Do you love art and crave to start your collection? Or maybe you want to invest in the next big thing long before it becomes mainstream? Whatever may be your motivation, buying contemporary art is something that every art-lover must learn how to do.
A lot of people [including me when I first started] often get intimidated when buying contemporary art due to the hefty price tags that accompany some superb pieces. However, there are plenty of ways and opportunities out there for average Joes like us to buy affordable and valuable pieces of modern artwork at Mystik River.
This article is going to focus on one area of collecting – buying a contemporary art gallery to run said gallery successfully for maximum profits through business management. You may already have a lucrative business idea that will be expanded into the world of contemporary art, or this may even be your first step into buying contemporary art.
However, if money is no issue and you just want to buy contemporary art because you can then go ahead with creating your gallery! Here are the steps involved:
1) Find The Right Location
The first step involves finding your location or space for the gallery. Ideally,, you want a high-traffic area with a good amount of footfall so that people can come in and appreciate your artwork.
The ideal size is about 1000 square feet which leave enough space for a display room, office, storage rooms, etc. You may want to invest in a larger location if you have plans to expand in the future.
2) Find A Space That Can Be Converted Into A Gallery
There are lots of spaces available in big cities [especially London] that need some cosmetic work [such as paint jobs] before they will be ready for opening up to the public. You may take inspiration from these 20 Cool Converted Gallery Spaces In London. This step only takes one to two months since most spaces tend to be readily available and can be quickly converted.
3) Sign The Lease Agreement And Get To Work
Once you have found the right location, it is time to sign the lease agreement and start converting your space into a gallery. This will take about six months since galleries tend to look like construction sites for at least that period! Also, lots of people are involved in this step so be prepared to work 18-20 hours a day.
4) Hire A Few Staff Members And Get Ready For Opening Day
After the opening, most galleries don’t need more than one or two employees except maybe during busy seasons. It is always good to hire an assistant director who can help manage daily operations while you handle sales and publicity. Other than that you may want to hire a receptionist, security guard/doorman, etc.
5) Know The Trends And Styles To Make Your Gallery Stand Out From The Competition
Contemporary art is always changing so it is important to stay abreast with what’s new out there on the art scene. You can easily do this by attending exhibitions of leading artists in your city or simply surfing around online for fresh trends.
Another great way is to get inspiration from other galleries in your area who are doing well but don’t copy their style completely since you will need an edge against them! Also,, remember that marketing and public relations are extremely important for promoting your own gallery space – if no one knows about it then why bother?
6) Keep Track Of Your Inventory
Remember that you need to keep track of your inventory so be sure to get an art management software/app or hire someone who specializes in this area. You can also visit websites like Art Network for finding contemporary artwork online.
It is important to create a catalog with accurate descriptions and images of each artwork so buyers can contact you directly if they are interested in buying any of the pieces. This will save time since you won’t have to deal with individual inquiries via email or phone calls which waste valuable time that could be spent on more productive tasks!
A gallery only lasts as long as the current trend does, so it is important to stay updated with what’s going on in the contemporary art world. Apart from that don’t forget all the fundamentals of good business practice – have contracts, invoices and other legal documents ready for transactions. Once you are clear about all these things you can take your first step towards opening your own gallery space