Collecting art can be an enjoyable and rewarding experience for anyone, despite the popular myth that it is only for the wealthiest individuals. And, if done with some research and thought, your art collection can become a tidy investment too.
Having said that, art is best collected for love rather than money, and generally any single piece of art will not appreciate significantly in value for a number of years. So, collecting for the pure enjoyment of the art is the best mindset to start with.
There are however a number of tips you can follow to make your collection as valuable as possible, and improve your chances of making a return on your investment:
1) Collect work from living artists who are currently creating art, and making a living doing so. These pieces have a much more likely chance of becoming valuable down the road.
2) Don't try and buy based on what somebody is telling you is "hot" at the moment. All art goes through hot and cold spells. There are good artists in every genre, so go with a genre that you personally enjoy and find good artists within that genre.
3) Do buy from serious emerging artists. This takes a little more risk as it is harder to research an unknown artist. If possible, talk to the artist. Figure out how "serious" he or she is, how long they have been painting etc. You can often find really beautiful and high quality art from these people, at very affordable prices.
4) Do not buy overpriced art. Yes, it's hard to tell if it's overpriced sometimes, but if your gut tells you it is, then it probably is.
5) Look for a good deal on art. One genre of art will generally command a higher price than another based on market trends. If you like realist landscapes, but contemporary art is currently selling for comparably higher prices, then buy your landscapes! Chances are the tides will turn and you will have made a good investment. Also, economic downturns are often an excellent time to buy art. Artists, like anyone else selling a product, are hurting. Prices will generally come down. Though an artist may not put his or her work explicitly "on sale," chances are that you will be able to negotiate a lower price than what is advertized. This works best when buying direct from the artist.
6) Continuing from the last point, don't be afraid to negotiate. Prices are not set in stone. Artists love to sell their work. There is no harm in asking for a better price, especially if you are considering purchasing more than one of the artist's pieces.
7) If you are starting your collection on a budget, there is nothing wrong with buying good prints and giclees. After all, the biggest reason to collect art is for enjoyment. You can certainly enjoy a quality reproduction almost as much as the original. Plus, when just starting out, you can buy more pieces this way. The key to buying reproductions is ensuring that they are limited editions.
8) Be wary of print editions much larger than 200-300, they will generally not be as valuable. When buying giclees do your homework: Check that the "limited edition" which you are buying is truly limited. Some artists will sell the same giclee in a variety of sizes, making each size a separate limited edition. There is nothing inherently wrong with this, but your giclee will have less value if 2000 of the same image have been sold, regardless the size of the picture.
Okay, if you stick to those principles you should be able to get off to a good start. Most importantly though, have fun buying the art! Talk with the artists, learn their creative process, find out what inspires them. You'll soon become an expert on a particlar artist's work, an added bonus if you decide to resell it in the future.
Thursday, September 18, 2008
Recommended Reading
I just wanted to put a quick post up letting you know that the latest issue of Art Business News has an excellent article for emerging artists. It's called "Breaking Into the Art Market," and has some valuable tips for artists. If you can get your hands on a copy then read it.
You can also check the website at www.artbusinessnews.com.
You can also check the website at www.artbusinessnews.com.
Wednesday, September 17, 2008
Diversifying Your (Artistic) Portfolio for Greater Profit, Part I
Are you an artist who has been moderately successful selling your originals, but have trouble making enough money to go full time?
Have you decided that you want to make a living from your artistic passion, but wonder how you can get the best start?
Maybe you are selling well, but are growing frustrated that people will not pay more for your work, and what was once a passion seems more like a job - cranking out one original after another with little time for rest?
Keep reading! I want to give you a little insight into some alternatives to selling your originals. Yes, I am treading on thin ice with some purist fine artists, but the truth is, using some method of reproducing your work gives you a lot more product to sell for a lot less work. And unless you look to the highest echelon of artists who sell originals for many tens or hundreds of thousands of dollars, today's most successful artists sell a variety of product.
Once again, this is a simple business principle: offer your customers a wide variety of pricing, and your target market greatly increases.
If you have done any exhibiting whatsoever, whether in galleries or in open air festivals, you will doubtless have had numerous compliments about your work, but many fewer sales. So many people love your work, why aren't they buying? The most likely reason is that they can not afford it. Most people like art of one kind or another. Most people own art of one kind or another. Most people do not buy original art. They buy reproductions.
