If you are Pablo Picasso, it's not too hard to sell a piece of artwork for $179 million: His painting "Les Femmes d'Alger" became one of the most expensive ever sold.
But if you are not Picasso and are instead one of the country's many artists or business owners struggling to make a living, valuing your products at exorbitant, above-market prices is not the wisest decision.
That's the lesson billionaire restaurateur and host of the show Tilman Fertitta tries to impart to artist and sculptor Jed Malitz on this week's episode of "Billion Dollar Buyer."
The owner of Jed Malitz V2 Gallery in New Orleans, Malitz has only been able to make money off of one of his five monumental glass sculptures over a period of four years. The low number of sales is putting his business in jeopardy. Malitz estimates he can only stay open three-to-six more months.
Though the sculptures — human forms made of floating ribbons embedded in glass — are impressive to visitors at the gallery, the bottleneck to Malitz's success are his prices. His sculptures cost approximately $225,000 each.
"Your prices are simply too high," said Fertitta.
With costs at approximately $50,000 per piece, the markup is significant.
"You don't get a four-to-five time markup until you become successful," Fertitta said.