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At my site http://www.perilcomics.com, I always start off at an introductory price. Then I increase the price after the sale is over. I don't like to start high on the price, have a bunch of people buy the product then, reduce the price in a sale only to make the people who paid full price regret not waiting.
I do discounts all the time. It allows me to work on items with a low overhead, renderwise, the customer gets a piece of art that they would not have purchased otherwise, and I make a little cash.
Sure. I even give out discounts on commissions and for some, I'll do an extra pic or two (though, others take my generosity for granted). I think a discount is good in some case, though it's something you need to be careful as untrustworthy people will tend to use to their advantage.
Personally … i think, if they're done right, discounts can be a great thing for the artist and the consumer. It may allow the artist to blow the dust off products that have been available for a while, but never quite saw the sales numbers they expected. Or, it might entice customers to squeeze in "just one more" and not break their budget.
And let's face it ... everyone loves to save a dollar in this economy ... no matter what that dollar is being spent on.