Is There A New Art Economy?

The cruelest thing about the economy right now is that it creates self doubt. And self doubt is an insidious thing, tempting you to see patterns and competition and fear everywhere.  As time wears us down, we're left wondering if we'll ever sell paintings at the same rate as before...if we're not as good now as we were then...if it's because others are moving into our markets and pushing us aside.  The answer to those questions is a resounding...

And that's the second most cruel thing about the economy right now.  There are no answers.

The thing is, several of the major art buying demographics have dropped out of the market.  The nearing retirement, second home, new to the idea of art collectors are sitting on the sidelines, holding tightly to their wobbling assets.  Large institutional buyers are going for the cheapest solution possible.  Business models like Boundless Gallery are no longer considered profitable. While the supply of art in all forms has been growing exponentially, demand has been running in the opposite direction. More than running.  It's enough to make you wonder if there's a new art economy emerging.

In my book Ancient Wisdom Emerging Artist, I talked about scenario planning, looking ahead to possible roadblocks and pre-planning what you could do.   While you are doing this, keep in mind these observations:

• Everything really has changed.  When supply outstrips demand there are consequences.  Buyers still in the art market are very sophisticated. As a result, the bar for quality and technical ability and artistic identity moves up dramatically, while the tolerance for mediocrity disappears.  
• Know who you are as an artist.  If you haven't yet found this out, it might be a good idea to really think about why you are creating the things you create.
• Let go of fear.  Hard to do, but realizing that no one really knows the best thing to do right now should help you take the risk.
• Honor what you do.   Don't price your work so low you can't even cover your expenses, because you're desperate for sales.  The sales won't come because of price.  They come because of the art.  All your low prices do is devalue your work - and the work of every other artist around you. 

 

Winter Path, 12x16, oil on linen on panel

@2010

Comments

[Michael Newberry]

Winter Path is a beautiful work, congrats.
Michael

[Steve Supple]

I heard once that painting is an over 50's occupation. Im only 44 so a guess I have a few years yet.
But is it easy to adapt to an online economy? Or thrive in a slow economy? I would say YES.
My strategy would be: Have as many income streams as possible in a defined niche as possible. Have a unique identity but provide choice.
Hope this is helpful, Steve Supple

[Barney Davey]

Sue,
Another cogent post from you. You are right. Nothing is the same and it is not going back to what it was. We can only move forward. While I don't advocate abandoning galleries, real or virtual, or other venues to sell art, experience shows venues under the control of others are not all they used to be. As such, I have been saying for some time artists of all sorts should be using the amazing array of tools available to take direct control of as much distribution as possible. Don't sell for less, just pay fewer people and make more money on fewer sales. It's not just that easy, but no one should forget it was never a walk in the park to make selling one's art a full-time career.

[Tamara]

In "Winter Path" I see a convergence of your styles and your creativity that is exciting! It's kind of like "Rapture" Meets Landscape. ("Rapture" is an earlier piece and one of my favorites.) I like the dynamic very much. Something about the two trees in the background really works. It's delightful to see how your style is developing. I think this is a very strong piece. You made us SEE what you SEE.

[Maggie]

Thanks for this post, although it makes me very sad. I think that never before have there been so many folks creating so much art (and so much of it really good...and so much of it really bad). Pretty amazing, when you think about it, that so many have the time and resources to create art.

[Daniel Sroka]

Well written! I especially agree with: "the bar for ... artistic identity moves up dramatically, while the tolerance for mediocrity disappears." These are the days when one's personal vision and style as an artist become your primary selling point. If you don't offer something distinct from the masses of other people competing with you, then you will most likely lose. I try to keep this in mind whenever I see people's who's work is slightly similar to mine. Don't worry, don't stress: focus on my own personal vision, and carve out my own unique identity, because this will make me (or break me).

[Donald Diddams]

Interesting post. I heartily agree with the advice to resist the temptation to lower the price of one's art to stimulate sales, unless of course, one wants to make free public art as a social statement.
This is a time of great sorting-out. The rich getting richer and the poor poorer -- and those in the middle fearful about which group they will join. The fearful and the poor will buy less regardless of the price, and the rich will continue to buy what they like -- also regardless of the price.

[Patrice Federspiel]

Thank you for your wise post (again :-). Remaining true to our vision is so important, and can be difficult at any time. Thank you for the reminder to continue to create our own body of work — one that signifies our vision in the world, and possibly OF the world.

[kaylyn]

I woke up this morning with these thoughts and fears on my mind and find this in my mail box. The Ancient Artist Business plan and now this concise shot of reality thinking are perhaps the most valuable art resources on the web for artists in this paradigm shattering time we live in.

Thank you.

[Barbara J Carter]

A very wise post! I especially appreciate your spine-stiffening admonishment to honor what you do and not price your art too low. It's surely a temptation when nothing is selling, isn't it? I've resisted lowering my prices so far, and your words definitely help. Thank you!