Just as is the case with pretty much every other industry that concerns talent management in some way, in the arts industry the talent usually doesn’t make the most money out of the successes which are clearly realised as a result of that talent. This paints somewhat of a bleak picture, doesn’t it? Excuse the pun…
All’s not lost however because just as is the case with all those other talent-management industries if you take a moment to acquaint yourself with the business side of the arts industry then you can earn your worth. In fact it’s now become a matter of mere survival – you’re almost required to be acquainted with the business side of the arts industry if you’re to make any money at all in this day and age.
It’s really no longer enough just to rely on your talent alone. Yes, there’s still very much a demand for the work you produce as an artists, such as the fact that original oil paintings by up-and-coming artists are still fetching some great prices, but if you rely on those sales then you’ll go very long periods in your life without any money to sustain yourself. What happens when nobody has enough money to buy your three latest masterpieces which you inevitably spent a lot of your time on?
What happens when the agreed upon standard 90 day invoice payment period is being dragged out and you’re just lingering, waiting for the buyer who secured the purchase of your latest piece to actually complete the payment?
Fortunately though you don’t have to leave that all up to the flow of the tide, so to say.
Making money in the arts industry requires you to get involved at all levels, from the creation of the artwork to the completion of its sale. It’s not at all difficult and it naturally starts with the deployment of your talent.
In this case it’ll be a case of “Those who can do teach as well” as opposed to honouring the age old cliché of “Those who can’t, teach”. Teach your techniques and try to derive some kind of income from that, but try to do so in a passive manner such as perhaps creating a training video, putting it into a paid membership site and then promoting that platform.
If you can get involved in the promotional side of things as well then you can extend your earnings by offering your promotion services to other artists, otherwise getting involved in the manufacturing and supply of the materials artists use makes for another great way to make money in the industry. It wouldn’t be a bad idea at all to perhaps make use of payday loans in order to maybe book out a venue wherein you plan to exhibit the pieces of all the artists in your established network.
Business as usual would prevail as far as that goes, which includes charging commission for each sale made as the gallery’s fee, etc.
It definitely has to go beyond just creating the artwork these days.