We have seen art deals being made almost every month which involve millions of dollars. However, there are some art deals which are made behind closed doors. To add to that, the prices involved in those sales are not revealed after many years as well. This adds to the curiosity of what could that art piece be actually worth. Also, people start discussing the possible price that that piece might have generated.
While you would be convinced that this is the correct method, a new report shows that it is not. Yes, private deals are not as beneficial as compared to public deals if this new report is to be taken into account. It is said that making the prices of an art public means that you are not forcing a potential buyer to ask for its price. This is where some potential buyers are missed as they hesitate in asking the price. Instead, if the prices are made public then a buyer would contact for further inquiry or not knowing the actual price.
Artsy and Economic Theory‘s data shows that making prices public of art also increases the sales of that art. The report mentions that “Inquiries were between four and nine times more likely to turn into a sale on artworks with their prices publicly available.” This shows that if you make the price public, the chances of a sale might be increased multiple times.
It is said that “An artwork uploaded with its price publicly available was between two and six times more likely to sell than one with its price hidden”. This data also suggests that it is better to make your price public rather than hidden. It is also noticed that if a price is kept hidden, dealers or buyers would assume that the price will be higher which would lead to a potential loss in sale.