making a business of your art april 09

all content copyright of Padraig McCaul 2009

Making a Business of your ArtMaking a Business of your Art

April 2009April 2009

Speaker: Padraig McCaulSpeaker: Padraig McCaul


Padraig McCaul – a brief introductionPadraig McCaul – a brief introduction

20 years in the Creative Arts 20 years in the Creative Arts Multimedia Software Development (10 years in Games and Education)Multimedia Software Development (10 years in Games and Education) Music Industry (15 years with The Harvest Ministers)Music Industry (15 years with The Harvest Ministers)

4 Albums, International releases and critical acclaim (but few 4 Albums, International releases and critical acclaim (but few sales)sales)

Professional Visual Artist – 5 yearsProfessional Visual Artist – 5 years Education:Education:

NUI Maynooth: BA (Music and Philosophy)NUI Maynooth: BA (Music and Philosophy) ACCA Higher Diploma in Accounting and FinanceACCA Higher Diploma in Accounting and Finance Smurfit Business School – Higher Diploma in Technology ManagementSmurfit Business School – Higher Diploma in Technology Management Professional Development for Visual Artists (IADT)Professional Development for Visual Artists (IADT)

2004: Began exhibiting professionally2004: Began exhibiting professionally 2006: Became a full time artist2006: Became a full time artist

Making a Business out of your ArtMaking a Business out of your Art



AspirationsAspirations

Goals Goals

ObjectivesObjectives



Padraig – Padraig – Some Goals, Ambitions and AspirationsSome Goals, Ambitions and Aspirations To be respected as an artist of meritTo be respected as an artist of merit To be viewed as an important artist in the Irish To be viewed as an important artist in the Irish

landscape traditionlandscape tradition To make a good living from my art for myself and my To make a good living from my art for myself and my

familyfamily To be represented by a major gallery in Ireland *To be represented by a major gallery in Ireland * To be represented by a major gallery abroad To be represented by a major gallery abroad To create at least one iconic imageTo create at least one iconic image To produce 3 progressive paintings every yearTo produce 3 progressive paintings every year To only release work for sale that excites meTo only release work for sale that excites me


Making a Business of your ArtMaking a Business of your Art

Are we mad?Are we mad?


Approaching a career as a visual artistApproaching a career as a visual artistWhat does it take to build a successful career as an Artist?

A passion for what you are doing, a need to work as an artist.

You must have something special to offer, something different, something worth buying.

Self belief, a willingness to invest in yourself/your careerA Vision – where do you want to be in 1 year, in 5 years, in 10 years.

A willingness to accept that it won’t happen overnight. You cannot skip steps.

A business mind – or borrow someone else’s! If you want to make a living as a full time artist you must realise you are going into “business” and are setting up as a small business enterprise. Therefore you must be aware of what is involved.


Approaching a career as a visual artistApproaching a career as a visual artistArt as a Career: Some general perceptions:Art as a Career: Some general perceptions:

The Career Advisor (ie friends, family, your inner self) – The Career Advisor (ie friends, family, your inner self) – ““Isn’t it great you have talent, but you couldn’t possibly make a Isn’t it great you have talent, but you couldn’t possibly make a

living out of it!”living out of it!”

The Art College lecturer – The Art College lecturer – ““It isn’t feasible to expect to be able to make a living from It isn’t feasible to expect to be able to make a living from

selling art .”selling art .”

The Artist – The Artist – ““I’m an artist, I don’t need to know about business, and if I do I’m an artist, I don’t need to know about business, and if I do

then I’ll let someone else look after that for me”.then I’ll let someone else look after that for me”.

““I can only make a living from my art with the support of I can only make a living from my art with the support of funding from the Arts Council and the local arts offices.”funding from the Arts Council and the local arts offices.”


Two Career Strategies:Two Career Strategies:

1.1. The Traditional ApproachThe Traditional Approach Art CollegeArt College Final year exhibitionFinal year exhibitionPlay the “Art Lottery”:Play the “Art Lottery”: Submit proposals, apply to Public exhibition spaces,Submit proposals, apply to Public exhibition spaces, Apply for funding, bursaries etc Apply for funding, bursaries etc Enter CompetitionsEnter Competitions Blindly Solicit Commercial Gallery representationBlindly Solicit Commercial Gallery representation Your career is being determined by committeesYour career is being determined by committees

Top ~ 5% are chosen and make the first rung of the ladderTop ~ 5% are chosen and make the first rung of the ladder Not everyone can be a Not everyone can be a Donald Teskey Donald Teskey (but we might aspire to (but we might aspire to

be)be) What about the other 95% ? What about the other 95% ?

