Making A Business Of Your Art April 09

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Making A Business Of Your Art April 09

  1. 1. Making a Business of your Art April 2009 Speaker: Padraig McCaul
  2. 2. <ul><li>Padraig McCaul – a brief introduction </li></ul><ul><ul><ul><li>20 years in the Creative Arts </li></ul></ul></ul><ul><ul><ul><ul><li>Multimedia Software Development (10 years in Games and Education) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Music Industry (15 years with The Harvest Ministers) </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>4 Albums, International releases and critical acclaim (but few sales) </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>Professional Visual Artist – 5 years </li></ul></ul></ul></ul><ul><ul><ul><li>Education: </li></ul></ul></ul><ul><ul><ul><ul><li>NUI Maynooth: BA (Music and Philosophy) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>ACCA Higher Diploma in Accounting and Finance </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Smurfit Business School – Higher Diploma in Technology Management </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Professional Development for Visual Artists (IADT) </li></ul></ul></ul></ul><ul><ul><ul><li>2004: Began exhibiting professionally </li></ul></ul></ul><ul><ul><ul><li>2006: Became a full time artist </li></ul></ul></ul>Making a Business out of your Art
  3. 3. Making a Business out of your Art <ul><li>Aspirations </li></ul><ul><li>Goals </li></ul><ul><li>Objectives </li></ul>
  4. 4. Making a Business out of your Art <ul><li>Padraig – Some Goals, Ambitions and Aspirations </li></ul><ul><ul><ul><li>To be respected as an artist of merit </li></ul></ul></ul><ul><ul><ul><li>To be viewed as an important artist in the Irish landscape tradition </li></ul></ul></ul><ul><ul><ul><li>To make a good living from my art for myself and my family </li></ul></ul></ul><ul><ul><ul><li>To be represented by a major gallery in Ireland * </li></ul></ul></ul><ul><ul><ul><li>To be represented by a major gallery abroad </li></ul></ul></ul><ul><ul><ul><li>To create at least one iconic image </li></ul></ul></ul><ul><ul><ul><li>To produce 3 progressive paintings every year </li></ul></ul></ul><ul><ul><ul><li>To only release work for sale that excites me </li></ul></ul></ul>
  5. 5. Making a Business of your Art <ul><li>Are we mad? </li></ul>
  6. 6. Approaching a career as a visual artist <ul><li>What does it take to build a successful career as an Artist? </li></ul><ul><ul><ul><li>A passion for what you are doing, a need to work as an artist. </li></ul></ul></ul><ul><ul><ul><li>You must have something special to offer, something different, something worth buying. </li></ul></ul></ul><ul><ul><ul><li>Self belief, a willingness to invest in yourself/your career </li></ul></ul></ul><ul><ul><ul><li>A Vision – where do you want to be in 1 year, in 5 years, in 10 years. </li></ul></ul></ul><ul><ul><ul><li>A willingness to accept that it won’t happen overnight. You cannot skip steps. </li></ul></ul></ul><ul><ul><ul><li>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. </li></ul></ul></ul>
  7. 7. Approaching a career as a visual artist <ul><li>Art as a Career: Some general perceptions: </li></ul><ul><li>The Career Advisor (ie friends, family, your inner self) – </li></ul><ul><ul><ul><li>“ Isn’t it great you have talent, but you couldn’t possibly make a living out of it!” </li></ul></ul></ul><ul><li>The Art College lecturer – </li></ul><ul><ul><ul><li>“ It isn’t feasible to expect to be able to make a living from selling art .” </li></ul></ul></ul><ul><li>The Artist – </li></ul><ul><ul><ul><li>“ 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”. </li></ul></ul></ul><ul><ul><ul><li>“ I can only make a living from my art with the support of funding from the Arts Council and the local arts offices.” </li></ul></ul></ul>
