Here is the insider, A Brush With Life newsletter subscriber, scoop:
In 2017: 33 new paintings were released and 25 in the collection of available works sold.
In 2018: 27 new paintings were released and 19 in the collection of available works sold. Prices increased in the summer of 2018.
By the end of September 2019: 23 new paintings were released and 17 in the collection of available works sold!
Over all, you may notice over these three years that the number of new works released and sold has decreased each year. But what you cannot see from these numbers is that, contrary to what one might expect, the revenue has increased year over year. Already this year, at the end of September, the revenue is higher than whole of last year which was higher than the year before that. This is because more medium and large works were painted and have sold into the hands of art collectors. These larger paintings leaves the gallery with fewer new works to release and sell but has resulted in a higher revenue outcome.
The general art industry advice for pricing artwork of emerging or established artists is to increase the price when half or more of the work sells within a year. I usually do some more specific analysis into over all costs and then I reflect on what is working and not working for allowing an increasing number of potential and current art collectors to fall in love with the work. Following this review, I make every effort to keep the increases as small and incremental as I can…. but the square inch price in each bracket size range will still go up. So here we are, past the date of the previous year’s increase in July and poised for another rise in prices.
This is good news and is also a great time (for new collectors and seasoned collectors alike who are passionate about my work) to have a browse through the currently available work at https://www.artworkarchive.com/profile/terrill-welch to see if there is something they would like to purchase - before the increase takes effect, likely during the first week of December, 2019.
Tip: the easiest way to do this is to change the view at the top of the online portfolio so you are only looking at work that is “Available”. When you review using the “All” view it can be disappointing to see work you love that is already sold.
By the way, passion was the number one reason sited for buying art in survey results of 4,000 international art collectors conducted by Artsy (a highly regarded online platform that offers global support to art galleries and where Gallery 104 in New York City includes a few of my paintings in their artists listing at https://www.artsy.net/artist/terrill-welch
“Passion is the most important driver for art collectors. Factors like an artwork’s aesthetic qualities, the story behind it, and its ability to inspire the collector all significantly outranked investment and socially motivated factors, such as which gallery is selling the work.” - key findings, The Online Art Collector Report 2019
There are some fascinating bits in this report about art collectors and surprise-surprise, there is very little difference between online collectors and in person collectors. We could have saved them the trouble of the survey on that front couldn’t we? 😊 Let me know if you would like to know more about how other art collectors collect art and I will see what I can discover.
For me, my own gallery numbers seem to indicate a need for more time in the studio this winter to keep the inventory of available work both fresh and plentiful. My aim will be to have over 35 new pieces released by the end of 2020. Yes! This I can do!
During this time of climate change, I believe there is an even greater need than ever for awareness and connection to nature and our landscape. The intention behind my painting practice is to provide this bridge between home, our work places and our natural environment. I believe it is important work - in fact, significant and necessary work, for me and for you. It is you however, who provides the bridge through my original work - by purchasing it, visiting the gallery and sharing online images and this newsletters with others. For all of this, I am deeply grateful and appreciative! Your patronage, visits, sharing and private notes with observations and encouragement are such a big part of sustaining my thriving internationally collected art practice both physically and emotionally. Thank you!