Congrats on your achievement. Fifth Ave., NY is an accomplishment!
In answer to your query, I personally recommend you price UP for your
limited NY market (after double checking that your wholesale price
already covers double your materials, labor, shipping and
insurance). One rationale is, it’s your exclusive American market,
and exclusive is usually more spendy, but the honest truth is I’ve
seen a quirk among certain segments of the buying public.
I have observed two things in higher end locales, (Aspen CO, Los
Angeles CA, Santa Fe NM etc.) The first is that some people with
money tend to equate PRICE with VALUE. As in, the higher the object
is marked, the more the object must be worth. The same object,
priced lower, apparently seems less valuable, less desirable. (When
I was a massage therapist, people asked me to RAISE my prices for
their LA friends, as “they would enjoy the massage more if it was
more expensive”.) Different world than the one I live in.
The other idiosyncrasy I’ve seen is that more people tend to ask for
a deal, or to quibble over price, in very high end areas. My theory
is that either it’s a power thing, or it makes the customer feel
’special’. Not that they can’t afford it, it’s not worth it to them,
or they won’t buy it without the deal, more like it’s a game, part
of the purchasing experience. Not for everyone, just for a higher
percentage than in moderate income zip codes. (I might get one
person asking for a reduction in a ‘moderate’ area - otherwise, if
my prices are too high for them, they just walk away. In higher end
areas, @30% ask, “What’s the best price you can do for me on this” -
the highest priced item in the booth. If I come down for one item,
the customer often ends up purchasing 4 or 5 other items, with or
without any additional discount.)
So my response is, mark it up a little for those markets, give the
discount (or not) if asked. Makes both parties happy.
I recommend adding on 15% (or ?) for NY, tell the gallery they can
discount to make the sale - if your volume isn’t where you want it
after a couple of months, lower the price 15%, back to where you
started. (I don’t have a venue on Fifth Avenue, but that’s what I’d
Let me be clear, this has been my experience, others’ may vary. I do
the art fair circuit, and have items in galleries in different
states for around five years now.