Peter Lik

Started 3 months ago | Discussions thread
Bill Ferris
Bill Ferris Veteran Member • Posts: 4,330
Re: Peter Lik
1

Don Lacy wrote:

Bill Ferris wrote:

lilBuddha wrote:

Bill Ferris wrote:

Whatever one may think of his photography, style or use of compositing, Peter Lik has worked hard for his success. It's not the product of luck. Success wasn't handed to him on a silver platter. He worked his keister off, built a brand around his name and is reaping the rewards of his labor.

He has worked hard for his success, kudos for that. Not so much for misrepresentation of value by his galleries.

Hey, if customers are willing to pay $35,000 for a "Second Level Premium Peter Lik," that's the value. If they buy the print as an investment with the assumption it will increase in value over time, that's a risk they're responsible for taking. Very few art works actually increase in value. Their greatest value is typically realised the day they first sell.

The lesson: buy a work of art because you enjoy the piece and because having it on display in your home or business gives you pleasure. Investing in art is not a sound retirement plan.

Until recently they were lead to believe that they would increase in value that was the selling point. The pitch went something like this you need to buy this print now at this price because it is a limited edition and once we sell 25 copies the price will go up to the next tier until we sell out the run.

All factually true. Lik prices his limited edition prints (995 total, for each print) in a tiered manner. The more that sell and the fewer that remain, the higher the price. If you love his work, be among the first to buy a print from a new run.

So you buy your limited print for 35,000.00 take it home and in a few years time when you go to sell your print at the highest tier price you find out that one that art dealers don’t want it and Peters galleries won’t buy it back.

So what? There's no guarantee any work of art will increase in value. I'm quite confident the Lik gallery staff have never customarily used a strategy of selling his prints by promising to buy them back at an equal or greater amount than what the customer pays. It is the buyer's responsibility to know they're purchasing a commodity for which there is zero guarantee of increasing value over time. It's a work of art. It may decrease in value from what a person pays.

Buy it because you love it and must have it for your home or office.

So most of them end up at auction houses or eBay selling for pennies on the dollar. Now Peters galleries no longer use that selling technique after the bad press he got about it. So yes he worked hard and deserves credit for that but he also used questionable sales techniques to take advantage of uneducated buyers I will let others decide were that falls on their own moral compass.

Lik's customers willingly enter his galleries, they willingly look at and fall in love with his photos, engage with the sales staff, make a decision to purchase, to swipe the plastic through the scanner, take the print home and proudly display it. There is no guarantee a work of art will increase in value. Nor is there any guarantee the work will not decrease in value.

It's art. It's value is solely determined by how much a person is willing to pay to own it. The person who buys it 'cause they love it, is able to get enjoyment from it, forever. The person who buys it 'cause they plan to sell it to pay for retirement, is setting themselves up for disappointment.

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Bill Ferris Photography
Flagstaff, AZ
http://www.billferris.photoshelter.com

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