Buying an art gallery may be a long-held dream. If you have artistic training, a good head for business and you feel comfortable about networking and selling, owning your own art gallery may be a perfect option.
Step 1
Obtain the capital and the income to realize your dream. You should get an accountant and a lawyer on board from the beginning. If you are borrowing a large amount from a bank, most banks will require this, along with a business plan in place.
Step 2
Ensure that the type and quality of art you want to show is actually being made and is available to you. Do your research. Is the art in your own city or do you need to look further afield? What transportation and insurance costs will this add to your overall overheads?
Step 3
Don't expect people to be banging on your door every day. Some days you see no one, some days it's busy. If you have a few slow days, don't let that get you down. Use the time to take stock and to network for more artists and more buyers. Plan functions during down times, so that you can attract more clients.
Step 4
Organize other sources of revenue for the gallery. Many galleries rely upon design work as well as paintings. Other important sources of income include renting out the gallery space and producing publications. Or, you may wish to offer art classes using your own skills or those of some of the artists whose works you are selling. A combination of these will ensure that you balance the books.
Step 5
Seek a grant or donation. Increasingly, city councils (municipalities) see art as key to regenerating run-down areas, so it’s also possible to get involved in a host of well-funded initiatives aimed at providing cheap space for creative industries. While this type of funding may not last forever, and is by no means certain in the first place, it can be vital in bridging the gap between getting started and making a profit.
Tips
- In tourist areas, the seasonal nature of trade can be a problem; and getting precisely the right type of material for your potential customer base is more problematic than in other sectors, purely because they are so many niches and tastes compared to selling more mundane items.
- More 'mainstream' artists, or those looking at selling commercial art, might be best suited to off-the-beaten-track market towns or quieter tourist resorts.
Warnings
- Running a successful art gallery requires a lot of hard work, determination and luck, and sometimes for very little financial reward – very much like being an independent artist.
- Remember that selling art is a retail job. It may be high end retail, but it's still sales. If you don't enjoy sales, and you don't want to spend your time tracking down customers, do not try to run a commercial gallery.