  8. 8. <ul><li>Two Career Strategies: </li></ul><ul><ul><li>The Traditional Approach </li></ul></ul><ul><ul><ul><li>Art College </li></ul></ul></ul><ul><ul><ul><li>Final year exhibition </li></ul></ul></ul><ul><ul><ul><li>Play the “Art Lottery”: </li></ul></ul></ul><ul><ul><ul><li>Submit proposals, apply to Public exhibition spaces, </li></ul></ul></ul><ul><ul><ul><li>Apply for funding, bursaries etc </li></ul></ul></ul><ul><ul><ul><li>Enter Competitions </li></ul></ul></ul><ul><ul><ul><li>Blindly Solicit Commercial Gallery representation </li></ul></ul></ul><ul><ul><ul><li>Your career is being determined by committees </li></ul></ul></ul><ul><ul><ul><li>Top ~ 5% are chosen and make the first rung of the ladder </li></ul></ul></ul><ul><ul><ul><li>Not everyone can be a Donald Teskey (but we might aspire to be) </li></ul></ul></ul><ul><ul><ul><li>What about the other 95% ? </li></ul></ul></ul><ul><ul><li>Fosters a sense of dependence on the established arts support network: e.g arts council funding, public gallery spaces, etc </li></ul></ul>
  9. 9. Two Career Strategies: <ul><ul><li>2. The Small Business approach </li></ul></ul><ul><ul><ul><li>You take initiative, put yourself in the public eye, rather than waiting for people to come to you </li></ul></ul></ul><ul><ul><ul><li>You manage and control all aspects of your career </li></ul></ul></ul><ul><ul><ul><li>You choose which galleries to work with and how you want to promote and sell your work </li></ul></ul></ul><ul><ul><ul><li>Build and manage your own client list </li></ul></ul></ul><ul><ul><ul><li>Create a professional presentation package </li></ul></ul></ul><ul><ul><ul><li>Funding is only looked on as a bonus if you can get it </li></ul></ul></ul><ul><ul><ul><ul><li>You cannot build a viable business on “ad hoc” funding possibilities </li></ul></ul></ul></ul><ul><ul><ul><li>Commercialising your art does not demean it </li></ul></ul></ul><ul><ul><li>More viable now because of the huge changes in the Irish Art Market & Marketplace over the past 20 years </li></ul></ul><ul><ul><li>…… let’s look at these now </li></ul></ul>
  10. 10. The Irish Market and How it has Evolved <ul><li>Some questions we should be asking about our market…… </li></ul><ul><li>How big is the market? </li></ul><ul><li>What is selling? </li></ul><ul><li>Who is buying Art? </li></ul><ul><li>Who is selling Art? </li></ul><ul><li>Who are your competition? </li></ul><ul><li>Is the market growing or retracting? </li></ul><ul><li>Is there room for one more Artist? </li></ul><ul><li>h </li></ul>
  11. 11. The Irish Market and How it has Evolved <ul><li>Some questions we should be asking about our market…… </li></ul><ul><li>How big is the market? </li></ul><ul><li>What is selling? </li></ul><ul><li>Who is buying Art? </li></ul><ul><li>Who is selling Art? </li></ul><ul><li>Who are your competition? </li></ul><ul><li>Is the market growing or retracting? </li></ul><ul><li>Is there room for one more Artist? </li></ul><ul><li>We need to understand the market we are </li></ul><ul><li>hoping to work in.. </li></ul>
  12. 12. <ul><li>Irish Arts Review – 2004 </li></ul><ul><li>Huge change over last 20 years – home and abroad </li></ul><ul><li>In 1984 the market was concentrated on quality works by established artists with a distinct focus on work from the pre-1940 era and predominantly representational in nature, whereas in 2004 the range of contemporary work on offer has increased to meet a strong current demand. </li></ul><ul><li>Over the past decade many new galleries have opened throughout the country and young talent has been greatly encouraged through sales of 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. </li></ul><ul><li>Nevertheless, representational art still holds top place in Ireland, but the scene is definitely changing. With increased education and travel the mindset of Irish collectors is being influenced by international art trends </li></ul>The Irish Market and How it has Evolved
  13. 13. The Irish Market and How it has Evolved