Even a small original priced very modestly at $200 is out of range for most of the population. The average person walking past your booth or display will more likely fork out for a piece of your work priced at $5-$50. And those sales add up. These are the types of sales that will allow you to continue participating in art shows and festivals. There is a far smaller chance of going home empty handed (or walleted) when you have a broad price range for your products. Having only original work and high-end giclee prints available leaves you prone to zero income for any given show. Yes, you might sell that one piece for $10,000, but what if you don't?
So, what are your options for selling your work in other ways? And of course, how much will it cost?
There are many different options, too many to go over in great detail here (I will do a complete article on that subject in a future post). I am going to focus on selling your work in print form, and show you the most popular and smartest ways to go about doing this.
Make Your Own Prints
If you are up to speed with computers, have a decent digital camera, and a quality color inkjet printer, you can start right now with your own prints. I will do a full article on this topic in the future, but the best way to learn is to give it a try. Make sure your art is well lit before photographing it, or scan it at a copy center if it isn't too big. The great advantage of this method is that you reap all the profit. No middle man involved. Therefore you can provide the best prices to your customers. Plus, you can really get some beautiful results this way. You can make a whole series of small open edition prints of your work. And if you sell from the web, you don't need to spend a penny until somebody places an order. One word of advice: make sure to provide these small prints in a standard size so that they can be framed easily and affordably. Figure your costs, down to the penny, then sell them from $5-30 depending on the price. Make sure to include your contact info and/or website on the print in a subtle place. Remember, every piece you sell is a little more publicity....take full advantage of that!
The down side of this method is that if you're not a big computer fan, getting your print quality and color correctness right can be a BIG headache. You can waste a lot of expensive ink and paper this way so be careful.
Lithographs and Posters
If you have a painting or photograph that you know will sell well and that you can distribute effectively, a lithograph is certainly something to consider. The big down side to this method is that you really need to have 500 or more prints made to get a good cost per print. High quality results can be achieved, and if you limit the edition and print on quality paper stock you can charge good prices for these. Alternatively, you can create an open edition poster and sell at competitive prices. If you go with a run size of 1000-1500, you can get costs down to less than $2 per print. Still, you're looking at a $1500-$3000 investment up front. You better know how you're going to sell these prior to making them.
Giclee Prints
This is a rather heavily debated topic these days among artists due to the mass proliferation of these types of prints. There is no question that if you can find a reliable and QUALITY giclee printer in your area, you will not achieve a print that comes closer to your original than a giclee. The massive advantage of the giclee is being able to print only a small run at a time, even as little as one print. Plus, you can print a variety of sizes as needed. Therefore, you can print a couple for a show, and not be spending too much out of pocket. These can also be printed on canvas and coated with varnish to give a really nice look to the final piece.
The up front cost with a giclee is in capturing a digital image of the artwork, and color correction of the digital image. Once these are done, currently you can expect to pay anywhere between $0.10 and $0.12 per sq. inch for a print. Giclees typically retail at a higher price than other prints, but will give you access to yet another target audience.
A note of warning: You can market giclees as "as close to the original as you'll get" but some die-hard collectors hate this medium, and would rather a limited production lithograph or an original. I think this stems from the ease at which giclees can be reprinted in a wide variety of editions and sizes for any given image, making it harder to truly "limit" an edition. Decide on your sizes, editions, etc before selling giclees and stick to them religiously for any given image. You do not want to be seen as unscrupulous.
Okay, this has already turned into a rather lengthy post, I will continue on the same topic in the near future. As always, your constructive feedback (postive and negative), and your opinions are welcomed. Please feel free to share your own experiences in this area. Thanks for reading!
Have you decided that you want to make a living from your artistic passion, but wonder how you can get the best start?
Maybe you are selling well, but are growing frustrated that people will not pay more for your work, and what was once a passion seems more like a job - cranking out one original after another with little time for rest?
Keep reading! I want to give you a little insight into some alternatives to selling your originals. Yes, I am treading on thin ice with some purist fine artists, but the truth is, using some method of reproducing your work gives you a lot more product to sell for a lot less work. And unless you look to the highest echelon of artists who sell originals for many tens or hundreds of thousands of dollars, today's most successful artists sell a variety of product.
Once again, this is a simple business principle: offer your customers a wide variety of pricing, and your target market greatly increases.
If you have done any exhibiting whatsoever, whether in galleries or in open air festivals, you will doubtless have had numerous compliments about your work, but many fewer sales. So many people love your work, why aren't they buying? The most likely reason is that they can not afford it. Most people like art of one kind or another. Most people own art of one kind or another. Most people do not buy original art. They buy reproductions.
