The Artist’s Guide: Managing Money Beyond the Gallery Sales

Many artists need help to make enough money from their art. Gallery sales and shows often do not pay all the bills. Artists must find other ways to get income.

Artists may feel that more people should buy their work. But most people only buy original art sometimes. Even great work goes unsold at times. This can be hard for artists.

Many artists have day jobs for steady cash. Others teach their skills. Some do artwork for hire. Many sell prints, cards, books, and other art-related things. Finding all the ways art can make money takes work and time.

Even with very low spending, extra funds are often still needed. Family help may not be an option either. Getting a loan from a bank can be impossible without proof of income and perfect credit.

Many UK lending companies now provide guaranteed loan approval with no credit check options. These loans do not need pay slips, bank statements showing income, or a high credit score. The cash can cover essential bills, materials, studio rentals, and more. Artists use these guaranteed loans to ease money worries so they can focus on creating.

Understanding the Art Market Economics

Galleries take a big cut of all sales. The artist usually gets 50% or less of the final price. A £100 painting would pay the artist just £50. The gallery takes the rest to cover their costs and make a profit. Artists must price work higher to make up for this.

Pricing Artwork

Artists should price work at least double the materials cost. If canvas and paints cost £50, price the work at £100 or more. When a gallery takes its cut, the artist still covers materials and gets some pay.

More Money from Direct Sales

Selling directly to buyers pays the artist a bigger share. Cutting out the gallery middleman means artists keep the total selling price. £100 art sold through Instagram pays the artists the full £100. This adds up faster.

Expanding Revenue Sources

Many artists offer small groups or private art lessons. Local classes can meet in the artist’s studio space. This brings in teaching income and exposes new buyers to the artist’s own work, too.

Selling Through Online Marketplaces

Sites like Etsy allow artists to sell directly to buyers around the world. Artists keep the full sales price by managing all the product listings, payments, and shipping themselves. The large number of site visitors also helps artists find new fans not located nearby.

Leveraging Wholesale Opportunities

Selling wholesale to shops, galleries, hotels, and corporations allows artists to sell many identical works at cheaper prices per piece. The large volume makes up for the lower cost per item. Custom framing and printing work well for wholesale orders, too.

Finding Grant Funding

National and local arts councils provide funding grants for artists. Grants support all stages of major works or projects. Funds help buy expensive art materials, rent studio space, or provide living costs. Competitions are stiff, but awards can fund an artist’s career.

Crowdfunding Capital

Crowdfunding sites like Kickstarter, GoFundMe, and Patreon allow fans to support an artist’s work directly. Artists set funding goals and offer behind-the-scenes content or custom products only for backers. This pays expenses now in exchange for future artwork.

Cost Management for Artists

Art materials and studio space are a big cost for artists. Canvas, paints, clay, tools, storage, and workspace rent add up fast. Planning budgets around projects helps get enough materials without overspending.

Sharing studio space splits bills for things used by all. Some artists rent cheaper spaces and clean up for shows. Many sell from home studios to save costs. Buying paints and canvas in bulk brings down the per-piece price. Stretching canvas yourself also saves on premade pieces.

Taxes and insurance for artwork

Most artists must file taxes on art sales. Keeping receipts for deductible expenses lowers tax bills. Miles-driven studio rent, materials, agent fees, and more can reduce taxable income. Items bought for resale are not taxed either.

Financial Planning for Artistic Projects

Big projects like shows need much planning and funding. Make detailed budgets accounting for all parts of the event – materials, space, equipment rentals, promotions, food & drink, insurance, and more. Build in contingencies, too, for the unknown.

Look for event sponsors to cover specific costs like food in trade for promotions. Apply for all grants that could help fund even parts of the show. Crowdfund the remaining budget through direct public support.

Grants and residency opportunities

Government and private arts grants help fund big works without repayment. Find all grants that match your art type and project needs. Residencies cover living and studio costs for months while creating a new series.

Residents get free space, tools, and supplies. Hundreds apply for very few spots at top programs. Grants from £1,000 – £100,000 back projects, materials, promotions and operating costs. High competition means great applications are key. Partnerships between grants and residencies can fund entire projects.

Money Backup for Artists

Making art takes time before any sales. Unsold works also pile up. These slow months between payments can hurt. Having emergency savings helps cover costs when no money is coming in.

Try putting aside a little each month when you do sell art. Small deposits still grow over the years into backup funds just for you. Think of it as payment to your future self for when sales are down.

Low-risk investments

Invest extra funds instead of spending them when possible. Compounding interest earns money on your money over decades invested. Low-risk indexes and mutual funds match markets gradually. The principal is safer than individual stocks.

Retirement planning

Start retirement savings early, even in small bits. Social security and state pensions rarely cover living costs alone. Give your older self an income cushion for less art sales later on. Consider Roth accounts, which you can fund now to withdraw tax-free money after the age of 60.

Many artists just think about making art. They do not see themselves as running a small business. But to sell more art and earn more money, helps to act a bit like an entrepreneur.

When Credit Scores Are Low?

Many artists deal with low funds and late bill payments. After some missed or late payments, credit scores drop fast. Even one missed payment stays on credit reports for years.

Harder to get loans

Lower credit scores make getting traditional loans much harder. Bank loans require provable income, assets, and good scores. Most artists lack these. Past late payments mean automatic rejections from bank lending.

Long-term personal loans

When extra funds are needed for big projects or costs, special long-term personal loans work for artists. These loans do not check credit reports or past payment history.

Payments over years

Long-term unsecured loans for bad credit give 4-7 years for repayments. Smaller monthly amounts are easier to handle than large lump sums. There are still interest charges but at affordable rates meant for those with low credit scores.

Conclusion

Since art may not pay enough by itself, most artists also get income from other places. This could be a spouse’s job, part-time work, teaching art, or other creative side gigs.

Artists also cut costs where they can. They find cheaper spaces to work and live in. They buy less stuff. They borrow equipment instead of buying. Travel and eating out costs are cut back, too. It takes a lot of effort to stretch a thin budget.