Execute Magazine

Why Artists Need to  Start Thinking Like  Business People 

Artists have always been able to make a living off of their art. But with the rise of the internet and social media, it's never been easier for artists to make money off their creations.

This is where thinking like a business person comes in. Artists need to know what their market is and how they can make money from it.

To start, artists should think about what they want to do with their art and its market.  For example, if an artist wants to paint landscapes, they should think about where they will sell them - at galleries or online?

They should also consider how much time they are willing to spend on marketing themselves - do they want to be more involved in social media or leave that up to someone else?

Artists should also consider how much time they are willing to invest in their creative process.

To do a market analysis, artists should start by researching the market's overall size for their art. Artists can do market research on sites like Statista and Google.

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The United States has the most prominent art market, with approximately $US28 billion.

The secondary market is the most important market for artists.  The handbook on market economics and art markets provides a comprehensive overview of art markets, including historical data on the size and development of art markets worldwide and insights into the global art market.

Art is an object that has intrinsic value to its creator or consumer. The values shown on the market depend on many factors, such as quality, demand in relation to supply, scarcity versus abundance, and culture.

The term "art market" covers a range of markets for different types and media of art.