Fosters a sense of dependence on the established arts support Fosters a sense of dependence on the established arts support network: e.g arts council funding, public gallery spaces, etcnetwork: e.g arts council funding, public gallery spaces, etc


Two Career Strategies:Two Career Strategies:

2. The Small Business approach2. The Small Business approach

You take initiative, put yourself in the public eye, rather than You take initiative, put yourself in the public eye, rather than waiting for people to come to youwaiting for people to come to you

You manage and control all aspects of your careerYou manage and control all aspects of your career You choose which galleries to work with and how you want You choose which galleries to work with and how you want

to promote and sell your workto promote and sell your work Build and manage your own client listBuild and manage your own client list Create a professional presentation packageCreate a professional presentation package Funding is only looked on as a bonus if you can get itFunding is only looked on as a bonus if you can get it

You cannot build a viable business on “ad hoc” funding You cannot build a viable business on “ad hoc” funding possibilitiespossibilities

Commercialising your art does not demean itCommercialising your art does not demean it

More viable now because of the huge changes in the Irish Art Market & More viable now because of the huge changes in the Irish Art Market & Marketplace over the past 20 years Marketplace over the past 20 years

…………let’s look at these now let’s look at these now


The Irish Market and How it has The Irish Market and How it has EvolvedEvolved

Some questions we should be asking about our market……Some questions we should be asking about our market……

How big is the market?How big is the market?What is selling?What is selling?Who is buying Art?Who is buying Art?Who is selling Art?Who is selling Art?Who are your competition?Who are your competition?Is the market growing or retracting?Is the market growing or retracting?Is there room for one more Artist?Is there room for one more Artist?

h



Some questions we should be asking about our market……Some questions we should be asking about our market……

How big is the market?How big is the market?What is selling?What is selling?Who is buying Art?Who is buying Art?Who is selling Art?Who is selling Art?Who are your competition?Who are your competition?Is the market growing or retracting?Is the market growing or retracting?Is there room for one more Artist?Is there room for one more Artist?

We need to understand the market we are We need to understand the market we are hoping to work in..hoping to work in..


Irish Arts Review – 2004Irish Arts Review – 2004 Huge change over last 20 years – home and abroadHuge change over last 20 years – home and abroad

In 1984 the market was concentrated on quality works by established In 1984 the market was concentrated on quality works by established artists with a distinct focus on work from the pre-1940 era and artists with a distinct focus on work from the pre-1940 era and predominantly representational in nature, whereas in 2004 the range of predominantly representational in nature, whereas in 2004 the range of contemporary work on offer has increased to meet a strong current contemporary work on offer has increased to meet a strong current demand. demand.

Over the past decade many new galleries have opened throughout the Over the past decade many new galleries have opened throughout the country and young talent has been greatly encouraged through sales of country and young talent has been greatly encouraged through sales of their work. Interest in Irish art has never been stronger, but the difference their work. Interest in Irish art has never been stronger, but the difference today is that more abstract art is being produced and successfully sold.today is that more abstract art is being produced and successfully sold.

Nevertheless, representational art still holds top place in Ireland,Nevertheless, representational art still holds top place in Ireland, but the but the scene is definitely changing. With increased education and travel the scene is definitely changing. With increased education and travel the mindset of Irish collectors is being influenced by international art trendsmindset of Irish collectors is being influenced by international art trends




2007 Auctions80% of prices were under €500050% of prices were under €1000

- Dealer/Gallery Vs Auction is typically 50:50- Dealer/Gallery Vs Auction is typically 50:50

What does it tell us about the Irish art buyer?


