying decisions as a sales professional, I’ve chosen to pivot my strategy to align with the demands of my clientele. To be successful now, we need to be more compassionate, understanding, and most importantly, empathetic. Listening to others and personal growth are the pillars of this time. As we gain the ability to understand each other better, the work we do should become easier and more fulfilling. When life shifts, our values do too, and we’re missing a lot of opportunities if we’re not talking about this with our clients. If we take this time to learn and grow, imagine how good we will be when things turn around.