What Value Exchange Are You Seeking with Your Art?
The art world has been through a revolution as a result of the Great Recession and the advent of the internet and social media. Whereas gallery owners used to be the gatekeepers for the art world and gaining gallery representation was key for fine artists, we are now in an era where self-representation is key. Even artists who want to be represented in galleries must represent themselves to some degree.
Three Value Exchanges for Art
Within this new art world paradigm, I help the artists that I mentor consider the value that they want to exchange for their art. I believe that this value comes from three sources:
Money: This may have been the first thing that popped in your mind when I described a value exchange for your art. For many working artists, a need to receive money is a top priority; for others, it’s less important or even unimportant.
Connection/contribution/impact: Many people want their art to make a difference in the world, connect them to others and provide them with a sense of belonging. Perhaps you want to make a statement, be respected by your peers or you want a sense of validation of the worthiness of the art you make, by having gallery representation or true fans of your art who collect your work. Perhaps you want a sense that your art makes an impact on the world.
Self-expression/identity: Perhaps you prioritize the self-expression that your art provides. Your art may be a therapeutic outlet that you can’t live without. It may be that you derive great satisfaction by identifying and working as an artist.
Some artists focus on one of these value exchanges, but many want all three of them. Which one calls to you the loudest? I’d love to hear this from you (simply hit “reply” on this email to tell me). It’s critically important to identify the value exchange you want from your art, so you don’t waste time in marketing efforts that “everyone should do” that don’t impact the value exchange you’re after.
Thinking Differently About Your Art
I recently consulted with an artist who had a strong desire to make an impact with her art. Specifically, she had goals of:
Spending at least 50% of her time creating art
Feeling validated and affirmed by being represented at galleries
Creating larger and larger work for greater impact.
She was searching for advice about where to focus her precious time to achieve her goals. Should she update her website first? Apply to more shows? Network with galleries? Make an intensive social media campaign? You may relate to this—there are so many different marketing activities that we could do, but we need to discern which ones are most important to us in service of our goals.
I find it very helpful to think about your art product (such as fine art paintings) or service (teaching, commissions, etc.) as if it were a different kind of business, such as a luxury high-end sneaker brand or a unique sandwich shop. These types of exchange are something concrete that we can study and apply to our thinking about our art businesses.
This client’s goal of large-scale fine art pieces aligns well with high-end sneakers. I’m not a sneakerhead, but do you know that there are many sneaker collectors out there who drop more than a thousand dollars on a pair of sneakers? The value exchange of these sneakers has much in common with large-scale fine art works:
They are unique and scarce
They can be a way for the consumer to express their aesthetic sense
They have a high price point
They are a status symbol for some people
They are treasured items
They are often sold through intermediaries.
If you were creating high-end sneakers, who are the consumers? Professional basketball players? Sneaker collectors? Rock stars? You’d need to become familiar with these consumers: what they like, how they feel, and where they go to discover and buy these fancy sneakers.
This became my action item for this artist. I told her to interview a woman she knew who bought large fine art paintings. I advised her to learn all about the woman, including where she buys art and why she buys art. What benefits does the collector derive from the art? How does she discover the art that she purchases? At the conclusion of the interview, the artist should ask for the names of any other art collectors the woman knows so she could interview them as well.
Armed with the knowledge gained about her potential collectors via this market research, the artist can then create a road map for getting her art onto their walls. Perhaps she’ll learn of strategic partnerships she should pursue with specific galleries. Or maybe she’ll learn about an unexpected way that these collectors discover and purchase their art.
This exercise will focus the artist’s efforts. She’ll be able to know if a particular gallery will make a great partnership for her, or if updating her website should move to the top of her list and whether social media should move to the bottom. This data will help her move strategically towards her goals!
What’s Your Art Business Like?
Maybe your art isn’t large fine art pieces. Perhaps it’s more utilitarian or it’s smaller in scale. That doesn’t mean this exercise isn’t for you! Perhaps your business is like a special ice cream shop with incredible artisanal flavors. Or a deli that makes the most outrageous, unique sandwiches with hilarious names!
Think about the consumers and the marketing channels used to reach them. Do your research by actually talking to people! And then put that precious data to work for you, saving you time and guiding your steps forward.
What kind of business can you imagine your art business or service to be like? Do you offer a product or a service? I’d earnestly love to hear! Email me to let me know. I’ll cheer you on!
Do you have a rock steady heartbeat offering in your artist career? Being a professional artist mentor is my rock steady. Click to watch this Instagram reel and see what I mean and then let me know, what’s yours?