How is relationship between Art and Money?

Art and money have much in common. Both are spheres of social activity that carry symbolic values. A coin is simply a piece of metal, stamped with signs to give it symbolic meaning, to give it a value, a value that changes with the vicissitudes of its economic life, or, when no longer legal tender, with its life as a collectable. A painting is a piece of canvas, stretched on a frame to make it taut, which is then covered with pigment, brushed with an image, a sign that gives it value, a value that changes with the vicissitudes of its aesthetic and symbolic life, with its commodity value.

How can an object like a painting made of cloth, wood, oil, and pigment be worth more than a housing estate? The answer lies in the mystery, which is its religious legacy, that art enjoys, of being above, or outside the world.

The relationship between art and money can be understood in at least two ways. First, art can be interpreted as a sum of works circulating on the art market. In this case, when we speak about art and money, we think primarily of spectacular developments in the art market that took place in recent decades: the auctions of modern and contemporary art, the huge sums that were paid for works, and so forth—what newspapers mostly report on when they want to say something about contemporary art. It is now beyond doubt that art can be seen in the context of the art market and every work of art can function as a commodity.

Indeed, artworks that only exist if they are exhibited have emerged. To produce an artwork means precisely to exhibit something as art—there is no production beyond exhibition. Yet when art production and exhibition coincide, the resulting works can very rarely begin to circulate on the art market. Since an installation, by definition, cannot circulate easily, it would follow that if installation art were not to be sponsored, it would simply cease to exist. We can now see a crucial difference between sponsoring an exhibition of, let’s say, traditional art objects and sponsoring an exhibition of art installations. In the first case, without adequate sponsorship, certain art objects will not be made accessible to the wider public; nevertheless, these objects will still exist. In the second case, inadequate sponsorship would mean that the artworks, understood as art installations, would not come into being at all. And that would be a pity at least for an important reason: artistic and curatorial installations increasingly function as places that attract filmmakers, musicians, and poets who challenge the public taste of their time and cannot become a part of the commercialized mass culture. Philosophers, too, are discovering the art exhibition as a terrain for their discourses. The art scene has become a territory on which political ideas and projects that are difficult to situate in the contemporary political reality can be formulated and presented.

Art and money come together whenever the values of both are exchanged within a market—in trade between artist and client/patron, between dealer and customer, between competitors for social authority. Money is such an important factor that the work of art ‘itself’ risks paling in comparison. What is for sure is that art has always had a slightly inconsistent and contradictory relationship to money. An artist has to live after all, but then you hear lines about ‘living solely for the art’.

The wisdom is that any discussion of money about art tends to harm or undermine the ‘art’. But art has been done for patrons, art is done for commissions, and artists also market their art and personality to get better paid. The story about art and money is not a smooth one because it is always about the contradictions.

Is art a commodity?

It is now beyond doubt that art can be seen in the context of the art market and every work of art can function as a commodity. On the other hand, contemporary art also functions in the context of permanent and temporary exhibitions. The number of large-scale, temporary exhibitions—biennials, triennials, Documenta, Manifestas—is constantly growing.

Commodities, Auctioneering: Jean Baudrillard

For Baudrillard's lively and polemical discourse of the art market, it is necessary to go back to Bataille and the issue of ritual, sacrifice, and exchange. For Baudrillard, the art commodity is the object par excellence of Western society's craving for bygone objects.

Art objects purchased for astronomical sums have only a peripheral bearing on the circumstances which gave rise to them (their historical ‘truth’), but rather are endowed with a special meaning that sanctifies their symbolic nature as eminently precious and obscure.

In other words, there is absolutely nothing we can say about Klimt's portrait of Adele Bloch-Bauer that may justify the sum paid for it except maybe that other works of the same artist have had a healthy market history.

The work was bought on taste and personal inclination. Its status as a fetish is double: the buyer fetishizes the work, and, as a result of the sale, the work epitomizes the commodity fetish.

The myths underlying being are displaced by the myth that emanates from funnelling immense amounts of capital into things; once the signifiers of blood, birth, and title unravel, the symbolic energies invested in them leap into objects: bibelots, jewels, furniture, artifacts, and art.

Art’s relationship with money begins with patronage. When under the shadow of religious ritual, art is financed by the religious body it obediently serves, the artists often remaining anonymous, as in the Middle Ages, when artists were artisans whose duty was to describe the stories and virtues of the Christian faith.

Artistic innovation was not an issue since the artist-artisan's duty was to discharge objectives within set prescriptions. They were paid for their creations as a carpenter would a table or a tailor a coat.