  14. 14. The Irish Market and How it has Evolved <ul><ul><ul><li>2007 Auctions </li></ul></ul></ul><ul><ul><ul><li>80% of prices were under €5000 </li></ul></ul></ul><ul><ul><ul><li>50% of prices were under €1000 </li></ul></ul></ul><ul><li>- Dealer/Gallery Vs Auction is typically 50:50 </li></ul><ul><ul><ul><li>What does it tell us about the Irish art buyer? </li></ul></ul></ul>
  15. 15. From Piat D’Or and Blue Nun in the 1980s to Pinot Noir and Sancerre in the 2008 Placing the Irish Art Market in Context
  16. 16. Wine in Ireland – A market is born 1990 28% of consumers drank wine 3.7 litres per head of population 2007 53% of consumers drank wine 18 litres per head of population Why? - Increased awareness and education - Increased spending power (the Celtic Tiger) - More exposure to a wider range of wines - Attendance at wine classes is highest in Europe - As the market grew, more specialist wine shops opened, more general outlets began selling wine - all increasing consumer awareness A similar explosion in awareness and education has taken place in the art world… Placing the Irish Art Market in Context
  17. 17. Comparisons with the Art Market: - Increased awareness and education: - Increased spending power (the Celtic Tiger) - More exposure to a wider range of wines - Attendance at wine classes is highest in Europe - As the market grew, more specialist wine shops opened, more general outlets began selling wine - all increasing consumer awareness Placing the Irish Art Market in Context
  18. 18. 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 past 2. 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 Evolved
  19. 19. The Art Marketplace <ul><li>What is it? </li></ul><ul><ul><li>Public Galleries/Spaces </li></ul></ul><ul><ul><li>Commercial Galleries – many types </li></ul></ul><ul><ul><li>Art Fairs </li></ul></ul><ul><ul><li>Art Festivals </li></ul></ul><ul><ul><li>Internet </li></ul></ul><ul><ul><li>Cafes, Hotels </li></ul></ul><ul><ul><li>Outdoor events </li></ul></ul><ul><ul><li>Private viewings </li></ul></ul><ul><ul><li>Open studio shows </li></ul></ul><ul><ul><li>Competitions </li></ul></ul><ul><ul><li>Open Submissions </li></ul></ul><ul><ul><li>etc </li></ul></ul>The Art Marketplace
  20. 20. ? Where do you begin? The Art Marketplace What type of outlet suits your work? What colour is your work?
  21. 21. Navigating the market place The Art Marketplace Once you know what you are producing and who you want to reach the choices become clearer GOAL
  22. 22. Navigating the Market: Some questions to consider……. <ul><ul><li>What is your “product”? </li></ul></ul><ul><ul><li>What are you producing? </li></ul></ul><ul><ul><ul><li>Are you making “pictures” or “statements” </li></ul></ul></ul><ul><ul><ul><li>In what art context do you see your work operating? </li></ul></ul></ul><ul><ul><ul><li>Can you identify a historical and contemporary context for your work? </li></ul></ul></ul><ul><ul><li>Is your work identifiable as “your work”? </li></ul></ul><ul><ul><ul><li>Do you have an identifiable style? </li></ul></ul></ul><ul><ul><ul><li>Is it important to your practice to have a clearly recognisable or consistent style? </li></ul></ul></ul><ul><ul><li>Who is it for? </li></ul></ul><ul><ul><ul><li>Who is your work aimed at? Who are your audience? Other artists? The art establishment? Buying customers? </li></ul></ul></ul><ul><ul><ul><li>Who are your customers? </li></ul></ul></ul><ul><ul><ul><li>Who do you want your customers to be? </li></ul></ul></ul>
  23. 23. <ul><ul><li>How do you plan to reach your customers? </li></ul></ul><ul><ul><ul><li>Public galleries </li></ul></ul></ul><ul><ul><ul><li>Commercial galleries </li></ul></ul></ul><ul><ul><ul><li>Direct selling – art fairs, festivals </li></ul></ul></ul><ul><ul><ul><li>Online </li></ul></ul></ul><ul><ul><li>What do you have to offer a gallery? </li></ul></ul><ul><ul><ul><li>Why should a gallery – commercial or public – show your work? </li></ul></ul></ul><ul><ul><ul><li>Can you say clearly why your work will fit into their plans? or complement their other artists? </li></ul></ul></ul>Navigating the Market: Some questions to consider…….
