Artists, collectors, and people interested in art often ask me for good venues to learn more about art business and the art market. There are so many great publications and blogs to follow it can be tough to keep up. So, I will be putting together a curated reading list each month to help highlight some of the key stories related to the business of making and selling fine art. This month's listing includes stories on the financial perils of being an artist and insights into the auction and gallery business. I hope you might keep an eye out at the end of each month as I share must-read articles to keep you apprised of the goings on in the art world.
- Advice for Artists on How to Make a Living—When Selling Art Doesn’t Pay the Bills
by Carroll Michels via Artsy (June 25)
In this excerpt from her popular book How to Survive and Prosper as an Artist, Seventh Edition, published recently as an editorial on Artsy, Michels expertly outlines different career options for artists to help supplement their creative work. The majority of working artists do not make their entire living from their work, so this is especially timely and helpful.
Artists Support Themselves Through Freelance Work and Don’t Find Galleries Especially Helpful, New Study Says by Benjamin Sutton via Hyperallergic (June 14)
Benjamin Sutton does a great job in this article of breaking down a recent study from the Creative Independent on how artists support themselves. The findings are quite interesting, if not totally surprising. One important note I do not think Sutton mentions though, is that the majority of respondents to the survey were younger artists in the early part of their career. This likely influenced the results.
Cheim and Read, Storied New York Gallery, Will Close Its Chelsea Space After 21 Years and Transition to ‘Private Practice’ by Eileen Kinsella via artnet (June 28)
As shakeups in the commercial gallery market continue, news broke this week that New Yorks' Cheim and Read would close its Chelsea gallery space, move uptown, and shift to a private practice model. Kinsella's article provides some excellent background analysis on Cheim and Read, and gives some insights into the change, which is indicative of larger movements in the marketplace.
Why Guarantees Are Actually Good for the Art Market
by Doug Woodham via Artsy (June 28)
In this article, Doug Woodham does a wonderful job of explaining the sometimes obscure process by which major auction houses offer guarantees to consignors. He breaks down the issue giving some very interesting real world examples, highlighting the differences between house guarantees and third party guarantees. This is a useful piece to read for those interested in learning more about the functionality of the auction marketplace.
Meet the entrepreneurs catering to fresh crop of digitally-savvy art collectors
by Isabel Togoh via The Irish Independent (June 24)
This piece covers the incredible rise of Unit London, a gallery in London run by two entrepreneurs in their late 20's. Joe Kennedy and Jonny Burt founded their first space in 2013 and just this week moved into a new 6,000 square foot permanent home in London's Mayfair district. These young gallerists have built an international following for their artists and have utilized social media to make their gallery accessible to a broader range of potential collectors. They are a bright spot in the gallery market and their story provides some solid insights for other gallerists on how to do business.