From Piat D’Or and Blue Nun in the 1980sFrom Piat D’Or and Blue Nun in the 1980s

to to

Pinot Noir and Sancerre in the 2008Pinot Noir and Sancerre in the 2008

Placing the Irish Art Market in ContextPlacing the Irish Art Market in Context


Wine in Ireland – A market is bornWine in Ireland – A market is born19901990 28% of consumers drank wine28% of consumers drank wine 3.7 litres per head of population 3.7 litres per head of population 20072007 53% of consumers drank wine53% of consumers drank wine 18 litres per head of population 18 litres per head of population

Why?Why?- Increased awareness and education- Increased awareness and education- Increased spending power (the Celtic Tiger) - Increased spending power (the Celtic Tiger) - More exposure to a wider range of wines - More exposure to a wider range of wines - Attendance at wine classes is highest in Europe- Attendance at wine classes is highest in Europe- As the market grew, more specialist wine shops opened, more general - As the market grew, more specialist wine shops opened, more general outlets began selling wine - all increasing consumer awarenessoutlets began selling wine - all increasing consumer awareness

A similar explosion in awareness and education has taken place in the art A similar explosion in awareness and education has taken place in the art world… world…

Placing the Irish Art Market in Placing the Irish Art Market in

ContextContext


Comparisons with the Art Market:Comparisons with the Art Market:

- Increased awareness and education: - Increased awareness and education:

- Increased spending power (the Celtic Tiger) - Increased spending power (the Celtic Tiger)

- More exposure to a wider range of wines - More exposure to a wider range of wines

- Attendance at wine classes is highest in Europe- Attendance at wine classes is highest in Europe

- As the market grew, more specialist wine shops opened, more general - As the market grew, more specialist wine shops opened, more general outlets began selling wine - all increasing consumer awarenessoutlets began selling wine - all increasing consumer awareness

Placing the Irish Art Market in ContextPlacing the Irish Art Market in Context


One of the most significant development in the growth of the Irish Art Market over the past 10 years, apart from the internet, has been the Art Ireland art fairs.

Art Ireland: RDS Dublin

Exhibitors Visitors 2000 60 4000

↓ 2007 200 13,000

Other information:1 Most Art Ireland visitors have purchased art at Art Ireland in the past2. Most Art Ireland visitors come because someone invited them - the press and radio ads really just reminded them to come.

The Art Fairs have been instrumental in helping create a new marketplace for art in Ireland

The Irish Market and How it has EvolvedThe Irish Market and How it has Evolved


The Art MarketplaceThe Art Marketplace What is it?What is it?

Public Galleries/SpacesPublic Galleries/Spaces Commercial Galleries – many typesCommercial Galleries – many types Art FairsArt Fairs Art FestivalsArt Festivals InternetInternet Cafes, HotelsCafes, Hotels Outdoor eventsOutdoor events Private viewingsPrivate viewings Open studio showsOpen studio shows CompetitionsCompetitions Open SubmissionsOpen Submissions etcetc

The Art MarketplaceThe Art Marketplace


?

Where do you begin?Where do you begin?


What type of outlet What type of outlet suits your work?suits your work?

What colour is your What colour is your work?work?


Navigating the market placeNavigating the market place


Once you know Once you know what you are what you are producing and who producing and who you want to reach you want to reach the choices become the choices become clearerclearer

GOAL


Navigating the Market: Some questions to Navigating the Market: Some questions to consider…….consider…….

What is your “product”? What is your “product”? What are you producing?What are you producing?

Are you making “pictures” or “statements”Are you making “pictures” or “statements” In what art context do you see your work operating? In what art context do you see your work operating? Can you identify a historical and contemporaryCan you identify a historical and contemporary context for your work? context for your work?

Is your work identifiable as “your work”?Is your work identifiable as “your work”? Do you have an identifiable style?Do you have an identifiable style? Is it important to your practice to have a clearly recognisable or Is it important to your practice to have a clearly recognisable or

consistent style?consistent style?

Who is it for?Who is it for? Who is your work aimed at? Who are your audience? Other artists? Who is your work aimed at? Who are your audience? Other artists?

The art establishment? Buying customers?The art establishment? Buying customers? Who are your customers?Who are your customers? Who do you want your customers to be?Who do you want your customers to be?


How do you plan to reach your customers?How do you plan to reach your customers? Public galleriesPublic galleries Commercial galleriesCommercial galleries Direct selling – art fairs, festivalsDirect selling – art fairs, festivals Online Online

What do you have to offer a gallery?What do you have to offer a gallery? Why should a gallery – commercial or public – show your work?Why should a gallery – commercial or public – show your work? Can you say clearly why your work will fit into their plans? or Can you say clearly why your work will fit into their plans? or

complement their other artists?complement their other artists?

