On Saturday I attended a seminar about the business of art entitled "Focusing on Funding and Finances for the Visual Artist" by NYFA.
There were morning workshops which focused on the specifics of funding, such as the types of funding an artist can receive, and how to create a project budget. Since I have never applied for a grant with such a detailed budget, it was very helpful to examine a couple of sample budgets, including the types of expenses one would incur and how to classify them. There was also an overview of the art funding world and understanding the different kinds of programmes available to artists. There was the usual advice, which bears repeating, such as 1) understand why foundations are formed (for tax benefits), 2) what their mission statements are, 3) look at who has been funded before and what the work looks like and ask yourself if your work fits the criteria and rubric. One fact the presenter pointed out is that some foundations have the same panel every year while others have a different one (so it's worth applying every year to the latter). It's always helpful to contact the grant officer, introduce yourself and your work and ask whether you should apply. This isn't something I've done before but I'll certainly do so now.
There was also a presentation on pricing your work. The speaker spoke about an artist's work that is produced from an inner, intrinsic process which becomes a product once it enters the marketplace. When pricing your work, you need to research your target market on a geographic, demographic and cultural level. What will the market bear? Pricing is more of an art than a science, you need to understand where your work fits in. Keep in mind there will always be a purchasor for your work but you need to find the correct market. For example, if you sell work in New York City, don't discount the work if you sell it in a different market such as the midwest; and sell your work at the same price as in a gallery (even if you don't pay a commission). Lastly, you need to hire professionals for certain aspects of your business, such as a lawyer, an accountant, insurance brokers (for both health and business).
The afternoon consisted of an artist panel. Each artist spoke about their work and they balanced work/life. In no particular order, they advised: you are the best representative of yourself, you are the product so take ownership and responsibility of your PR; instead of looking outside, engage in your own community, create your own context and audience. Any gallery show these artists got were through other artists. As I wrote in my previous post, they emphasized that persistence is one of the most important qualities as an artist, so keep applying for grants, keep entering call for entries and if you need help or information, don't be afraid to ask.