  24. 24. Navigating the Market: Some questions to consider……. <ul><li>Identifying the right space for your work… </li></ul><ul><ul><li>Research as much as possible </li></ul></ul><ul><ul><li>Consider the artists already represented by a particular gallery </li></ul></ul><ul><ul><li>Be realistic </li></ul></ul><ul><ul><li>Don’t make a decision based on financial gain alone </li></ul></ul><ul><ul><li>Try to make your decisions based on the medium/long term benefits rather than purely short term gain </li></ul></ul>
  25. 25. The New Art Marketplace <ul><li>The greater your understanding of the Irish marketplace the better your chances of navigating it successfully </li></ul>
  26. 26. The Irish Art Marketplace – An Overview The Mermaid Signal Arts etc Percent for Art Scheme Competitions: County Arts Office Competitions “ New Market” Galleries Small Local Galleries (Seasonal) Boutique Galleries (Crafts, Gifts) Framing Galleries Cafes, Hotels Foyers, Public Parks & Markets Studio Sales Studio Open Days Charity events The “Railings” (Art on the Green) Exhibiting Societies (Local) Markets Small (Local) RHA Corporate Collections (AIB, BOI) OPW collection Competitions: RHA Annual Open Submission EV+A Crawford Open Wexford Plein Air Festival <ul><li>Galleries of National Standing; Actively promoting their artists in Ireland </li></ul><ul><li>E.g </li></ul><ul><li>Hallward </li></ul><ul><li>Gormleys </li></ul><ul><li>Oriel </li></ul><ul><li>Sol Art </li></ul><ul><li>Nora Dunne Gallery ? </li></ul>Consumer Art Fairs Arts Festivals Rented Gallery Space Exhibiting Societies (National) Irish Art Auctions The Internet Mid Level (National) IMMA National Gallery of Ireland <ul><li>Galleries of International Standing, Actively promotes their artists nationally and abroad. </li></ul><ul><li>E.g </li></ul><ul><ul><li>Rubicon </li></ul></ul><ul><ul><li>Taylor Galleries </li></ul></ul><ul><ul><li>Blue Leaf * </li></ul></ul><ul><ul><li>etc </li></ul></ul>Major Art Auctions International Art Fairs Rented Gallery Space Major (International) Public Galleries/Spaces Commercial Galleries/Spaces Direct Selling Opportunities Progression
  27. 27. <ul><li>A Case Study </li></ul>From the “Railings” to Full-time career in 3 years
  28. 28. A quick overview of the fundamentals… <ul><li>Market Research: </li></ul><ul><ul><li>The Irish Art Market: </li></ul></ul><ul><ul><li>The New Art Marketplace </li></ul></ul><ul><li>A Business Plan: </li></ul><ul><li>Goals & Objectives </li></ul><ul><li>Marketing Plan </li></ul><ul><ul><li>Product </li></ul></ul><ul><ul><li>Place </li></ul></ul><ul><ul><li>Price </li></ul></ul><ul><li>Business Projections and Funding </li></ul><ul><li>Professional Presentation (website, artist statement, CV, etc) </li></ul><ul><li>Growing the business – how do you plan to grow and expand the business over time </li></ul><ul><li>Support Networks </li></ul><ul><li>Tax and Legal requirements </li></ul><ul><li>Record Keeping: </li></ul><ul><ul><li>Client Lists, Master Inventory List, Income and Expenditure </li></ul></ul>