Navigating the Market: Some questions to Navigating the Market: Some questions to consider…….consider…….


Navigating the Market: Some questions to consider…….Navigating the Market: Some questions to consider…….

Identifying the right space for your work…Identifying the right space for your work…

Research as much as possibleResearch as much as possible Consider the artists already represented by a particular Consider the artists already represented by a particular

gallerygallery Be realisticBe realistic Don’t make a decision based on financial gain aloneDon’t make a decision based on financial gain alone Try to make your decisions based on the medium/long Try to make your decisions based on the medium/long

term benefits rather than purely short term gainterm benefits rather than purely short term gain


The New Art MarketplaceThe New Art Marketplace

The greater your understanding of the Irish The greater your understanding of the Irish marketplace the better your chances of marketplace the better your chances of

navigating it successfullynavigating it successfully


The Irish Art Marketplace – An Overview

ProgressionProgression Direct Selling Direct Selling OpportunitiesOpportunities

CommercialCommercialGalleries/SpacesGalleries/Spaces

Public Public Galleries/SpacesGalleries/Spaces

Major Major (International)(International)

Major Art AuctionsMajor Art AuctionsInternational Art FairsInternational Art FairsRented Gallery SpaceRented Gallery Space

Galleries of International Standing, Galleries of International Standing, Actively promotes their artists Actively promotes their artists nationally and abroad.nationally and abroad.E.gE.g

-RubiconRubicon-Taylor Galleries Taylor Galleries -Blue Leaf *Blue Leaf *-etcetc

IMMAIMMANational Gallery of IrelandNational Gallery of Ireland

Mid Level Mid Level (National)(National)

Consumer Art FairsConsumer Art FairsArts FestivalsArts FestivalsRented Gallery SpaceRented Gallery SpaceExhibiting Societies (National)Exhibiting Societies (National)Irish Art AuctionsIrish Art AuctionsThe InternetThe Internet

Galleries of National Standing; Actively Galleries of National Standing; Actively promoting their artists in Irelandpromoting their artists in IrelandE.gE.g- HallwardHallward- GormleysGormleys- OrielOriel- Sol ArtSol Art- Nora Dunne Gallery ?Nora Dunne Gallery ?

RHARHACorporate Collections (AIB, BOI)Corporate Collections (AIB, BOI)OPW collectionOPW collection

Competitions:Competitions:RHA Annual Open SubmissionRHA Annual Open SubmissionEV+AEV+ACrawford OpenCrawford OpenWexford Plein Air FestivalWexford Plein Air Festival

Small (Local)Small (Local) Studio SalesStudio SalesStudio Open DaysStudio Open DaysCharity eventsCharity eventsThe “Railings” (Art on the The “Railings” (Art on the Green)Green)Exhibiting Societies (Local)Exhibiting Societies (Local)MarketsMarkets

““New Market” Galleries New Market” Galleries Small Local Galleries (Seasonal)Small Local Galleries (Seasonal)Boutique Galleries (Crafts, Gifts)Boutique Galleries (Crafts, Gifts)Framing GalleriesFraming GalleriesCafes, Hotels Foyers, Public Parks & Cafes, Hotels Foyers, Public Parks & MarketsMarkets

The MermaidThe MermaidSignal Arts Signal Arts etcetcPercent for Art SchemePercent for Art Scheme

Competitions:Competitions:County Arts Office CompetitionsCounty Arts Office Competitions


A Case StudyA Case Study

From the “Railings” to Full-time career in From the “Railings” to Full-time career in 3 years3 years


A quick overview of the fundamentals…A quick overview of the fundamentals… Market Research:Market Research:

The Irish Art Market: The Irish Art Market: The New Art Marketplace The New Art Marketplace

A Business Plan:A Business Plan: Goals & ObjectivesGoals & Objectives Marketing PlanMarketing Plan

ProductProduct Place Place PricePrice

Business Projections and Funding Business Projections and Funding Professional Presentation (website, artist statement, CV, etc)Professional Presentation (website, artist statement, CV, etc) Growing the business – how do you plan to grow and expand the Growing the business – how do you plan to grow and expand the

business over timebusiness over time Support NetworksSupport Networks Tax and Legal requirementsTax and Legal requirementsRecord Keeping:Record Keeping:

Client Lists, Master Inventory List, Income and Expenditure Client Lists, Master Inventory List, Income and Expenditure


Making a Business out of your Making a Business out of your ArtArt

2004 – Becoming an “Artist” 2004 – Becoming an “Artist”

Testing the Market...For €25Testing the Market...For €25

My WorkMy Work

““Art on the Green” Art on the Green”

First sale - €350 First sale - €350 (Pricing)(Pricing)

Art Ireland, RDS Art Ireland, RDS

40 contact details 40 contact details (Your Market)(Your Market)

Website & business cards Website & business cards (Presentation)(Presentation)

Created initial cashflows Created initial cashflows (Projections)(Projections) Real revenue onlyReal revenue only No “Lottery” funding (bursaries etc)No “Lottery” funding (bursaries etc)

Average sale price: €300Average sale price: €300


Professional PresentationProfessional Presentation Artist StatementArtist Statement CV & BiographyCV & Biography WebsiteWebsite

Build your own?Build your own? Use a service provider?Use a service provider?

www.saatchi-gallery.co.ukwww.saatchi-gallery.co.uk - FREE - FREE www.otherpeoplespixels.comwww.otherpeoplespixels.com - $160 - $160 www.digiweb.iewww.digiweb.ie - €150 - €150 www.foliolink.comwww.foliolink.com - $250 + $150 setup - $250 + $150 setup

Business CardsBusiness Cards Introduction Post CardsIntroduction Post Cards


Making Some Financial Making Some Financial Projections…Projections…

There are 4 key figures you need to be aware of:There are 4 key figures you need to be aware of: (sample figures have been added for example purposes)(sample figures have been added for example purposes)

1. Percentage of paintings sold per show/year = 50% 1. Percentage of paintings sold per show/year = 50% (so if you sell 10, it means you had to produce 20)(so if you sell 10, it means you had to produce 20)

2. Average sale price = 2. Average sale price = €500€5003. Average cost per painting = 3. Average cost per painting = €100€100 (Including (Including Frame. Materials & Studio)Frame. Materials & Studio)4. Average commission = 4. Average commission = 30%30% (between gallery commission (between gallery commission and Art Fair costs)and Art Fair costs)

==


Making Some Financial Projections…Making Some Financial Projections…So, If you sell So, If you sell 10 10 paintings:paintings:

Sales = 10 x €500 Sales = 10 x €500 €5,000€5,000Less commission @ 30%Less commission @ 30% €1,500€1,500

*Less costs = 20 x €100 *Less costs = 20 x €100 €2,000€2,000ProfitProfit €1,500€1,500

So, If you sell So, If you sell 100100 paintings: paintings:Sales = 100 x €500 Sales = 100 x €500 €50,000€50,000

Less commission @ 30%Less commission @ 30% €15,000€15,000 *Less costs = 200 x €100 *Less costs = 200 x €100 €20,000€20,000

ProfitProfit €15,000€15,000


Making Some Projections….ContdMaking Some Projections….Contd What happens if we increase our average selling price?What happens if we increase our average selling price?

So, If you sell 10So, If you sell 10 paintings:paintings:Sales = 10 x Sales = 10 x €800€800 €8,000€8,000Less commission @ 30%Less commission @ 30% €2,400€2,400


So, If you sell 100 paintings:So, If you sell 100 paintings:Sales = 100 x Sales = 100 x €800€800 €80,000€80,000 Less commission @ 30%Less commission @ 30% €24,000€24,000



Making a Business out of your ArtMaking a Business out of your Art2005 - Establishing a foothold….2005 - Establishing a foothold….


Western Light Gallery, AchillWestern Light Gallery, Achill

Production PlanningProduction Planning FramingFraming MaterialsMaterials Invite CardsInvite Cards Master Inventory ListMaster Inventory List

70 contact details70 contact details

Website MaintenanceWebsite Maintenance

Identified new revenue streams Identified new revenue streams (Growing the Business)(Growing the Business) Giclee PrintsGiclee Prints LicensingLicensing

Updated cashflow projectionsUpdated cashflow projections

Average sale price: €400Average sale price: €400


Growing the Business: Giclee PrintsGrowing the Business: Giclee Prints Copyright Copyright

Copyright of a visual work always remains with the artist, even if Copyright of a visual work always remains with the artist, even if the original painting is soldthe original painting is sold

Professional etiquetteProfessional etiquette Production Costs Production Costs

Master image cost - €150 to €200Master image cost - €150 to €200 Individual prints - €15 to €50 and aboveIndividual prints - €15 to €50 and above

Limited editions or multiple prints?Limited editions or multiple prints? What size? Multiple sizes?What size? Multiple sizes? How many per edition?How many per edition? How will you present them?How will you present them? Where/how do you plan to sell themWhere/how do you plan to sell them How do you choose which painting to print?How do you choose which painting to print?