Even a small original priced very modestly at $200 is out of range for most of the population. The average person walking past your booth or display will more likely fork out for a piece of your work priced at $5-$50. And those sales add up. These are the types of sales that will allow you to continue participating in art shows and festivals. There is a far smaller chance of going home empty handed (or walleted) when you have a broad price range for your products. Having only original work and high-end giclee prints available leaves you prone to zero income for any given show. Yes, you might sell that one piece for $10,000, but what if you don't?
So, what are your options for selling your work in other ways? And of course, how much will it cost?
There are many different options, too many to go over in great detail here (I will do a complete article on that subject in a future post). I am going to focus on selling your work in print form, and show you the most popular and smartest ways to go about doing this.
Make Your Own Prints
If you are up to speed with computers, have a decent digital camera, and a quality color inkjet printer, you can start right now with your own prints. I will do a full article on this topic in the future, but the best way to learn is to give it a try. Make sure your art is well lit before photographing it, or scan it at a copy center if it isn't too big. The great advantage of this method is that you reap all the profit. No middle man involved. Therefore you can provide the best prices to your customers. Plus, you can really get some beautiful results this way. You can make a whole series of small open edition prints of your work. And if you sell from the web, you don't need to spend a penny until somebody places an order. One word of advice: make sure to provide these small prints in a standard size so that they can be framed easily and affordably. Figure your costs, down to the penny, then sell them from $5-30 depending on the price. Make sure to include your contact info and/or website on the print in a subtle place. Remember, every piece you sell is a little more publicity....take full advantage of that!
The down side of this method is that if you're not a big computer fan, getting your print quality and color correctness right can be a BIG headache. You can waste a lot of expensive ink and paper this way so be careful.
Lithographs and Posters
If you have a painting or photograph that you know will sell well and that you can distribute effectively, a lithograph is certainly something to consider. The big down side to this method is that you really need to have 500 or more prints made to get a good cost per print. High quality results can be achieved, and if you limit the edition and print on quality paper stock you can charge good prices for these. Alternatively, you can create an open edition poster and sell at competitive prices. If you go with a run size of 1000-1500, you can get costs down to less than $2 per print. Still, you're looking at a $1500-$3000 investment up front. You better know how you're going to sell these prior to making them.
Giclee Prints
This is a rather heavily debated topic these days among artists due to the mass proliferation of these types of prints. There is no question that if you can find a reliable and QUALITY giclee printer in your area, you will not achieve a print that comes closer to your original than a giclee. The massive advantage of the giclee is being able to print only a small run at a time, even as little as one print. Plus, you can print a variety of sizes as needed. Therefore, you can print a couple for a show, and not be spending too much out of pocket. These can also be printed on canvas and coated with varnish to give a really nice look to the final piece.
The up front cost with a giclee is in capturing a digital image of the artwork, and color correction of the digital image. Once these are done, currently you can expect to pay anywhere between $0.10 and $0.12 per sq. inch for a print. Giclees typically retail at a higher price than other prints, but will give you access to yet another target audience.
A note of warning: You can market giclees as "as close to the original as you'll get" but some die-hard collectors hate this medium, and would rather a limited production lithograph or an original. I think this stems from the ease at which giclees can be reprinted in a wide variety of editions and sizes for any given image, making it harder to truly "limit" an edition. Decide on your sizes, editions, etc before selling giclees and stick to them religiously for any given image. You do not want to be seen as unscrupulous.
Okay, this has already turned into a rather lengthy post, I will continue on the same topic in the near future. As always, your constructive feedback (postive and negative), and your opinions are welcomed. Please feel free to share your own experiences in this area. Thanks for reading!
Friday, September 12, 2008
Selling Art in a Weak Economy
Given the current economic climate, I thought it fitting to talk to you all about selling art in these tough times.
Art can be a tough sale even in a booming economy, so how on earth do you sell it when people are tightening their wallets for all but the necessities? After all, art is a luxury, and is one of the first things people stop buying when cutting expenses. Or at least that's what it seems like.
Art is a commodity, and is traded as such. It is not immune to economic ups and downs, as some people (artists included) tend to believe. Sure, we all notice that less art is sold during a dowturn in the economy, but try convincing someone to reduce the price of his/her paintings: "Are you crazy? I have a hard earned reputation to keep. My originals are now worth at least $5000 each, I will not sell them for less."
