by Carolyn Edlund
Selling art today is harder than it used to be. If you’ve felt that something has shifted in the art world, you’re not alone.
A recent industry report sheds light on the challenges that are facing galleries and artists these days. And rather than being temporary trends, they are signals that if ignored, could leave industry players behind.
Artsy Shark’s new video Why So Many Artists are Struggling to Sell Right Now explores five major shifts shaping the art world. These range from costs rising out of control to the changing behaviors of buyers. If you’re an artist trying to adjust your own approach to these changes, it’s crucial to stay informed.
Some key highlights from the video include:
Higher costs are placing galleries in a struggle for their very existence. The increase in operating costs has resulted in cutbacks on marketing and also laying off workers—primarily gallery assistants. How does this affect you as an artist? Galleries are now becoming more selective, since they cannot take chances on work that is unproven. Thus, you must be professional, organized, and proactive when partnering with a gallery.
Strategic discounting matters. Discounting is not always about desperation; it can be used as a calculated strategy. Most galleries don’t offer deep discounts, but may offer reduced pricing to reward loyalty or move older inventory. Artists should be aware of this, since you may be asked to partially bear the cost of a discount. Ideas to work around price cutting include offering bundled deals or free shipping. These can provide sales incentives while maintaining the art’s perceived value.
Collaborative representation is becoming more common. Rather than having exclusive arrangements with artists, more galleries are sharing, or “co-representing” to spread marketing costs while gain wider exposure.
Long-term relationships with galleries still matter most. If you are hoping to gain representation, make sure your pitch is top-notch, and understand the value of strong sales performance. Galleries are more likely to keep artists that have a solid sales history and are more likely to continue to sell to collectors.
Online marketplaces are outperforming large fairs. In-person art fairs are struggling at the same time that the proliferation of online galleries makes it easier to see and purchase art. Use of the online space is an essential tool for both galleries and artists to find new buyers.
These shifts are more than just challenges for anyone selling art, however. There are opportunities for those willing to adapt and take advantage of smart strategies.
Want to learn more? Click this link to watch the full video with all details, where we dive deeper into these trends and provide actionable advice to grow your art career and stay relevant in today’s market.
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