THE ART BUSINESS IN AMERICA

December 28th 2019 at 8:30pm Published by firstdownadmin

Art and business have long been intertwined. But now that technology has put so many tools into the hands of would-be entrepreneurs and the internet has opened up giant markets to artists who would before have struggled to find exposure, that relationship is more dynamic than ever. Sketch artists or painters find new ways to apply her skills to the business world, and fashion designers reach out to networks of customers through social media, opportunities abound.

In today’s world, we know that art can be a major economic force, yet we continue to question the worth of it. It has historically been seen as accessible only to the elite class. Today, it has transcended into everyone’s daily lives, stopping us in our fast-track lives to appreciate the beauty that surrounds us and at times, enhancing the way we think and behave. It adds that punch of colour, uplifting the space to compliment the surroundings. This need of Art is the day to day life has made it into a full blown business. Gone are the days when it was not considered a medium for business and only had an intellectual value. 

The art market is a marketplace of buyers and sellers trading in the services, articles, and works-of-art and culture commonly associated with the various arts. The global art market was valued at almost 64 billion U.S. dollars in 2017, up from almost 57 billion the previous year.

California is #1 in the artist community… with Los Angeles and San Francisco boasting the highest percentages of artists in their workforces, according to the NEA’s city-to-city comparison. Artists make up 4.86 percent of the Los Angeles workforce and 4.3 percent of San Francisco’s. The third-ranked city? That would be Santa Fe, New Mexico, with artists making up 4 percent of all workers.  New York City is home to more artists than any other U.S. city, with 140,915 people engaged in artistic professions, but with a workforce of 4.1 million people, that’s only 3.4 percent of its total workforce. In fact, New York City has only a slightly higher percentage of working artists per capita than Washington, D.C., where artists make up 3.1 percent of the workforce.

Design is the most common artistic profession in the United States, with a whopping 39 percent of artists in the workforce classifying themselves as designers. Photography and directing/producing are the least popular artistic professions, with both categories claiming only 7 percent of total artists in the workforce.

Washington, D.C. has the highest-paid artists in the country, with one in 10 making more than $125,000 a year. California ranks second, with just under 10 percent of its artists breaking the $125,000 mark. D.C. is also the only region that reported more high earners than low earners: There are more artists making more than $125,000 a year in D.C. than artists making less than $15,000. Contrast that statistic with the numbers in New Mexico, Idaho or Mississippi, where one in three artists make less than $15,000 a year.

Tips for Creating a Successful Business from Your Art

1. Create great work. This is where it all starts. 
2. Get to know your target market. 
3. Get to know your marketplace. 
4. Develop a simple business plan. 
5. Regularly review your business plan. 
6. Create fans by creating opportunities. 
7. 7. Make it easy for your fans to “connect” with you. 
8. Wait for “connections” to turn into customers.

Looking for financing to grow your art business?  contact First Down Funding for all funding options.