The Business Side of Art

The Business Side of Art

Art Market

• The art market refers to the economic ecosystem surrounding the buying and selling of art.
• This market is characterised by auctions, private sales, and sales through art galleries and dealers.

Art Auctions

• Art auctions are public sales where individuals bid for artworks.
• They can either be held in person, online, or through a blend of both.
• These auctions are categorised by their focus - contemporary art, old masters, impressionist art etc.

Art Galleries and Dealers

• Art galleries and art dealers play a crucial role in the sale of artworks.
• Galleries can either be commercial, selling artworks, or not for profit, focusing on the exhibition of art.
• Art dealers buy, sell, and appraise art through a gallery, privately, or through public auctions.

The Role of Art Criticism

• Art criticism involves analyzing and evaluating art.
• Critics can heavily influence market value and public perception of an artist or artwork.
• An artist’s reputation can be significantly impacted by reviews and evaluations, thus affecting their market value.

Art Fairs and Biennales

• Art fairs and biennales act as marketplaces and exhibitions for contemporary art.
• They provide opportunities for artists to showcase their work to galleries, collectors, and the public.
• Events like the Venice Biennale or Frieze Art Fair have a significant influence on global art trends and markets.

Artist Representation

• Artists often partner with galleries for representation.
• A representation agreement allows the gallery to promote the artist’s work, arrange exhibits, and work on sales.
• In return, the gallery often receives a percentage of the sales of the artist’s work.

Commissions and Patronage

• Commissions are paid projects or assignments, often publicly funded, which artists are requested to make.
• Patronage refers to the support that patrons give artists, often in the form of sponsorship, residence, or grants.
• Both provide artists with the resources to create and exhibit their work.

Income Streams for Artists

• Artists have multiple income streams including sales of artwork, teaching, commissions, residencies, grants, and licensing artwork for reproduction.
• Maintaining a diverse range of income streams offers artists financial stability.

Pricing Artwork

• Pricing of artwork is complex and depends on factors like size of the artwork, its medium, the reputation of the artist, and current market trends.
• Artists should also consider their time, materials, and overhead costs when pricing their work.

Record Keeping

• Artists should maintain accurate records of their work, including details of creation, provenance, exhibitions, and sales.
• Good record keeping increases the value and authenticity of an artwork and aids in managing a successful art business.