How Do Art Galleries Make Money

How Do Art Galleries Make Money?

Today, art has so many ways of how it can be exposed to the public. It can be through the streets, through museums, popular culture itself, or it can also be installed in an art gallery, but what are they really? Are they like museums? No, museums serve to preserve the arts, taking care of culture and society, and art galleries end up integrating the functioning mechanism of the primary art market, where there is a sale of works, being primarily directed to collectors, collections, and the general public.

It is important to remember that art galleries are not only an establishment for purchase but also for art lovers to enjoy. There are also virtual art galleries, and especially in these pandemic days, an art lover can continue to do what they really like, safely, at home. But how do these galleries manage to sustain themselves? Where does the money come from? Well, if you want to know more, just take a look at this article below.

What Are Gallerists and What Do They Do?

To avoid “negative” connotations related to gallery owners, the term “gallerists” is

relatively new to everyone, and they are generally seen as the people who end up supporting or representing artists who create works shown in their galleries, rather than just being someone whose central objective is only to profit from selling the arts.

Gallerists buy and sell works of art, and their functions are varied, ranging from promoting an artist to have more recognition, finding new talents or selling works of art that have been put back on the market, always knowing how to price their collections and how to observe market trends, being updated at all times.

Maintaining a good relationship with the collector is very important for a gallery owner, as it ensures that he can sell other works to that collector, in addition to being an expert in the style of art that is being sold. It cannot be forgotten that none of this is achieved overnight, so it’s necessary to invest money and time in the construction of every collector’s “agenda”.

Therefore, gallerists need to participate in events, set up exhibitions, and promote their artists in various face-to-face and digital formats, with a view to constantly looking for ways to expand their circles of influence.

Know the Market You Work For and Become an Expert

One of the first steps to learn how to attract more buyers, art lovers, and money to your gallery, is knowing the market in which your establishment is located or sells to. That would be researching the local market on everything that is already available or not, not being afraid to meet with artists or members of the artistic community. Remember, a good rating attracts more.

Get all the information about the type of art you are going to focus on, and become an expert. Then, start looking for other similar galleries with the vision you want to pass outside your city, or visit them online. Being able to explain a work of art, its meaning, and relevance in the genre will make your gallery stand out to buyers.

Know Your Business Style and Design Your Space

Do not forget that you also need to decide how your gallery will conduct business and how it will work, so market yourself and your overall growth plan, decide whether you should receive funding and what the general management structure would be.

If you plan to profit from the sales commission, determine what the commission percentage will be, deciding between a corporate organizational structure or just exclusive ownership.

The location of your gallery should be easily accessible, with a flexible layout for all types of art, with plenty of storage. Also, the more capacity to receive guests and customers, the more works will be seen and sold, allowing greater socialization.

Now, with these Covid-19 times changing the way we do things, it is also necessary to create your online gallery, a profile in which buyers and collectors will be able to see the art, comment, and even buy it. Thanks to the internet and social networks you can be more inserted in the middle, sharing new art, artists from your gallery, and upcoming events.

Create More and More Events, Exhibitions, Souvenir Shops, and Even Cafes.

Lately, it has become more and more frequent for galleries to make exhibitions, charging an initial fee to artists who are exhibiting their works. However, they end up receiving less commission than before, but this helps the gallery not to take so many risks, because if it depends only on sales and you have some exposure that didn’t sell well, it can be very precarious.

Therefore, you can see the importance of good events, well organized and structured, ones that can also host other media, such as literature, institutional clubs, workshops, etc.

Some galleries also have souvenir shops, where they sell things like prints and art cards from their exhibiting artists, or even handmade objects, such as jewelry and ceramics. Others also have a cafeteria-style mini restaurant, so that you can have lunch or coffee after visiting. It can even be more than half of the profit of the gallery owners, selling countless products, from fabrics and art prints to coffees and food.

Final Thoughts

Finally, it is not only on what has been said above that a gallery can survive on – today, it can offer countless services, even art installations. Despite looking like a bed of roses, and something easy to materialize, art galleries and gallery owners go through many situations, considered too complicated many times, having to be highly responsible for the work of others, and their establishment.

Lastly, art galleries can be an establishment for all types of art and their lovers, not turning a blind eye, but keeping an eye on everyone and at any cultural time. Thanks for reading!

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