I appreciate all your responses. Over the last few days, I couldn't keep up with the thread but I want to respond to a few of the ideas and things that were said.
Just to clear it up a little, I'm not actually trying to sell paintings for $1. That's just the starting price. I had a couple of groups of paintings sell recently on $1 auctions, I think about 6 paintings in each group and the average selling price was $34 each. (each painting, not each group).
Although I'd like to get more for them which I used to quite a while back, I either have to settle for what I'm currently getting or put them up for $75 to $100 and wait a very long time for them to sell at all.
I wish I had the luxury to wait months or even longer for them to sell but I don't.
My average painting take about 1 1/2 hours to 2 hours to make, so the time isn't too much of an issue. The only thing is that you only have so much creativity in a time period...at least in my case anyway. Also, the other time of the day is spent marketing which we all know is VERY time consuming.
I once read that if your going to sell art online, you have to spend about 20% making art and 80% of your time marketing it. I have slowly come to believe that.
Also, I have tried many different price points. I understand what some are saying about if you price too low, buyers won't think the art is worth it. But I tried raising my prices at many different price points and had to wait a very long time to make a sale or never at all. Believe me, over the last 12 years or more, I have tried so many different strategies, that I think I tried them all.
Sunny, it's funny that you mention about friends chipping in $1 to fund a show or something. Have you ever heard of Patreon? It's a funding website that's set up exactly in that way. It's set up to make your own page to show videos or whatever you can offer as rewards for support of $1 or more on a monthly basis. Some artists are making a lot of money there. It takes quite a lot of time to set up but I've been working on it since I already have some demo art videos made already. Even Youtube has a special button for it to link to Patreon. It's just getting monthly support from your art fans so you can afford to keep making art for a living.
Anyway, I know that pricing effectively is not an easy thing for any business. A lot of it depends on certain matters, like how soon you need money...which in my case it's not tomorrow, it's yesterday as always.