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February 22, 2015 - February 28, 2015

What Does Minimum Price Mean?

It has happened again!
Even after all my years of experience and  advocacy for artists &makers, vague terminology has caused a rift and something akin to gut wrenching experience. My reputation is on the line. Months of work may vaporize. And all because of vague terminology.  

While I can't reveal much about a volatile situation at this point, I have a question for everyone.

What does the term minimum price mean to you?
Minimum-Price

Here is an example text providing context:

"As in past years, the artist will keep 50% of the proceeds with the other 50% serving as a fundraiser.  The artist is responsible for setting a minimum price for the artwork."

My question for today is what would you consider a "minimum price"? 

Does minimum price mean:

  • wholesale
  • below wholesale
  • retail
  • below retail

What would be your assumption?

How do you define the term minimum price in this context? Please leave your response or opinion in the comments below.

More questions soon.

Warning
WARNING:

Never accept an invitation, contract or agree to participate in a show/exhibition when all the terms are not clearly defined.


Fundraising-Auctions

The PROFESSIONAL GUIDELINES has four documents about Fundraising Auctions:

Fundraising Auctions: Issues and Checklist for Artists

Fundraising Auctions: Issues and Recommendations for Collectors 

Fundraising Auctions: Issues and Impact on Galleries

Fundraising Auctions: Issues and Alternatives for Art Organizations