Growing the Business: LicensingGrowing the Business: Licensing Prints, Post Cards, Table Mats, Mugs….Prints, Post Cards, Table Mats, Mugs…. Licensing Fees and RoyaltiesLicensing Fees and Royalties

5% to 10% of wholesale price5% to 10% of wholesale price 5% of €10 = .50 cent5% of €10 = .50 cent Sell 100 prints = €50Sell 100 prints = €50 What are your costs? Professional quality imagesWhat are your costs? Professional quality images

Limited editions or multiple prints?Limited editions or multiple prints? Licensing ContractLicensing Contract

What type of product/use does the contract coverWhat type of product/use does the contract cover DurationDuration TerritorityTerritority

How will you present/package them?How will you present/package them? Where/how do you plan to sell themWhere/how do you plan to sell them How do you choose which painting to print?How do you choose which painting to print?


Growing the Business: Contd..Growing the Business: Contd.. Painting WorkshopsPainting Workshops Painting DemonstrationsPainting Demonstrations Part Time TeachingPart Time Teaching Gift VouchersGift Vouchers ““50% Off” 50% Off”


Making a Business out of your ArtMaking a Business out of your Art2006 – Part Time Artist, 12006 – Part Time Artist, 1stst Solo show Solo show


Western Light Gallery, AchillWestern Light Gallery, Achill Hungry Hill Gallery, Cork (Solo Show)Hungry Hill Gallery, Cork (Solo Show)


Website MaintenanceWebsite Maintenance

Average price: €600Average price: €600

Introduced Limited Edition Giclee PrintsIntroduced Limited Edition Giclee Prints

Updated Cashflow projections incl. shortfall funding requirementsUpdated Cashflow projections incl. shortfall funding requirements

Created projected Profit & LossCreated projected Profit & Loss Tax:Tax: Artist Exemption, PRSI, VAT Artist Exemption, PRSI, VAT Registered as self employedRegistered as self employed

November: Became a full-time ArtistNovember: Became a full-time Artist


Tax:Tax: Artist Tax ExemptionArtist Tax Exemption

Artists pay no tax on original paintings and limited Artists pay no tax on original paintings and limited edition printsedition prints

VAT – You must charge for and collect VAT at 13% VAT – You must charge for and collect VAT at 13% on all artist commission and direct sales, once on all artist commission and direct sales, once turnover reaches €57,000turnover reaches €57,000

PRSI – Payable on your net earnings as an artistPRSI – Payable on your net earnings as an artist

1% Levy (2009) due on all income1% Levy (2009) due on all income


Making a Business out of your ArtMaking a Business out of your Art2007 – Full Time Artist2007 – Full Time Artist

Art Ireland, RDS Art Ireland, RDS Art Ireland Spring Show, RDS Art Ireland Spring Show, RDS

Western Light Gallery, AchillWestern Light Gallery, Achill Hungry Hill Gallery, Cork (Solo Show)Hungry Hill Gallery, Cork (Solo Show) Lahinch Art Gallery, Clare (Solo Show)Lahinch Art Gallery, Clare (Solo Show) Bad Art Gallery,DublinBad Art Gallery,Dublin Blue Loft, DublinBlue Loft, Dublin ScotlandArt.comScotlandArt.com


Support networksSupport networks

New Revenue StreamsNew Revenue Streams WorkshopsWorkshops New Limited Edition PrintsNew Limited Edition Prints Art Ireland Spring ShowArt Ireland Spring Show



Support Networks:Support Networks: Emotional – family, friends, colleaguesEmotional – family, friends, colleagues

Professional Professional Artist Studios / Fellow artists Artist Studios / Fellow artists galleriesgalleries arts offices arts offices Visual Arts Ireland - Visual Arts Ireland - www.visualartists.iewww.visualartists.ie Artlinks – Artlinks – www.artlinks.iewww.artlinks.ie www.padraigmccaul.iewww.padraigmccaul.ie – Resource Page – Resource Page

