Navigating the Financial Challenges of Being an Artist

Part of the lore of Vincent van Gogh is that the iconic artist died penniless, tortured by the reality of selling only one of his thousands of now-revered paintings. Other icons like William Blake and Johannes Vermeer faced similar financial hardship, and these examples may allow today’s struggling artists to justify their own pauperism. 

Though you should aspire to paint like van Gogh or Vermeer, artists should not aspire to follow in their financial footsteps. Yet, Saatchi Art’s 2022 report Making a Living as an Artist found that most artists today do struggle to make ends meet, especially if they rely solely on their art-derived income.

Only 49% of artists earn a “steady, stable income” through their art. Keep in mind that one artist’s steady, stable income may be less than another artist’s rent payment. For most artists, a substantial income from their art is a distant dream, and to make matters worse, 35% of respondents said the pandemic has left them earning less than ever.

Saatchi’s report illuminates the financial hardship that many artists face, but also shines a light on some ways that artists can start generating more income from their art in 2022.

Tips to Earning a Living as an Artist

If you’re an artist who has not already taken these steps, or has yet to go all-in, then you may consider:

Optimizing time spent on digital marketing by working with online galleries

Creating art and selling art are two distinct processes. In addition to the 31 to 40 hours that artists spend creating art each week (on average), they spend an additional 21 to 30 hours per week promoting their art. For most artists, this investment is not even their full-time job.

It’s essential for artists to streamline their marketing and promotional efforts if they want to increase revenues. Consider working with an online gallery that can boost your art through its social media channels, paid advertising, and connections with established galleries. While you can’t rush the art itself, it’s likely that you can be promoting your work smarter. Often, better PR for your work means delegating promotions to a third party with more time and resources than you possess.

Utilizing both physical and online galleries

Though artists have traditionally gotten their exposure through physical galleries, the rise of online galleries is undeniable. The savviest artists will view online and physical galleries as complementary, not competitive. By spreading your eggs into both baskets, you’ll expose your work to different audiences, maximize your artwork’s reach, and glean the unique benefits of both digital and physical repositories.

Only 30% of respondents have worked with both brick-and-mortar and digital galleries, indicating that the typical artist should be diversifying their points of sale more than they currently are.

Pricing your work consistently and accurately

Pricing is something of a conundrum in every field, and art is no exception. Price your art too low, and you risk selling yourself short, losing out on much-needed (and earned) income, or even losing money once you account for sale-related fees and the cost of your time. Price your art too high, and buyers may steer clear. 

Only 13.2% of surveyed artists can afford to do art full-time. Improving your pricing strategy may edge you closer towards that 13.2%. Considerations like medium, size, consumer demand, and supply should all factor into a price point. However, pricing art is, well, an art. You may consult an art advisor or curator for more in-depth, personalized advice about the nuances of pricing strategies.

Finding an audience by telling your story

Digital marketing and promotion have technical aspects, to be certain. However, consumers of art still gravitate towards a great story, and they’ll buy art for the story alone. Do you think that those who purchase an original George W. Bush or Hunter Biden creation are buying the painting more for the art itself, or instead for its origin story? As impressive as his works are, how much does the mystery of Banksy contribute to the allure of his paintings?

With each work you hope to sell, you might also write about your artistic process, the inspiration behind the work, and any other compelling aspects of the creation or the artist. Social media, videos, Discord, and other forums are ideal spaces in which to sell yourself and your works with a captivating story.

Creating NFTs to diversify income and audience

Just as Charlie Chaplin had to grapple with the advent of sound in films, all artists must address the inevitable rise of new media. NFTs are the latest development in art, creating quick fortunes for a minority of artists. From magazine covers to exclusively digital creations, NFTs have undeniably altered the artistic landscape. Yet, Saatchi Art found that only one-third of artists have even thought about creating an NFT artwork. 

You should know that only 54% of artists who did create an NFT in the past year actually sold the NFT. Do your research before investing in your own NFT, learning about “gas”, pricing strategies, environmental considerations, and other challenges. Art consultants can be particularly helpful in explaining this novel, jargon-heavy artistic medium.

Generating consistent income is the greatest challenge for artists today, per Saatchi’s report. You can create the most awe-inspiring work the world has ever known, but if you don’t know how to promote and price the work in a saturated marketplace, then you may find yourself identifying a bit too closely with Vinny van Gogh. Understanding the business of art is just as important as mastering the craft itself.