The Business of Contemporary Art: How to make money with art: a blog about the financial side of today’s contemporary art industry. Financial Times : FT online
“Nonsense,” you mutter to yourself. “Contemporary art has no financial side. Who makes money from contemporary art? Nobody, that’s who.”
If you think that, you are probably right. But there is a business in contemporary art: people make money from it in several different ways, and more importantly people lost a lot of money by investing in contemporary art. (In fact, they lost more money than they made.)
This blog is about how to make money from contemporary art. It is not about how to invest in contemporary art, or how to be a better collector of contemporary art, or even how to be an artist who makes more money from their work. But those are interesting questions too. They just aren’t the ones I’m going to talk about here.
This blog will be mostly about the financial side of the business of contemporary art: the day-to-day decisions involved in running a gallery or a dealer’s business and making decisions about what kinds of artists/work to show and sell; and also making decisions as an artist or collector about what kinds of financial risks to take on and which not to take on; and also advice on other things like where to store your artwork, how much to insure it for, etc.;
This is a blog that is dedicated to providing information concerning the financial side of Contemporary Art. The goal of this site is to fill in some of the gaps left by other resources. There are no secrets here, only some basic business concepts.
There has been a recent trend for artists to hire accountants and attempt to earn a living from their art. However, it has become increasingly difficult for artists to make a living from their work. Many galleries have gone out of business in the last 5 years and many museums have closed or are struggling financially.
This site will provide information about how the financial industry works, such as:
-How do you set up a business
-What does an accountant do
-What does an appraiser do
-How do you become a dealer, gallery director or curator
-What is insurance
-How much do dealers, gallerists and curators make
It’s not easy to make money with contemporary art:
You need to know the artists, their prices, and the trends of the market. You will also need fashion sense and contacts within the industry to help you get your works sold at a good price. The art market is very competitive, but there are still ways to make a profit. You can sell prints or original works onto other collectors, or you can sell your works online through an auction site such as eBay.
This blog is dedicated to discussing all the latest news about how you can make money with contemporary art. We will keep our readers informed about artist movement and popularity, as well as trends on financial investments in the art world. By following this blog and by reading other online resources you should be able to learn more about how you can turn your love for art into profit.
Our goal with contemporaryartdaily.com is to provide a public forum where industry practices and financial issues can be openly discussed. To be sure, the best place to find out about relevant issues within the industry is by meeting people face-to-face and chatting about what’s happening in the market. However, there is a need for an online resource that can be referred to in between these times and which will help bring clarity to the complex network of processes that are involved in the contemporary art market.
The website aims to provide both individuals and institutions with relevant information about how the industry works and how it may be possible for them to maximize their returns from this area of investment or cultural practice. The website will cover key areas such as contemporary art fairs, key artists, recent auctions, galleries, private sales, valuations, finance and investment opportunities and will also include articles on other related topics.
The vast world of contemporary art is an exciting place for the collector. Collectors have always enjoyed the thrill of the chase, even if few still rely on their own abilities to track down artworks in the same way they would acquire a new car or a house. The lure of the hunt remains and modern collectors use many different tactics to find fresh talent, which is why art auctions are now so popular.
The development of online galleries has also broadened the scope and increased the speed of collecting. Auctions are still very popular with online collectors because they offer a good mix of choice and competition, but many new collectors prefer to buy contemporary art directly from galleries.
What makes this actually work? How can you ensure that your money will be well spent? Which contemporary artists offer value for money? How do you make your investment pay off? What is the true cost of owning a contemporary piece of art? These are just some of the questions that need to be considered when you invest in contemporary art, as we shall explore here.
This blog aims to help answer these questions by providing a forum where collectors, owners and investors can ask questions and share their experiences.*^~\index{Link}\index{Link}\index{Link}\index{Link}*~^
In short, the contemporary art market is not just a reflection of the contemporary art world. It is also a part of it; and if you want to understand the contemporary art world then you must understand this market, too.