  29. 29. Making a Business out of your Art <ul><li>2004 – Becoming an “Artist” </li></ul><ul><li>Testing the Market...For €25 </li></ul><ul><ul><li>My Work </li></ul></ul><ul><ul><li>“ Art on the Green” </li></ul></ul><ul><ul><li>First sale - €350 (Pricing) </li></ul></ul><ul><ul><li>Art Ireland, RDS </li></ul></ul><ul><ul><li>40 contact details (Your Market) </li></ul></ul><ul><ul><li>Website & business cards (Presentation) </li></ul></ul><ul><ul><li>Created initial cashflows (Projections) </li></ul></ul><ul><ul><ul><li>Real revenue only </li></ul></ul></ul><ul><ul><ul><li>No “Lottery” funding (bursaries etc) </li></ul></ul></ul><ul><ul><li>Average sale price: €300 </li></ul></ul>
  30. 30. Professional Presentation <ul><li>Artist Statement </li></ul><ul><li>CV & Biography </li></ul><ul><li>Website </li></ul><ul><ul><li>Build your own? </li></ul></ul><ul><ul><li>Use a service provider? </li></ul></ul><ul><ul><ul><li>www.saatchi-gallery.co.uk - FREE </li></ul></ul></ul><ul><ul><ul><li>www.otherpeoplespixels.com - $160 </li></ul></ul></ul><ul><ul><ul><li>www.digiweb.ie - €150 </li></ul></ul></ul><ul><ul><ul><li>www.foliolink.com - $250 + $150 setup </li></ul></ul></ul><ul><li>Business Cards </li></ul><ul><li>Introduction Post Cards </li></ul>
  31. 31. Making Some Financial Projections… <ul><li>There are 4 key figures you need to be aware of: </li></ul><ul><li>(sample figures have been added for example purposes) </li></ul><ul><li>1. Percentage of paintings sold per show/year = 50% </li></ul><ul><li>(so if you sell 10, it means you had to produce 20) </li></ul><ul><li>2. Average sale price = €500 </li></ul><ul><li>3. Average cost per painting = €100 (Including Frame. Materials & Studio) </li></ul><ul><li>4. Average commission = 30% (between gallery commission and Art Fair costs) </li></ul><ul><li>= </li></ul>
  32. 32. Making Some Financial Projections… <ul><li>So, If you sell 10 paintings: </li></ul><ul><li>Sales = 10 x €500 €5,000 </li></ul><ul><li>Less commission @ 30% €1,500 </li></ul><ul><li>*Less costs = 20 x €100 €2,000 </li></ul><ul><li>Profit €1,500 </li></ul><ul><li>So, If you sell 100 paintings: </li></ul><ul><li>Sales = 100 x €500 €50,000 </li></ul><ul><li>Less commission @ 30% €15,000 </li></ul><ul><li>*Less costs = 200 x €100 €20,000 </li></ul><ul><li>Profit €15,000 </li></ul>
  33. 33. Making Some Projections….Contd <ul><li>What happens if we increase our average selling price? </li></ul><ul><li>So, If you sell 10 paintings: </li></ul><ul><li>Sales = 10 x €800 €8,000 </li></ul><ul><li>Less commission @ 30% €2,400 </li></ul><ul><li>*Less costs = 20 x €100 €2,000 </li></ul><ul><li>Profit €3,600 </li></ul><ul><li>So, If you sell 100 paintings: </li></ul><ul><li>Sales = 100 x €800 €80,000 </li></ul><ul><li>Less commission @ 30% €24,000 </li></ul><ul><li>*Less costs = 200 x €100 €20,000 </li></ul><ul><li>Profit €36,000 </li></ul>
