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So you have an Artist Statement, Images of Your Work, and R é sum é

So you have an Artist Statement, Images of Your Work, and R é sum é. …Now What?. Consider this….

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So you have an Artist Statement, Images of Your Work, and R é sum é

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  1. So you have anArtist Statement, Images of Your Work, and Résumé …Now What?

  2. Consider this… Before a 1962–1963 tour, the Mona Lisa’s insurance assessement was $100 million. That makes the Mona Lisa the most valuable painting ever insured. $100 million 1962 dollars equal approximately $670 million 2006 dollars when adjusted for inflation using the US Consumer Price Index. Or, another way of thinking about it…

  3. Leonardo da Vinci, Mona Lisa, circa 1503–1506, oil on poplar, 30 x 21 inches. 1962 assessment: $158, 730 / sq in Adjusted for inflation: $1,063,492 / sq in

  4. Gustav Klimt, Adele Bloch-Bauer, 1907, 54 x 54 in. Sold in 2006 for $135 million or $46,296 / sq in

  5. Willem de Kooning, Woman III, 1953, 68 x 48 inches Sold for $137.5 million, November 2006, or $ 41,973 / sq in

  6. Determining Value Andreas Gursky, 99 Cent, 1999, C-print, diptych, 81 x 268 inches, sold for $3,340,000 at Sotheby’s in 2007. .

  7. Determining Value Possibly because it’s a photograph, or it’s new, or Gursky is still alive, but this piece is only $154 / sq in. The estimated cost of material is $20,000 ($2.95 / sq in) “the art” per square inch after materials costs are deducted = $ 151.00 So, is your 8 x 10 photo worth $ 12,080? Or is your 18 x 24 drawing worth $ 65,232?

  8. PROBABLY NOT!

  9. Determining Value • We live and produce artwork in a free-market (capitalist) system. In countries with more socialistic programs -- including Canada, Mexico, France -- art production is often encouraged and supported through governmental measures including subsidies and tax incentives.

  10. Free Market …but a Free Market is governed by economic concepts like: • supply and demand • what the market will bear • prestige pricing

  11. Determining Value • Visit galleries, look at comparable work by artists at your career level (remember, the price is approximately 50% higher than the artist receives) • Visit student exhibition at other schools -- what are they charging?

  12. How would a business determine value? Edward Burtynsky, Manufacturing #15, digital chromogenic colour print, 19 x 24”, edition 25, 5 artist's proofs, signed by the artist released April, 2007, sale price: $2500

  13. How would a business determine value? Materials + Overhead + Labor + Profit =______________ Wholesale Price (double this for retail price)

  14. How would an artist determine value? Materials + Overhead + Labor + Profit = _______________ • Wholesale Cost (obviously, this is a very generalized formula)

  15. Example: • Paint, canvas, wood = $30 • Studio overhead = $20 * • Production time (20 hrs x $20/hr) = $400 • Profit = 225.00 ** • Wholesale = $ 675.00 Double to get gallery’s retail price = $ 1350.00 which would probably be rounded-up to $1400…

  16. * What is “studio overhead?” Tom Burckhardt, FULL STOP, 2004-2005, an installation at the Aldrich Museum, Ridgefield, CT. A fictional artist's studio recreated object-by-object in cardboard and india ink.

  17. * What is “studio overhead?” • Let’s say you use one room of your four room apartment as your studio: • Rent for your apartment = $500/mo. • Heat, electricity, etc. = $150/mo. • Total / month = $650 • 1/4 of your space is your studio = $162.50 / month is studio overhead • (or approximately $40 per week)

  18. ** What is “profit?” noun - the compensation accruing to entrepreneurs for the assumption of risk in business enterprise as distinguished from wages or rent.

  19. What about “non-object” work? Christo and Jeanne-Claude, The Gates, Central Park, New York City, 1979-2005

  20. What about “non-object” work? • Installations, performances, certain video, film, and new media works require new strategies. • Ultimately, this kind of work will benefit most from good grant writing abilities and a willingness to network to find special opportunities for your work…

  21. Christo and Jeanne-Claude often fund their projects with the sale of drawings and materials associated with the planning and execution of the works. The artists gave a cost of this work at $21 million, but refused to explain the figure. The New York Times attempted to itemize the costs and could account for only $5-10 million, given reasonable estimates for parts, labor, and costs related to the staffing of the installation. The other perhaps, profit?

  22. Things to consider: • Your prices should always go up (don’t start too high) • Galleries will take 50% commission (or more) • Don’t sell your work for less than your target retail price • As your career is established, your prices will rise to meet what the market will bear

  23. You have basic presentation tools and know the value of your work, now what can you do? • Non-art job (easiest to establish) • Arts-related job (harder to establish, but better for career) • Grad School (what are some reasons for this choice?) • Career as working artist (most difficult)

  24. Becoming a Working Artist • Promotion is essential • Attract interest of the arts community • Artists, gallery and museum workers, arts administrators, educators, collectors, media types • They become familiar with you & your work • Work is more widely shown, sales increase, general artworld activity also increases

  25. Career Building • Until you have luxury of hoards of studio assistants and a great gallery doing everything for you -- you MUST do leg work • Even after landing a gallery, you MUST oversee and maintain interest in how your career is being promoted • Short-term: Upcoming exhibitions • Long-term: Getting your work into the “right” collections, venues, magazines, books

  26. Pitfalls: Direction/Balance • Promotion requires time and money • You must plan carefully • While you should be open to unexpected opportunity, you should always know what your next move is, and you should always be working in that directions. All the while, you should be putting your maximum effort into your studio practice

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