The Elements of Art
The Elements of Art
The Elements of Art
1. Primary Art Market - refers to the first time an artwork is purchased. Usually, this is
fresh from the studio or in a gallery for the first time. Price is determined by factors like
material and labor costs, demand, prices of comparable artwork, as well as the reputation
of the artist.
Some of these key players are:
Collectors - Young or old, emerging or experienced, art collectors are looking to buy art
to build their personal collections. They buy for a myriad of reasons, from aesthetic value
to financial investment.
Interior Design Market - is vast and the need for new art is endless. Many designers
become repeat buyers when their style meshes well with an artist’s design aesthetic.
Consumers – it represents a significant segment of buyers. Individual sales are the new
gallery representation when it comes to making or breaking an artist’s career. Social
media is making it easier and faster to connect with consumers online.
2. Secondary Market - it focuses on reselling an artist’s work—a piece that has been
purchased at least once before. Sellers will try to make a profit on the artwork, but prices
can be affected by how much of the artist’s work is available and how quickly it sells.
The more in demand and less attainable it is, the better.
Main players in this market are:
Auction houses - accept art that they think has a good chance of selling—because they
are trying to stay in business, too. Each sold piece brings them a commission. Unless it’s
a piece by a world-famous artist whose name alone beckons collectors, these sellers will
review how well art has sold in previous auctions or galleries. Artists with little auction
experience may have their pieces sold for bargain prices, so auction houses can be sure to
gain a profit.
Museum curators - are always on the lookout for new artwork to display. Many times,
they are approached by the gallerists and dealers they know who have exciting
possibilities. Curators must consider how critics, other curators, and museum goers will
react to the pieces based on their studied knowledge of the arts. Find these players at
community cultural events and speaking engagements for arts programs.
3. Both Markets - Some main players in the collecting world have a hand in both the
primary and secondary markets. They’ll buy directly from hot, emerging artists, but they
don’t intend to hold onto the art for very long.
Gallerists - can display works straight out of an artist’s studio, or they can choose
to bring in artwork from their own collections and other dealers. Experienced
gallerists will have their own aesthetic, interests, and focus, and they’ll choose art
that has a story and aesthetic that they can connect with—and sell. Then when a
piece of art is sold, the gallery takes a commission on the sale.
Retailers - who are involved in wholesale will buy an artwork directly from the
artist (usually at half the retail value). Then, they put the piece up for sale in their
own retail shop trying to make a profit.
Art dealers - have to be on the cusp of what is exciting, new or collectible. They
stay in tune with the changing trends and tastes of the art world. They buy from
both markets—auction houses and artists alike. They then sell the works they
acquire in their galleries or find collectors who are interested.
Art Consultant - is to find the exact art their client is looking for while making
sure that is also within their budget. They do so by maintaining relationships in
the art world and using the discounts they receive to cover the fee for their
services.