  34. 34. Making a Business out of your Art <ul><li>2005 - Establishing a foothold…. </li></ul><ul><ul><li>Art Ireland, RDS </li></ul></ul><ul><ul><li>Western Light Gallery, Achill </li></ul></ul><ul><ul><li>Production Planning </li></ul></ul><ul><ul><ul><li>Framing </li></ul></ul></ul><ul><ul><ul><li>Materials </li></ul></ul></ul><ul><ul><ul><li>Invite Cards </li></ul></ul></ul><ul><ul><ul><li>Master Inventory List </li></ul></ul></ul><ul><ul><li>70 contact details </li></ul></ul><ul><ul><li>Website Maintenance </li></ul></ul><ul><ul><li>Identified new revenue streams (Growing the Business) </li></ul></ul><ul><ul><ul><li>Giclee Prints </li></ul></ul></ul><ul><ul><ul><li>Licensing </li></ul></ul></ul><ul><ul><li>Updated cashflow projections </li></ul></ul><ul><ul><li>Average sale price: €400 </li></ul></ul>
  35. 35. Growing the Business: Giclee Prints <ul><ul><li>Copyright </li></ul></ul><ul><ul><ul><li>Copyright of a visual work always remains with the artist, even if the original painting is sold </li></ul></ul></ul><ul><ul><li>Professional etiquette </li></ul></ul><ul><ul><li>Production Costs </li></ul></ul><ul><ul><ul><li>Master image cost - €150 to €200 </li></ul></ul></ul><ul><ul><ul><li>Individual prints - €15 to €50 and above </li></ul></ul></ul><ul><ul><li>Limited editions or multiple prints? </li></ul></ul><ul><ul><li>What size? Multiple sizes? </li></ul></ul><ul><ul><li>How many per edition? </li></ul></ul><ul><ul><li>How will you present them? </li></ul></ul><ul><ul><li>Where/how do you plan to sell them </li></ul></ul><ul><ul><li>How do you choose which painting to print? </li></ul></ul>
  36. 36. Growing the Business: Licensing <ul><ul><li>Prints, Post Cards, Table Mats, Mugs…. </li></ul></ul><ul><ul><li>Licensing Fees and Royalties </li></ul></ul><ul><ul><ul><li>5% to 10% of wholesale price </li></ul></ul></ul><ul><ul><ul><li>5% of €10 = .50 cent </li></ul></ul></ul><ul><ul><ul><li>Sell 100 prints = €50 </li></ul></ul></ul><ul><ul><ul><li>What are your costs? Professional quality images </li></ul></ul></ul><ul><ul><li>Limited editions or multiple prints? </li></ul></ul><ul><ul><li>Licensing Contract </li></ul></ul><ul><ul><ul><li>What type of product/use does the contract cover </li></ul></ul></ul><ul><ul><ul><li>Duration </li></ul></ul></ul><ul><ul><ul><li>Territority </li></ul></ul></ul><ul><ul><li>How will you present/package them? </li></ul></ul><ul><ul><li>Where/how do you plan to sell them </li></ul></ul><ul><ul><li>How do you choose which painting to print? </li></ul></ul>
  37. 37. Growing the Business: Contd.. <ul><ul><li>Painting Workshops </li></ul></ul><ul><ul><li>Painting Demonstrations </li></ul></ul><ul><ul><li>Part Time Teaching </li></ul></ul><ul><ul><li>Gift Vouchers </li></ul></ul><ul><ul><li>“ 50% Off” </li></ul></ul>
  38. 38. Making a Business out of your Art <ul><li>2006 – Part Time Artist, 1 st Solo show </li></ul><ul><ul><li>Art Ireland, RDS </li></ul></ul><ul><ul><li>Western Light Gallery, Achill </li></ul></ul><ul><ul><li>Hungry Hill Gallery, Cork (Solo Show) </li></ul></ul><ul><ul><li>100 contact details </li></ul></ul><ul><ul><li>Website Maintenance </li></ul></ul><ul><ul><li>Average price: €600 </li></ul></ul><ul><ul><li>Introduced Limited Edition Giclee Prints </li></ul></ul><ul><ul><li>Updated Cashflow projections incl. shortfall funding requirements </li></ul></ul><ul><ul><ul><li>Created projected Profit & Loss </li></ul></ul></ul><ul><ul><ul><li>Tax: Artist Exemption, PRSI, VAT </li></ul></ul></ul><ul><ul><ul><li>Registered as self employed </li></ul></ul></ul><ul><ul><li>November: Became a full-time Artist </li></ul></ul>
