A slow down in the economy, or a recession (like we are in at the moment), hurts art and art sales. Purchasing art is discretionary, meaning that it is not something that we need to have to survive. Collecting art abounds in good times, and slows down in bad times. So, artists, beware. A bad economy is the time to batten down the hatches and secure the ship. Make every minute count.
Artist survival depends on hard work, devotion, and excellence. This is not the time for frivolous, trite, poorly executed work. Collectors will be few, and the few who collect will continue to make purchases but with more care and discernment. Competition for those dollars will be fierce, and only the best quality works from dedicated, committed artists will prevail.
Heed my words, use caution when consigning works to galleries, because many businesses will collapse, close, or go bankrupt in a bad economy. Why does this matter, after all, the work belongs to you doesn’t it? Well, yes and no. In a case of a bankrupt gallery, a lein will be placed on all of the inventory in the shop and sold to help reduce debt. You, the artist, will not be the beneficiary of the sale. Be cautious when dealing with an unknown gallery. The best method to follow is to not leave any work on consignment ever. My theory is; if they can’t afford to buy inventory they shouldn’t be in business.
And, as I’ve said before, don’t start discounting and lowering your prices. You will only hurt your reputation. Soon no one will purchase from you unless the item is discounted. True collectors will not appreciate a free-for-all, helter skelter approach to pricing, for they are purchasing original paintings to acquire something of value with the hope that the work will appreciate in value in the future. As an investment.
If you are not well established and have a large following for your work my advice is to find a day job and paint on the side. Improve your skills, take classes, and get better. When the economy turns around you will be ready to enter the market with the best work possible. In the meanwhile treat this as an opportunity to learn and grow.
Gail Niebrugge, business and art
There is obviously a lot to know about this. I think you made some good points in Features also.
I’m learning more, and more each day. It is a challenge, no doubt. Gail