I've been to many an opening night, and have rarely purchased original prints (primarily photography) simply because the majority of people cannot afford $450+ for a print. Imagine if the artist had available 8x10 matted prints ready for sale for $40-120. There's almost a guarenteed return of investment for the artist (or they could have an underwriter) considering they typically print and matte themselves. This is geared more towards local artists in smaller galleries, restaurants or lounges. You know what? I think I will help out an artist that I like and put something together. Maybe 3 to 1 of what they showcase. Build a low profile display to keep them while their work is displayed. Small investment in something I believe. I would love to see other people in the community think of doing the same.
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What I really like about this idea is that you are talking about trying it out. It may take some adjusting, but if you don't go, you won't know.
It's a trade-off for the artist. Does having the "cheap", small copies reduce the likelihood of sale of the "expensive" orignal ? Even if the "cheap" pieces are different, if they carry the artist's style, they may adversely affect the sales of the "expensive' ones.
There should be some creative way of doing this, however. Many galleries and retail shops (think jewellers) have some inexpensive merchandise that collects cash from the less affluent shoppers. Galleries sometimes have books that show artists' work. Gallery catalogs are sometimes sold by the gallery. If an artist's work is 3-D or 2-D, but textured in some way, true 2-D images could be sold without much adverse affect on sales of the original works.
A lot of it should depend on how big your market is. If you're in a larger city and there is the demand for the artist's work, it might work out well. I myself live in a town of about 60,000 with an active university community... so the market is flooded. The best bet in my community might be to go with the original. But trying it out-- yes, that's the best idea, and will give you better answers than conjecture ever will!