  39. 39. Tax: <ul><ul><li>Artist Tax Exemption </li></ul></ul><ul><ul><ul><li>Artists pay no tax on original paintings and limited edition prints </li></ul></ul></ul><ul><ul><li>VAT – You must charge for and collect VAT at 13% on all artist commission and direct sales, once turnover reaches €57,000 </li></ul></ul><ul><ul><li>PRSI – Payable on your net earnings as an artist </li></ul></ul><ul><ul><li>1% Levy (2009) due on all income </li></ul></ul>
  40. 40. Making a Business out of your Art <ul><li>2007 – Full Time Artist </li></ul><ul><ul><li>Art Ireland, RDS </li></ul></ul><ul><ul><li>Art Ireland Spring Show, RDS </li></ul></ul><ul><ul><li>Western Light Gallery, Achill </li></ul></ul><ul><ul><li>Hungry Hill Gallery, Cork (Solo Show) </li></ul></ul><ul><ul><li>Lahinch Art Gallery, Clare (Solo Show) </li></ul></ul><ul><ul><li>Bad Art Gallery,Dublin </li></ul></ul><ul><ul><li>Blue Loft, Dublin </li></ul></ul><ul><ul><li>ScotlandArt.com </li></ul></ul><ul><ul><li>160 contact details </li></ul></ul><ul><ul><li>Support networks </li></ul></ul><ul><ul><li>New Revenue Streams </li></ul></ul><ul><ul><ul><li>Workshops </li></ul></ul></ul><ul><ul><ul><li>New Limited Edition Prints </li></ul></ul></ul><ul><ul><ul><li>Art Ireland Spring Show </li></ul></ul></ul><ul><ul><li>Average price: €750 </li></ul></ul>
  41. 41. Support Networks: <ul><ul><li>Emotional – family, friends, colleagues </li></ul></ul><ul><ul><li>Professional </li></ul></ul><ul><ul><ul><li>Artist Studios / Fellow artists </li></ul></ul></ul><ul><ul><ul><li>galleries </li></ul></ul></ul><ul><ul><ul><li>arts offices </li></ul></ul></ul><ul><ul><ul><li>Visual Arts Ireland - www.visualartists.ie </li></ul></ul></ul><ul><ul><ul><li>Artlinks – www.artlinks.ie </li></ul></ul></ul><ul><ul><ul><li>www.padraigmccaul.ie – Resource Page </li></ul></ul></ul><ul><ul><li>Financial </li></ul></ul><ul><ul><ul><li>Banks </li></ul></ul></ul><ul><ul><ul><li>Credit Unions </li></ul></ul></ul><ul><ul><ul><li>Public Funding </li></ul></ul></ul><ul><ul><ul><li>Personal Savings </li></ul></ul></ul>
  42. 42. Making a Business out of your Art <ul><li>2008 to 2009 – Growing the business </li></ul><ul><ul><li>Art Ireland, RDS </li></ul></ul><ul><ul><li>Art Ireland Spring Show, RDS </li></ul></ul><ul><ul><li>Cork Art Fair / Wexford Opera Festival </li></ul></ul><ul><ul><li>4 main galleries (Gallery Artist) </li></ul></ul><ul><ul><li>4 secondary galleries (Annual Group shows) </li></ul></ul><ul><ul><li>2 UK Galleries </li></ul></ul><ul><ul><li>US online gallery ? </li></ul></ul><ul><ul><li>Dublin Solo Show (building profile) </li></ul></ul><ul><ul><li>Art Gift Vouchers </li></ul></ul><ul><ul><li>Limited Edition Prints </li></ul></ul><ul><ul><li>Licensing Agreement </li></ul></ul><ul><ul><li>Painting Workshops </li></ul></ul><ul><ul><li>300 contact details </li></ul></ul><ul><ul><li>Average price: €850 </li></ul></ul>
