I've read the replys to this post and find it most interesting. It's easy to sit back and criticize, because we aren't doing $120k weddings.
I do know that some of the things have been touched on, but I'm going to throw in my two cents worth.
1. Emotionally.....Gary's a character, but a fun and crazy character. I think people gyrate to that kind of personality. I've had lunch with Gary a few times over the years when I had a studio in CA. I got in the business a few years before he did and over 17yrs., I did so-so in buesiness. I went through two divorces, and never got it right. My fault, nobody elses. The clients I did have over those years liked ME. My photography has usually been salable, but it was my personality that people liked. As stated, it's GARY you're buying. The photography is secondary.
2. Business wise, Gary's been very astute. It took years to develop his plan and expertise. I was lucky to have seen Rocy Gunn way back in the late 70's early 80's and that was incredible and I know Gary took a lot from him. I think to be financially successful in photography, you need a strong background in marketing, advertising and business. I tell that to my high school seniors that the photography is secondary to suceeding in photography. I know a lot a tremendous photographers that aren't financially successful and a lot of mediocre photographers who are fabulously wealthy.
3. It's interesting that nobody's mentioned this, but how many fabulously wealthy photographers do you know that live anywhere outside of a metopolitan area? If you're going to command $120k/wedding prices, are you going to do that in Eldon, IA? I think not! I just bought a 23 yr. old studio in SE IA and the previous owners had the best reputation within a 25 miles radius. They retired and now I'm struggling because the business has dropped off 50% since I took over. I know I had more experience than them, I've used radio and newspaper to no avail. My personality is more fun and crazier than the previous owner and I didn't raise their prices. I'm getting about 1/3 of what I did in LA. e.g. a 30 x 40 was $1,500 in LA, here in IA, you can get one for $439. Now I know that $1,500 in the LA area is still cheap, because Charis was getting about $5,000 for one 20 yrs. ago in S. CA.
What if Gary got plunked down now here? Would he survive. I doubt it, because (not counting his $120/wedding asking price) nobody around here knows him or has the income to afford him. Could he buidl it to that level? I doubt it. So you have to figure that you need to be near money to make a lot of money. Now I know everybody has a story that will negate what I just said, but it that the rule? I learned that when it comes to life, do we base our decisions on the norm or the exception?
I get a kick out of the photographers that deep down inside know that they'll never be able to get to Gary's level. They'll cheer him on and want to be around him to learn, but they'll never have the guts to go back to their studios and even double their prices. It's all about survival and when you're struggling, you're sure as the devil not thinking about how you're going to get to the point of charging $20k for a wedding.
You're worrying about where the money is coming from to pay the light bill.
Your market area usually controls your prices and I'm finding out that in a depressed area, how good you are isn't the determining factor, but the economy and people are. So even when the economy sucks, if you've got the attributes of a Gary Fong, Reggie, or Bussink, you still get your prices, because you're in a market area that is pretty recession proof. What happens if a father of a bride is worth $100M, the economy takes a hit and he is now only worth $50M? Will he go from a $120k wedding to a $10k wedding photographer to save some money?
All this talk of $120k weddings is admirable, because it gives us a bit of a lift and some food for thought, but for 99% of us, it's not reality. Look at professional athletes or entertainers. They make insane amounts of money. Are they worth it? They like to think they are and as they get more awards, more homeruns, baskets, endorsement deals, they actually buy into their own 'greatness'. The truth of the matter is, we little lowly consumers are what make them! Is Celine Dion worth $450/ticket in Vegas? Pretty easy.....if I have the money,yes. If I don't, no.
Is Gary Fong worth it? If you've got the money, yes. If you don't, no. If I ever get married again, would I want Gary? Yes, would I be able to afford him? No. Pretty simple.
This whole topic boils down to who are we talking about? About maybe 1-2,000 weddings in the WORLD/year that could care less about what the photography costs and can have anyone!
What we need to be thinking about is the other 99% that we realistically consider as our market. Go and learn from these masters, go check out your market and charge the most your market area can support. If you're in South Dakota and draw a 100 mile circle, how many million dollar weddings will there be in 2005? If you want the Gary Fong type of weddings, be prepared to move to Chicago, New York, LA, Paris, Milan,etc. and have a pile of money to live on for a few years until you become great.
I'd like to know if Gary would ever do doing a wedding for some young girl that her daddy could afford only a $3,000 photographer, but wanted to give her the best and knew he really wanted Gary? Would his compassion for a caring dad that knew he could only afford so much outweigh his ability not to waiver on his $120k asking price? I'd like to think that Gary would if the father had the guts to at least ask!
in 1984, I married for a second time in LA and our song was Lionel Ritchie's 'Truly'. That was our first dance song and I was so in love with this woman, I'd have given the world to have had him show up at our wedding and sing that. At that time, I'd have been pressed to have been able to afford renting the sound gear for him EVEN if he would have sung for free!!!! I never even had the guts to get a 'no thanks' from him.
Maybe he would have done it just because I asked and was sincere. Would Gary now submit to doing a wedding if asked by a sincere and 'poor' father?
Whew, that took an hour of my life to write, anybody out there that understands what I just commented on? I'm looking forward to this entire new forum from opensource!