How to Earn From Art?

“Art is a harmony parallel with nature”

-Paul Cezanne

From designs and artwork engraved on walls of medieval caves to graffitied walls of immense aesthetic value, art has evolved and grown parallelly with time. Rooting in imagination, art has been an excellent medium of expression for human beings. Almost every region has its own traditional form of art but the problem lies in the very fact that some of these art forms are on the verge of extinction due to a lack of investment and business.

Initially, the belief was that art’s interpretation and perception is limited to intellectuals. As of now, those beliefs are history. We can find art in every nook and corner of our daily lives. Their immense beauty blended in expression, colours the dull pages of our life, bringing positive energy with it. Anybody doubting that art can act as a major economic force is a fool’s errand.

Here are some factors determining the genuine efficacy of art as an avenue for business or investment:

Buying and Selling of Art:

This is the most simplistic and traditional way of investing in artwork. While starting out initially, you can pick up limited edition prints for as little as $10 and sell them for a profit on the secondary market, hence facilitating start-ups and continuing the cycle of buying and selling. With the rise of Non-Fungible Tokens or NFTs, this has grown into real prominence, especially in the past couple of years.

Art Commissioning:

An art commission is a contract between a buyer and an artist for a personalized work of art. Oftentimes, an individual or firm desires some art that is specifically tailored to their need. Art commissioning depends upon several variables such as space, time, monetary capacity, etc. Just like commissioning facilitates commercial and residential artworks, it also facilitates small shopping which in turn helps less established artists in their cause. It is one of the best ways to support local artists and reward them for their art.

Art Restoration and Conservation:

With time, an artwork loses its aesthetic value as the colours fade away mostly due to the high amount of pollution and the presence of toxic substances in the air. Art professionals are hired to restore the initial glamour of the art piece. There is much scope in this field. For example, Yale has already committed money towards the building of a centralized conservation lab on West Campus and has been awarded an Andrew Mellon Foundation grant for researching topics relevant to art conservation.

Art Valuation:

In any transaction that takes place, there is a fundamental element that needs to be present: an agreement on the value of the work. An artwork created initially by an emerging artist appreciates in value after a point of time. Professionals are appointed to appraise or value this art piece and collectors maintain an entire art portfolio based on the same. This is termed portfolio management in the share market. And, artworks by valued artists have a considerable role to play in this too. They are a great store of value, especially over long periods.

Art Insurance:

The benefit of art insurance is to recoup the value of your lost or damaged art in case of art trafficking, general peril of artworks due to unavoidable conditions, delivery or shipping errors, and gallery mistakes. There are specialised banks which deal with such kind of art insurance. The value of these insurances usually depends solely upon the recognised valuation of the artwork.

Other Options

Artworks can also be an excellent gifting option. Creating a whole new category of art gifting services that specialise in making personalised artworks for specific festivals, events or milestones. Another such avenue to earn from art is establishing art camps or workshops. This is a lucrative earning option since it can stimulate young minds with new concepts and skills, as well as impart invaluable lessons on art processes and art history. Several organisations across the globe host such art camps and workshops to educate the masses about art in all its forms and manifestations.

In the Indian context, artworks have started gaining massive commercial interest in the recent past. An example of such would be the Christie’s auction in Mumbai in 2015 which sold art worth nearly $15m, a record for any auction held in India. This has validated the local and domestic art market greatly attracting potential buyers. Another such instance is the recent purchase of Beeple’s 3000 days compilation of 3D rendered artworks as an NFT, the Chennai-based NFT collector, Meta Kovan, continues to hold the most expensive NFT ever purchased.

Above all, life would become extremely dull without the involvement and direct presence of art. Art in its own way keeps us motivated and inspired. Hence it is our collective responsibility to preserve and promote the growth of art and artists through an increased amount of investment and business. Consider this a social responsibility or adding to the quality of our lives, art lives on.