  43. 43. Making a Business out of your Art <ul><li>2009 – Working through a recession </li></ul><ul><ul><li>Maintaining good relationships is critical </li></ul></ul><ul><ul><ul><ul><li>Clients </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Galleries </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Support networks </li></ul></ul></ul></ul><ul><ul><li>Be price aware, and flexible </li></ul></ul><ul><ul><li>But beware of short term gains </li></ul></ul><ul><ul><li>Make the best work you can </li></ul></ul><ul><ul><li>Don’t cut corners, present yourself and your work in the best light possible </li></ul></ul><ul><ul><li>Look for new outlets and opportunities </li></ul></ul><ul><ul><li>Nurture your “Brand” </li></ul></ul>
  44. 44. SUMMARY <ul><ul><ul><li>Building a career is a slow, slow process </li></ul></ul></ul><ul><ul><ul><li>Identify your Goals – personal, financial and artistic </li></ul></ul></ul><ul><ul><ul><li>Know what it is you are making, your product. </li></ul></ul></ul><ul><ul><ul><li>Getting the price right, how do you put a price on your art? </li></ul></ul></ul><ul><ul><ul><li>Identify your market and your potential customers. </li></ul></ul></ul><ul><ul><ul><ul><li>The traditional buyer and art market place </li></ul></ul></ul></ul><ul><ul><ul><ul><li>The new art buyer </li></ul></ul></ul></ul><ul><ul><ul><ul><li>The new art market place </li></ul></ul></ul></ul><ul><ul><ul><li>How do you reach your customers – what are the most suitable distribution outlets (Galleries, Art Fairs, Museums, Restaurants, Websites etc?) </li></ul></ul></ul><ul><ul><ul><li>Choosing your galleries to match your potential customers. </li></ul></ul></ul><ul><ul><ul><li>How can you grow your customer base? </li></ul></ul></ul><ul><ul><ul><li>How can you get feedback from your market, in order to drive your strategy and business? </li></ul></ul></ul>
  45. 45. <ul><li>Pricing Your Work – an example </li></ul><ul><ul><li>assumes zero inflation </li></ul></ul><ul><ul><li>assumes you will sell 50 paintings each year </li></ul></ul><ul><ul><li>assumes you will sell through a gallery at 50% commission </li></ul></ul><ul><li>Direct Costs Year 1 Year 2 Year 3 </li></ul><ul><ul><li>Materials (Canvas, Paints etc) 25 25 25 </li></ul></ul><ul><ul><li>Frames 75 75 75 </li></ul></ul><ul><ul><li>Studio * 50 50 50 </li></ul></ul><ul><ul><li>Your Time ? ? ? </li></ul></ul><ul><ul><li>Artistic Merit of the Painting ** 50 100 200 </li></ul></ul><ul><ul><li> total costs 200 250 350 </li></ul></ul><ul><ul><li> Minimum Selling Price = 400 500 700 </li></ul></ul><ul><ul><li> (i.e gallery will take 50%) </li></ul></ul><ul><ul><li>After 1 year: 50 paintings @ 200 = €10,000 </li></ul></ul><ul><ul><li>After 3 years: 50 paintings @ 350 = €17,500 </li></ul></ul><ul><ul><li>* Note 1: Studio = €200 a year = €2400/50 paintings = 48 (rounded up to 50) </li></ul></ul><ul><ul><li>* * Note 2: Artistic Merit or your time? = the market ultimately decides </li></ul></ul>Pricing

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