The late Middle Ages saw the advent of trade routes on land and sea, which resulted in a greater influx of goods. People became more demanding and discriminating; suppliers were more competitive. For those in secondary production, in the arts as elsewhere, increased competition accompanied the desire to garner attention through novelty, invention, or efficiency.

And thus, in the Renaissance, the flowering of the notion of genius: the artist attracts patrons for his ability to distinguish himself, reflecting directly back onto the patron's distinction. Patronage is therefore not just a matter of spending riches. It is what secures these riches and justifies them.

The central paradox of patronage is that it brings about a culture of prosperity that reverses the perception of the patron’s fortunes: art comes to be seen not as a result, but a cause of the patron’s success, like securing a birthright after the birth, a favorite ruse of usurpers and bastard princes.

Just as the relationship between artist and patron was so often built on a healthy contempt, the relationship between art and money is agonistic, fraught by inequities, morality, and guilt.

By the end of the eighteenth century, works of art were seen to be superior to tribulations about money. But artists need to live, however, inflated their self-importance. For this, an Ersatz form of payment, the honorarium, was invented. Artists could thus be paid without feeling like salaried workers or usurers. It is still a term that is often used today, as in Germany (Honorary), in place of the flat contemporary phrase, artist's fee.??

Talented artists quickly discovered was that educated society had no qualms with making a spectacle of the artistic, bohemian persona. This curiosity became a convenient myth for artists for whom commercial livelihoods were far less secure, owing to the more off-and-on and scaled-down nature of bourgeois patronage and the fact that many more artists were circling the honey pot.

Rather than being integrated into society when art was combined with ritual, artists were purveyors of what could not be accurately valued in a fiscally rationalized society, much less adequately understood. Inevitably, artists without the right social or academic connections found themselves branded outsiders. They marketed themselves as such: radically independent, inward-looking, and tempestuous souls; they were invited to dinner parties as a foil to the proceedings (and they may have needed the feed); they styled themselves as reckless, insouciant dandies. They were snubbed and envied as great lovers; they lived out the pleasures of the flesh and experienced both its punishments and rewards.

Like all myths, it has its share of truth. Art is valued because it takes risks above any prosaic, unrewarding job. The artist-bohemian's social phenomenon has now become an accepted dimension of artistic practice, acceptable from the way that artists have literally sculpted their persona so that it cannot be disassociated from what they produce.

The Art Market

The art dealer and the collector are the conspicuously modern phenomenon, born of free trade and speculation. Until around the middle of the nineteenth century, the most standard way for artists to forge a career was through the Salon's public forum (or circus).

Optimal for any artist was to get his or her work purchased by the state or at least a collector. Young artists would be on the lookout for future commissions, portraits being the most common, though religious commissions were still coveted despite the loosening grip of the church.

As artists, throughout history, money and business have always been a dirty word. Whilst I was at art school, I remember learning very little about the business of being an artist. This is a reason as to why so many do not continue to be an artist once graduated. But why is it pretentiously looked down on when an artist markets their work and becomes financially successful? And can you still truly do your own work when the work you produce becomes a monetized product?

There are creatives who do not care about the business side of making art. And there are those that do not care about the ‘art’ side of art, they only focus on the money. Both ways of thinking are guaranteed to fail if you wish to pursue art as a vocation. As a successful artist, you need to strike a balance.

Art needs an audience. I believe there is real value in understanding who will pay for the experience of your art. It may seem like a constraint to many artists, when they realize that the works they produce are for a specific audience. This limitation should not be a negative though; having the business mind-set can become an artist’s greatest ever advantage. You are probably asking why. If you have the business mind-set then these are some scenarios you may be in:

· Don’t have an audience? Find the right audience.

· Struggling with time? If you have deadlines, you find ways round this and become more focused.

· Don’t have money? Think outside the box.

Without the business thinking, you are more than likely not going to be a full-time artist for your life. However, with the business mind-set, you have more of a chance of make a living from it. You do not need to think less of your practice, but to focus on being able to feed yourself through your art should not be snobbishly looked down on.

There is a certain attitude towards artists who have been financially successful. The type of people that say “Ahhh yeah they were good but now they have sold out”. It frustrates me that we must bring down success. Now that an artist can afford to have a nice house and provide for their family, they are deemed evil and ‘not cool enough’. This attitude is persistent throughout the art world, specifically with tutors and students at art school. Many artists become a target of resentment and jealousy when they become financially well off.