I disagree. If you are relying on the sale of your originals to pay your bills and put food on the table, you must treat your art as a business. In any good business, when the economy slows down, prices come down. Products go on sale. Therefore, you must offer your art at a reduced price. This is not ruining your reputation. In fact, there are multiple benefits to selling your art in this way:
1) Present this as an investment opportunity to your valued collectors. Compare it to real estate: The housing market is terrible right now if you are trying to sell. But if you have plenty of cash to invest, it is housing on sale! Investors know that the property values will come back given time. Your art is the same. You are a dedicated artist, you have no plans to stop producing work, you have a good reputation, and you have lowered your prices for only a limited time. Let your collectors know this, and sell them your work at reduced price. You may sell them more than one piece. Then when the economy springs back, your prices come up as well, and your collector's investment has already been worthwhile.
2) It is better to sell two pieces at $500 each, than one for $1000. Why? Twice the publicity. Every piece of your art that is out in the community is another piece of publicity for you. The more pieces you have out there, the more chances you have of getting work in front of eyes that like it.
3) It will actually build your reputation. You present yourself as sensitive to the needs of the public, modest, and intelligent.
4) You will make more money. You may make less profit on each piece, but selling is better than not. And your point is to sell the art, right? You can always create more. There's no point in having 50 paintings sitting in your garage because your prices are too high.
5) Selling inspires you to paint more. Even when you're not getting your usual prices, you are encouraged by the fact that people want to own your art. You are providing them the capability to do so.
I am in no way advocating selling your art at detriment to yourself. Make sure you are getting back your time, materials, etc. The point here is to create cash flow that will allow you to continue your passion, not sell yourself cheap. Obviously, if you are selling plenty of art without reducing your prices, don't change them! You may even want to consider increasing them when things pick up again.
The suggestions I made apply to all methods of selling your art - festivals, fairs, your website, and galleries. And make sure that if you reduce your prices in a gallery, the gallery is also coming down on its cut of the sale (that seems obvious, but worth saying).
My next posting is going to be on diversifying your (artistic) portfolio for greater profit. Stay tuned....and please post your own comments/experiences too!
Art can be a tough sale even in a booming economy, so how on earth do you sell it when people are tightening their wallets for all but the necessities? After all, art is a luxury, and is one of the first things people stop buying when cutting expenses. Or at least that's what it seems like.
Art is a commodity, and is traded as such. It is not immune to economic ups and downs, as some people (artists included) tend to believe. Sure, we all notice that less art is sold during a dowturn in the economy, but try convincing someone to reduce the price of his/her paintings: "Are you crazy? I have a hard earned reputation to keep. My originals are now worth at least $5000 each, I will not sell them for less."
I disagree. If you are relying on the sale of your originals to pay your bills and put food on the table, you must treat your art as a business. In any good business, when the economy slows down, prices come down. Products go on sale. Therefore, you must offer your art at a reduced price. This is not ruining your reputation. In fact, there are multiple benefits to selling your art in this way:
1) Present this as an investment opportunity to your valued collectors. Compare it to real estate: The housing market is terrible right now if you are trying to sell. But if you have plenty of cash to invest, it is housing on sale! Investors know that the property values will come back given time. Your art is the same. You are a dedicated artist, you have no plans to stop producing work, you have a good reputation, and you have lowered your prices for only a limited time. Let your collectors know this, and sell them your work at reduced price. You may sell them more than one piece. Then when the economy springs back, your prices come up as well, and your collector's investment has already been worthwhile.
2) It is better to sell two pieces at $500 each, than one for $1000. Why? Twice the publicity. Every piece of your art that is out in the community is another piece of publicity for you. The more pieces you have out there, the more chances you have of getting work in front of eyes that like it.
3) It will actually build your reputation. You present yourself as sensitive to the needs of the public, modest, and intelligent.
4) You will make more money. You may make less profit on each piece, but selling is better than not. And your point is to sell the art, right? You can always create more. There's no point in having 50 paintings sitting in your garage because your prices are too high.
5) Selling inspires you to paint more. Even when you're not getting your usual prices, you are encouraged by the fact that people want to own your art. You are providing them the capability to do so.
I am in no way advocating selling your art at detriment to yourself. Make sure you are getting back your time, materials, etc. The point here is to create cash flow that will allow you to continue your passion, not sell yourself cheap. Obviously, if you are selling plenty of art without reducing your prices, don't change them! You may even want to consider increasing them when things pick up again.
The suggestions I made apply to all methods of selling your art - festivals, fairs, your website, and galleries. And make sure that if you reduce your prices in a gallery, the gallery is also coming down on its cut of the sale (that seems obvious, but worth saying).
My next posting is going to be on diversifying your (artistic) portfolio for greater profit. Stay tuned....and please post your own comments/experiences too!
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