In spite of being an election year in the U.S., 2016 proved to be a record year for sales at Xanadu. With the economy steadily pulling itself up, and consumer sentiment on the rise, we’ve seen a steady increase in gallery traffic and sales. For us, this has been a trend that began in about 2011 and has steadily continued upwards.
I find several interesting factors in the sales trends. The first is that our sales increase has been broad-based. During the recession of the last decade, our sales to buyers in the middle of the market declined sharply. Upper-middle class buyers seemed to have been dramatically impacted by the economic downturn. We continued to sell high-priced items ($7,500+) to wealthy collectors, but there was a sharp decline for items at the lower-end of our spectrum.
Over the last couple of years, and especially last year, that market seems to be re-establishing itself strongly. We are now steadily selling art across the range of our price points. The volume in our lower- to mid-priced artwork now makes up the majority of our sales in terms of dollar-volume.
In my interactions with artists and other galleries, I hear mixed news. Some artists and galleries are reporting an increase in sales, while others report that the market remains soft. I suspect that some of this is dependant on style and subject matter, and some of it is related to regional economic factors.
Which leads me to today’s quick survey. How were your sales in 2016? Please answer the anonymous survey question below, and then leave a comment below describing your experience in the art market and what you are observing in terms of sales.
Poll of Artists
Poll of Galleries
In his Amazon.com best-selling book, Xanadu Gallery owner Jason Horejs shares insights gained over a life-time in the art business.