I know many artists that would not want to go ‘commercial’ because they believe others in the industry will criticize them. As Bill Cosby once said, “the key to failure is trying to please everyone”. If you are 100%

When I say, ‘successful artist’, I do not simply mean a talented artist. I am talking about making a career out of the art. More than likely, if you can make a career out of it, you are a talented artist but you are also a talented entrepreneur. This is not something artists should be ashamed of. It means you can create art for the rest of your life. Unless you’re fortunate enough to have been brought into wealth, you have to understand that being an artist is just as much about being a professional as it is being a creative. I do wish art schools taught the business side of being an artist so when we leave, we understand art is not just a hobby but something that can provide a roof over our heads. I hope after reading this, if you are an artist, don’t be ashamed to market your work, this is how you are able to keep creating. If you don’t market and promote your art, you will not be doing it as a career, it is as simple as that.

One of the reasons why art treasures command such astronomical prices is for the very reason that they are believed to have meanings that are unique or at least hugely rare. But we must question art that is about the commodity which assumes the status of the commodity about which it is a commentary—such art has it both ways, setting itself both above the discourse, commenting upon it, and within that discourse, profiting from it.

When art engages in meanings about those which it proudly sets itself above, and especially money, it deals with something whose virtue is its limiting, simplifying power and is therefore trafficking in fool's gold. The world still subjugates most women.

How does Money Affects Art?

In today’s society, funding for the arts has been cut, universities are facing budget cuts in their arts departments, and libraries are being closed. Many people think that art is not necessary for basic needs and bare necessities. People will try to put a monetary value on art so that it can be compared to every other material item in the world. Unfortunately, money is usually one of the only ways to support and fund art, so the arts get pushed to the side. What people don’t realize is that art creates emotion among people. Art is essential to self-expression. And sometimes art even can change someone’s life. For many artists, landscape is a medium which they can use to express themselves. The earth and plant life are beautiful, and they can be appreciated in a work of art. It is in this way that art and nature can be connected. In the article “Land as Canvas, Plants as Paint”, Dianne Blell said that in her “Melancholy Garden” “every tree and plant is weeping.” Kieth Sonnier saw a 150-foot tulip tree and thought “it was so majestic, so huge”. So, plants can have emotions and trees can be art. Bryan Hunt says that the water inspires his art. Certain aspects of nature can be art or can inspire people to make art. Either way, art and nature’s connection is necessary to make life a little more interesting.

How are prices for works of contemporary art formed? In Talking Prices, Velthus answers this question based on his own research among galleries in New York and Amsterdam. Since, in his opinion, culture, being not the last factor, plays a significant role in determining the price of a particular work, the author takes a culturological position on the functioning of the contemporary art market and price formation. One of the main elements of his approach is based on the relationship between market players and price. In addition, he has an interest in market dominance in price formation. If we talk about writing, then this is also an art to some extent, it’s good that there is more and more help from https://pro-papers.com/art-history-writing-service in writing.

Abstract in value and speaking the unspeakable, some works of art do this better than others. Still, the unfortunate pitfall is that artistic merit may become conflated with the price laid on its ineffable power, confusing monetary with spiritual or symbolic value.

This displaces art's function to become just a cog or rivet in the colossal international monetary machine. While art's first encounters with patronage represented wealth, its ensuing purpose was to transcend it, making art more desirable, and ironically, monetarily valuable.

Let’s Talk About Money

Money can be a taboo subject—but keeping quiet about it won’t make it go away.

As artists, we need to develop a healthier relationship with money, or else we’ll never be able to make a living from our work. Especially for artists who didn’t grow up in upper-class families or families where the arts weren’t valued, putting a high price on their artwork can make their skin crawl.On the other hand, having an unpredictable income month-to-month is also extremely stressful and leads to money insecurities that damage our ability to objectively handle our finances.

We need to get over these mental blocks by cultivating a healthier relationship with money and that starts with how you manage your own money from your art business.

Take a look at these five money management tips for artists:

·????????Arm Yourself With Knowledge

“One of the reasons people have a poor relationship with money is misinformation or lack of information,” remarks clinical psychologist Joe Lowrance. That’s when anxiety about money starts to creep up on you and take over your day. Because how can you fix a situation you don’t understand?

If you want a better relationship with money, you need to learn as much as possible about running your art business and handling finances the right way.

Start by reading books and blogs specifically for artists... Listen to art podcasts. Ask other successful artists for their advice. That pesky cloud hanging over your head won’t ever go away unless you actively do something about it.

