Most of the artists I've met over the past six years have not majored in Economics while in college.  Many if not all may never have heard of economic theory and I'm not sure how many actually follow the financial markets.  That's really a shame because it will have a direct impact on their future earnings.  It's true that you don't have to become so absorbed in economic trends, but keeping your ears open and planning around what's happening both here and abroad will make a big difference in who survives and who goes looking for a 9 to 5.

Yes the "R" word I'm talking about is recession.  Although not a definite, artists should be aware that unless your collectors are independently wealthy, art is often one of the first purchases put on hold when money is a concern.  This is not a doomsday, Chicken Little "the sky is falling" type of commentary, but I don't want you to wake up one morning and ask yourself what could I have done differently to weather the storm.

This is one of those times when every penny might count for you, so think seriously about places that might sell your work but for a large commission.  Consider putting together a mastermind group (read Napoleon Hill's "Think and Grow Rich") to brainstorm marketing strategies for bumpy times.  Position yourself as truly unique so that you stand out in a crowd, no not you literally although it might not be a bad idea.

Consider how you will become more comfortable in the sales role so that you can practice talking to people about your work.  This is a great time to make nice with your collectors since their personal relationship with you could bring sales when newcomers aren't plunking down their plastic.

Don't get caught with your pants down (no matter how much fun that sounds) because it can leave you in an awkward position.

Money makes the world go round...
Greg Katz

helping artists create successful and sustainable art businesses