FinancialFinancial BanksBanks Credit UnionsCredit Unions Public FundingPublic Funding Personal SavingsPersonal Savings


Making a Business out of your Art Making a Business out of your Art 2008 to 2009 – Growing the business2008 to 2009 – Growing the business

Art Ireland, RDS Art Ireland, RDS Art Ireland Spring Show, RDS Art Ireland Spring Show, RDS Cork Art Fair / Wexford Opera FestivalCork Art Fair / Wexford Opera Festival

4 main galleries (Gallery Artist)4 main galleries (Gallery Artist) 4 secondary galleries (Annual Group shows)4 secondary galleries (Annual Group shows) 2 UK Galleries2 UK Galleries US online gallery ?US online gallery ? Dublin Solo Show (building profile)Dublin Solo Show (building profile)

Art Gift VouchersArt Gift Vouchers Limited Edition PrintsLimited Edition Prints Licensing AgreementLicensing Agreement Painting WorkshopsPainting Workshops 300 contact details300 contact details




2009 – Working through a recession 2009 – Working through a recession

Maintaining good relationships is criticalMaintaining good relationships is critical ClientsClients GalleriesGalleries Support networksSupport networks

Be price aware, and flexible Be price aware, and flexible But beware of short term gainsBut beware of short term gains Make the best work you canMake the best work you can Don’t cut corners, present yourself and your Don’t cut corners, present yourself and your

work in the best light possiblework in the best light possible Look for new outlets and opportunitiesLook for new outlets and opportunities Nurture your “Brand”Nurture your “Brand”


SUMMARY SUMMARY Building a career is a slow, slow processBuilding a career is a slow, slow process Identify your Goals – personal, financial and artisticIdentify your Goals – personal, financial and artistic Know what it is you are making, your product.Know what it is you are making, your product. Getting the price right, how do you put a price on your art?Getting the price right, how do you put a price on your art? Identify your market and your potential customers.Identify your market and your potential customers.

The traditional buyer and art market placeThe traditional buyer and art market place The new art buyerThe new art buyer The new art market placeThe new art market place

How do you reach your customers – what are the most How do you reach your customers – what are the most suitable distribution outlets (Galleries, Art Fairs, Museums, suitable distribution outlets (Galleries, Art Fairs, Museums, Restaurants, Websites etc?)Restaurants, Websites etc?)

Choosing your galleries to match your potential customers.Choosing your galleries to match your potential customers. How can you grow your customer base?How can you grow your customer base? How can you get feedback from your market, in order to How can you get feedback from your market, in order to

drive your strategy and business?drive your strategy and business?


Pricing Your Work – an example Pricing Your Work – an example assumes zero inflationassumes zero inflation assumes you will sell 50 paintings each yearassumes you will sell 50 paintings each year assumes you will sell through a gallery at 50% commissionassumes you will sell through a gallery at 50% commission

Direct CostsDirect Costs Year 1 Year 2Year 1 Year 2 Year 3Year 3 Materials (Canvas, Paints etc) 25Materials (Canvas, Paints etc) 25 25 25 25 25 FramesFrames 75 75 75 7575 75 Studio * Studio * 50 50 50 5050 50 Your TimeYour Time ? ? ? ? ? ? Artistic Merit of the PaintingArtistic Merit of the Painting ** 50 ** 50 100 200100 200

total coststotal costs 200 200 250 250 350350

Minimum Selling Price = 400 500 700 Minimum Selling Price = 400 500 700 (i.e gallery will take 50%)(i.e gallery will take 50%)

After 1 year: 50 paintings @ 200 = €10,000After 1 year: 50 paintings @ 200 = €10,000After 3 years: 50 paintings @ 350 = €17,500After 3 years: 50 paintings @ 350 = €17,500* Note 1: Studio = €200 a year = €2400/50 paintings = 48 (rounded up to 50)* Note 1: Studio = €200 a year = €2400/50 paintings = 48 (rounded up to 50)* * Note 2: Artistic Merit or your time? = the market ultimately decides* * Note 2: Artistic Merit or your time? = the market ultimately decides

PricingPricing

making a business of your art april 09

Entertainment & Humor