Math can be tricky sometimes. It’s definitely not a lot of peoples strongest subject. For sales consultant, this is something to take advantage of. You can use easy math (by financing artwork) to psychologically convince your collectors that collecting artwork is well within their budget today.
You know that a $3,000 painting is going to cost a person $3,000 no matter what. The art collector, however, isn’t concerned with the overall price. If you know right away that price and budget is the biggest objection you’ll face with the collector in front of you, then financing may be the trick to close that sale.
Avoid talking about price until the very end. Make sure all other objections are dealt with and you’ve found the artwork they love and want. Now instead of mentioning the $3,000 again, break it down into more bite-sized pieces depending on what you think their budget is. If you think they need a year to pay for it and that works for your gallery, then let them know that it’s ONLY $250 a month. (Or whatever it is if you charge and factor in interest.) Save taxes for after they hand you their card. Let them know that that’s only $8.33 a day. The price of two cups of coffee at Starbucks.
Then, tell them when they’ll get the artwork. Will they get it immediately? That would be a huge sales perk. Or if they get it after they’ve paid a certain amount. Maybe two months worth?
Or you could have them pay a down payment of a certain amount today. Say $600 today. Then they’ll only have to pay $200 a month after that for 12 months. Not bad for a $3,000 painting.
Sounds appealing, doesn’t it?
Psychologically, they can’t process that they’re paying the same amount. To them it sounds like a deal. But you haven’t even discounted anything.
Make the sale as easy as possible. Set up automatic payments for the beginning of the months, so that your collectors don’t even have to worry about it.
Try financing next time you’re faced with a collector who is worried about spending a lot of money.