Tuesday, January 27, 2009

Economics 101

In the current economic downturn, Canadian artist Robert Genn offers these works of wisdom to artists, and collector can agree.....

A number of artists have been asking about the current economic downturn. More than anything, they want to know what's going to happen to us creative spirits. While I'm no economist, there's evidence of a hard truth. Art follows money.

Based on experience in previous recessions, three strategies are available:
(1) Maintain your prices--increasingly prove the investment value of your work and honour those customers who have invested in you in the past.
(2) Continue to make first-rate work. In recessions, the bottom end can fall out completely. If anything, aim to improve quality and try to produce more important and challenging work. There will always be collectors of quality work.
(3) If you can afford it, grab any opportunities to improve.
--Robert Genn

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