·????????Tackle the Problem Head-On By Developing a Strategy

“By brushing off the financial side of a career in the arts, artists are practically ensuring that they will be unfulfilled personally, professionally, and financially,” explains artist and financial advisor Elaine Grogan Luttrull.

Luttrull suggests first changing your perception about saving: "You have to realize that having cash reserves isn't just a good thing financially; it also means you don't have to accept some job that you don't want to do." It gives you more freedom to focus on your passion—and saving is easier when you keep this goal in mind.

Make a monthly budget by noting all of your expenses (art business, housing, utilities, gas, groceries, loans, entertainment, etc.), plus how much you want to add to your savings fund and comparing it to your average income.

Really examine your purchases and ask yourself where you can save. Do you need that five-dollar cup of coffee each morning or can you brew some in the studio? Can you buy art supplies cheaper in bulk? Can you eat out once a week instead of twice? Always be sure to take care of your needs before your wants!

Sticking to a budget and using a weekly saving schedule like this one from Four Hats and Frugal will help ease the stress of living with a variable income.

·????????Open Yourself Up To Abundant Possibilities

Gaining gallery representation and selling at art fairs are standard when it comes to making money as an artist. But there are many more opportunities to bring in income that many artists unknowingly leave on the table.

Artist grants, social media, teaching workshops, licensing—all of these opportunities to make money can be more constant than art sales alone or can at least supplement your income when sales are slow.That way you aren’t putting all your eggs in one basket with fingers crossed that it all works out. Talk about stressful! Instead, give yourself options when it comes to making money. Learn more about how to build multiple revenue streams to lighten the financial load here.

·????????Know What Your Work Is Worth and Stick To It

Always undermining your art prices during a sale or losing out on business because you’re disorganized won’t get you where you need to be financially! Here are a few things you can focus on when it comes to actually making a living from your art.

First, examine your pricing strategy. Take costs like materials, shipping, and especially your time into consideration when determining your price so that you stand to make a profit from each art sale.

Using a consistent pricing formula will help you skip the frantic “I don’t know what to charge!” phase and keep you from undercutting yourself while talking to an interested buyer. Offering multiple price points can allow you to bring in sales from a wider range of art customers.

Next, find an easy way to keep track of your art sales so you always know how much money is coming in and when. A tool like Artwork Archive helps you manage which pieces have been sold and for how much. You can even generate an invoice that figures in sales tax and shipping costs with the click of a button.

·????????Your Net Worth Does Not Equal Your Self-Worth

If you take one thing from this article, remember this: your net worth does not equal your self-worth.

We repeat—no matter what profession you are in, how much or little money you have, or what your relationship with money is—your net worth does not equal your self-worth.

Because artists have a variable income instead of a monthly paycheck, money issues can weigh heavily on the mind and quietly trickle over into your self-esteem. But, even if you are the wealthiest businesswoman or the highest paid artist in the world, you will not be happy if you are not chasing your passion.

Toss the starving artist narrative out the window. Artists can cultivate a healthier relationship with money, and it starts with finding ways to keep your art business organized and profitable. Developing strategies to both save and earn more from your artwork, learning as much as possible, and using tools like Artwork Archive that can carry some of the weight will start you down the right path.

References & Further Reading:

Alpers, Svetlana, The Art of Describing, Chicago and London, Chicago U.P., 1983.

Baudrillard, Jean, De la seduction, Paris, Galilée, 1979.

Baümer, Angelica, Gustav Klimt: Women, London, Winfield and Nicolson, 1986.

Bunskirk, Martha, ‘Commodification as Censor: Copyrights and Fair Use’, October 60, Spring 1992.

Lacey, Robert, Sotheby’s—Bidding for Class, Boston, Little, Brown and Company, 1998.

Peter Stupples, Jane Venis, Cambridge Scholars Publishing, 2015

Marx, Karl, Selected Writings, ed. David McLellan, Oxford, Oxford UP 1977.

Mulvey, Laura, ‘Some Thoughts on Theories of Fetishism in the Context of Contemporary Culture’, October, 65, Summer 1993.

Schama, Simon, The Embarrassment of Riches, New York, Knopf, 1987.

Secrest, Meryle, Duveen: A Life in Art, Chicago and London, Chicago U.P., 2004.

Tadié, Jean-Yves, Marcel Proust, Paris, Gallimard, 1996.

White, Cynthia and Harrison, Canvases and Careers, New York, John Wiley and Sons, 1965.