In the past few years, the art industry has grown exponentially. According to the Landmark study, art is a billion-dollar industry, which leads to an increase of art professionals craving to gain a major share of the circle. The hunger for the art world has led to the creation of shortcuts, resulting to a suffering industry and more importantly, a lack of credibility.
How galleries control the value of art
Art galleries invest a lot of their resources in the artists they have chosen to represent. They visit their studios, mentor them, and build relationships with collectors across the world to help shape their career. However, they usually represent rising artists only for a short amount of time before the artists’ progress to other high-class galleries.
Galleries promote artists by showcasing their art at regional and global exhibitions along with art fairs. Before any work is showcased, the galleries take a forward step by offering the pieces to their favorite clients, such as museums and major private and public collections to expose the artists work to industry professionals.
Gaining control of the market is very important to galleries. It is not easy to find a gallery that will sell a piece of art to collectors who will display the art in a secondary market, which is commonly represented by auction houses. When a piece of art goes to an auction, the prices are set by the public; it is observable to everyone and anyone can purchase it. In most cases, gallery owners will go to auction houses to bid their artists’ work in order to control the price.
Becoming a credible gallery
When collectors discover how manipulative your gallery is, they will avoid buying art from you, which leads to suffering for businesses and artists. Credibility is a prerequisite for success in art galleries. Here are some of the things you can do to have a reputable and credible gallery.
1. Provide accurate information
Before collectors decide to buy from a gallery, they spend a lot of time researching and identifying the credible ones. They look at the artists represented and how the gallery performs at shows and in exhibitions. You need to provide clear, comprehensive, and reliable information for your collectors.
2. Analyze feedback and rating
In the art market, word of mouth can easily be your greatest asset or your biggest liability. Collectors who have experience buying pieces of art from a specific gallery will recommend it to their loved ones and colleagues, or on the other hand, turn their loved ones and colleagues away from a gallery.
You can find out how collectors perceive your gallery by directly asking them or analyzing online feedback left behind on your official site or social media accounts.
3. Provide quality work
In general, a gallery that does not provide accurate information on the condition, authenticity, and provenance of a piece of art is a red flag to most collectors. Reputable galleries provide comprehensive information when making a sale and follow up with new relevant details about upcoming fairs and the artist. As a buyer, you should not struggle to get important information about the artists and events when working with a gallery.
Importance of having a credible art gallery
1. Attracts high-end clients
In general, credible art galleries attract numerous clients from across the world who are willing and ready to purchase quality artwork. No buyer wants to associate themselves with art galleries that are not credible or reputable. By having credibility, you will successfully grow your business and clientele.
2. Artists will focus on creating
An art gallery that does not sell or promote pieces of art due to clients’ lack of trust is a liability to the artists they are representing. Artists who are distracted cannot create moving art.
Artists need to spend most of their time practicing and creating; not worrying about the marketing or publicity of their works. A credible gallery will represent artists comprehensively, allowing artists to confidently focus on their craft.
3. Increased art value
In most cases, art collectors will consider an artist’s works if he or she is represented by a reputable and trustworthy gallery. A reputable gallery increases the value of a piece of art in a very short time. You need to analyze an artists’ works before placing them on the wall.
Ensuring that the art is priced fairly will build the reputation of your gallery and increase the value of the art you display.
4. Artists get recognized
Most galleries organize events and exhibitions, such as workshops and talks, to help the represented artists meet influential people in the industry to build relationships and gain exposure.
Galleries also control large events like art fairs to present opportunities for artists to attend these events and showcase their works. A credible art gallery will not only increase sales but also help artists get recognized internationally.
5. Financial boost
As we said earlier, credible galleries attract high-end clients who are willing and ready to buy the best pieces of art. Unlike low ranking galleries, reliable galleries are financially strong, so when a sale is made, artists will get their cut successfully. Since credible galleries know how to price artwork, they sell at higher prices, leading to a larger gain for artists.
6. Attracts emerging artists
Emerging artists will be compelled to work with reputable galleries because they want to increase their net worth and get recognized. As an artist, marketing yourself and managing your time effectively can be a major challenge, which is why you should work with reliable art galleries. Gallery representation will boost your career progression and help you achieve your goals easily.
The art market is growing at a rapid rate. Therefore, each player needs to be transparent, reliable, and reputable for the industry to flourish. Art galleries play an important role in the art industry by helping collectors invest in pieces they are looking for all while promoting artists. Begin exercising honesty and transparency in your gallery, as your business and artists depend on it.