How do I make money from my art?

It’s not just about wealth creation

It's the most popular search engine question on the web from artists.

There are probably many answers to this question but as a former businessman turned artist perhaps I should add my thoughts to the debate and try and answer the following questions:-

Is it luck?

Is it skill?

Is it determination?

Is it a trend?

We could use this as background to the development of your artistic business plan and it starts with market research.

A typical search reveals the following answers to the original question of :- Why do Artist's ask the question. How do I make money from my art? In the table below we will make a start with the first two columns setting out the common explanations given.

The next two columns to the right are my thoughts and suggestions to consider.

Reason	Explanation	My Thoughts	Consider
Financial Instability	Most artists don’t make reliable income from selling originals alone; many struggle to earn enough to live on. Is the educational focus too much on passion and creativity rather than busiiness accumen?	Yes I would suggest it's like being a professional footballer or any athlete. Only the best get into the Premier Leagues the rest struggle to make a living. So perhaps your target audience is where the wealth is......	By 2050 it is estimated that 1 in 6 people in the UK alone will be over 65. That's 16% and the UK population is currently 70 million. So thats 11.2 million. The median personal wealth of 65+ is roughly £500,000
Lack of business training	Art schools often focus on craft, not monetisation, leaving artists unsure how to turn passion into profit	Because art is so subjective a really good artist may not achieve. Does it therefore come down to personal tastes or marketing? What is a good artist?	There are some very successful artists who have that entrepreneurial drive. I have some suggestions below.
Devaluation	People often assume art shouldn’t cost much or offer “exposure” instead of payment, making artists question their worth.	Does a gallery really know what sells or are they just more commercial than the artist. Does that mean that unless you are an aficionado does it come down to wall/room decoration?	Completely frustrating and, as I know, it does make you question your work. How do you value your work?
Fear of commercialisation	Successful artists typically combine sales, teaching, licensing, commissions, subscriptions and affiliate income — but figuring this out requires research.	Art is a passion, good art takes time and dedication. To any good business man or woman Time is Money the problem is what value do you put on your masterpiece and still pay the bills? I don't want to be a teacher I hear you say?	Then don't but consider what you should do. Do you take a second job and do your art at night or the weekends? Where do you ask for help?
Fads & Trends	Whilst AI is starting to have an impact on traditional artists. There is now a clear backlash against art generated by AI by the buying public.	It had to come. Buyers want to justify value. Few like change and worse still, massive change. Initially we all lean towards Traditional Values and take time to adjust.	So consider carefully the direction your career is going to take you. The easiest and most enduring jobs are when your interest and passion becomes your career.

Wealth Distribution UK

Median Personal Wealth UK	Median Personal Weath UK
Age Group - 16 to 24	£8,000
Age Group - 25 to 34	£62,000
Key details: UK 16–24 year olds have very low median wealth (£7,917), mostly from small savings and minimal property/pension wealth 25–34 year olds jump to £61,685 median, driven by early pension accumulation (£17,079) and some property wealth (£3,933) The mean (average) for 25–34 year olds is £66,000, slightly higher than the median. Most wealth in this age group is financial wealth and private pensions, not property (only ~£4,000 median property wealth for 25–34) The median is more representative than the mean here, as wealth inequality is significant even among young adults.
Wealth Distribution US
Key details US (25 to 34 years) There is a surprising twist: Median personal wealth is actually higher in the UK for young adults (UK(~$78k vs ~$35–50k in US) Comparing median household wealth shows a close similar (£109,800 ≈ $135,600) US individual wealth though is much higher with the top 1% in the US averaging a stunning $13M vs £3.7M in the UK When it comes to investments US households invest more (58% own stocks vs 21% in UK), leading to faster wealth compounding.

How do I make money from my art? Well lets review the Psychological Drives of Humans. They centre on two theories.

Self-Determination Theory — Based on 3 Universal Needs

1. Autonomy — control and choice over one's actions

2. Competence — feeling capable and effective

3. Relatedness — need for social connection and belonging

Maslow's Hierarchy of Needs — 5 Levels

1. Physiological — air, food, water, sleep (biological survival), comfort

2. Safety — security, stability, protection from danger

3. Love/Belonging — friendship, intimacy, family, acceptance

4. Esteem — self-respect, prestige, power, recognition

5. Self-Actualisation — becoming everything one is capable of being (growth need)

Additional Artistic Key Drivers could therefore be :-

- Achievement — motivation to succeed and master challenges in both skill and financial stability

- Pleasure maximization / Pain minimisation — fundamental hedonistic drive that places pleasure as the right and proper aim of an artist above financial pain.

- Loss aversion — stronger motivation to avoid losses than gain equivalents

- Social approval/acceptance — need for status and group inclusion.

So to the original questions. How do I make money from my art?

Is it Luck?

Arnold Palmer is often credited with the quote “The more I practice, the luckier I get”

However, no definitive record exists of the exact date he first said it. The maxim is definitely something I agree with. However, I've never been lucky, some people are, some aren't. I believe in most cases you make your own luck. You can definitely tilt the balance by being in the right place at the right time and most importantly making sure that your product reflects current demand and taste. Art, as I have already stated, is subjective.

With my commercial hat on I find it frustrating and heavily influenced by fashion and trends. As a scientist that is a problem for me. It's almost illogical. What I have learned however, over the last five years since retiring, is there are several elements that need to be considered when working on your business plan.

• Culture and Societal Changes

• Technology and Materials

• Art is considered in the same category as other investment products like whiskey, watches and other collectables - prosperity drives demand.

• Innovation drives demand.

Is it Skill?

What is it? Skill is defined as the ability to use knowledge effectively in performance.

When applied to an artist, three elements need to be considered.

1. Cognitive ( Ideas, Concepts, Thinking)

2. Technical ( Use of things and tools)

3. Interpersonal (Communication, Motivation, People)

As an artist you need them all. There is no way to short cut this however, leaning on the experience of others is a great help. Joining an Art-Club is a great way of gaining that help and experience.

Is it Determination?

Let's be honest and use another well know maxim.

"Anything worth having is worth working for"

One of my favourite lines by Winston Churchill who wrote in "My Early Life"

"Luckily life is not so easy as all that: otherwise we should get to the end too quickly"

Is it Trends?

Could I have put more fire into the painting? Perhaps it would be better to have put the painting into the fire. (WAC again)

My advice don't follow them. Develop your own style, sit comfortably with it and then like a fine wine, once you have decided on your style mature it and occasionally test it for quality.

Remember when it comes to art "prosperity drives demand; the secret is to survive the famine and prepare for the feast”. Marco

One way to make money from your art is to join an Art Club with Business Experience and learn from others.

If you went to Art College or University think how much time you spent on weath creation. I'm sure you spent a lot of time creating and refining your skills but do you understand the basics of running your own business, renting a studio, cash flow or Profit and Loss Accounts? Most new businesses fail within the first three years. They run out of cash, cant pay their rent or afford materials.

Luckily there are artists out there who are prepared to help. The Art-Club.Net is one club well worth joining. They have a business section dedicated to helping you with all of the above and its free for the first year and only £50 a year after that.

There is more information on the home page of the Art-Club

Visit the Art Club Here