CHALLENGE: Use the following key to determine the value of each artwork before revealing the answers.
THINGS TO CONSIDER:
ARTWORKS ARE PRESENTED IN THE ORDER AS LISTED BELOW:
Artists, like entrepreneurs, have a product or idea to sell, and they need to get out into the marketplace. In order to do this, artists need (at the very least) basic business skills and a willingness to approach selling art as any entrepreneur would.
Your idea or your approach to your work is ultimately what you will be putting out in the market. By determining what it is you do, how you do it, and the content, subjects, and form/media, you will be defining your signature style. Once you have developed a style, you can then present it seamlessly to your audience. By defining your brand or style, you are unwittingly determining your audience.
Who collects your work is important information to have. Every entrepreneur studies the habits of their audience. They know what prices their audiences are willing to pay, where they are willing to buy, when, and how often. An artist should know this information too. For example, they know that buyers will be different at local art fairs than at trade shows or galleries. By identifying your audience early, and re-evaluating often, you’ll be better able to keep up with demand, price your work, and know where to spend your precious time selling (and more importantly where to avoid).
There are many methods to pricing and evaluating work. One of the biggest mistakes artists make is not understanding the value of their work. So often artists either over inflate the value of their work or undervalue it—either way they miss the opportunity to sell their work. Entrepreneurs understand that pricing is a fine art and so should artists.
Every entrepreneur knows the key to getting their idea or product to market is through marketing and sales. You must employ marketing strategies to do that. That means you need a website that reflects your signature style, which includes high-resolution pictures and descriptions of your work, as well as a means to buy the work directly from the site (or has links to contact information or the galleries that represent you).
It should also include an artist statement and a section with a regularly updated blog or newsletter. Keeping in touch with and building an audience is key to selling your work. With social media tools like Instagram, Twitter, and Facebook and search engine tools like Google and Pinterest, there are no more ways than ever to reach audiences.
Every business needs to keep track of money going in and money going out, as well as inventory. Maintaining and cataloging your work is key to your success as an artist. You simply cannot overlook the details—often they are what make or break artists. Artwork Archive helps you get started, so you can concentrate on creating and leave the inventory management to the experts.
Entrepreneurs know that networking is more than trading business cards. Business is all about relationships. And, having a network of great people around is a key to success. Most entrepreneurs know they can’t run a business on their own. They get advice from other successful business people and they reach out when they need help or don’t know what to do.
ON YOUR OWN: Select an artwork that you have personally created and determine a price for the work. Consider the time, costs of materials and importance of your work when determining its value.