Artistpreneur

Summary

The article discusses the concept of "artistpreneur," a term coined to emphasize the need for artists to embrace entrepreneurship in their careers, using Damien Hirst as an example of successful fusion of art and entrepreneurship.

Abstract

The article argues that artists in the 21st century must adopt a multifaceted approach that combines artistry and entrepreneurship to sustain themselves financially. It highlights that most artists do not make six figures, with many making under $20,000 annually. The author introduces the term "artistpreneur" to describe this fusion of art and entrepreneurship, using Damien Hirst as a prime example. Hirst's success is attributed to his marketing instincts, inventiveness, clever branding, and strong personal brand. The article suggests that traditional boundaries between art and commerce are blurring, and the term "artistpreneur" may help define the 21st-century art world.

Opinions

The author believes that artists need to redefine their roles and embrace entrepreneurship to sustain themselves financially.
The author suggests that artists making under $20,000 annually is a common and alarming reality, highlighting the need for a shift in how artists approach their careers.
The author uses Damien Hirst as a prominent example of an "artistpreneur," emphasizing his marketing instincts, inventiveness, and clever branding.
The author argues that Hirst's strong personal brand and name recognition have contributed to his success.
The author believes that traditional boundaries between art and commerce are blurring, and artists must navigate this changing landscape.
The author suggests that the term "artistpreneur" may be relevant in defining the 21st-century art world.
The author promotes an AI service that they claim provides the same performance and functions as ChatGPT Plus(GPT-4) but at a more cost-effective price.

What is it and why does it matter?

Artists in the 21st century need to re-define who they are and what they do. I offer ‘artistpreneur’ as a new term to open a serious conversation around the economic aspect of being an artist.

2022 art market research reports and government publications related to the arts [in the United States] indicate that visual artists earning $200,000 + per year are relatively rare.

This income level is achieved by artists who have gained significant recognition, have a strong marketing presence, usually a clear brand and name recognition. Yet we know that solopreneur content creators are making 6 figure yearly incomes.

Even making $100,000 through art sales and exhibits requires an artist to diversify their income sources. Even if an artist achieves $90,000 they would consider that a good year. Many artists take on private commissions (e.g., portrait work) to supplement their income.

But the upshot is most artists don’t make 6 figures.

The alarming reality is that artists making under $20,000 in art sales [annually] is more common.

This alarming statistic highlights the need for a fundamental shift in how artists approach their careers. To sustain themselves, artists must embrace a multifaceted approach that encompasses both artistry and entrepreneurship. They could be called solopreneurs but I offer the term artistpreneur because the art-making experience is not simply a business or niche marketing.

One of the most prominent examples of an ‘artistpreneur’ is Damien Hirst. Hirst, now one of the richest artists alive (400–600 million in sales), provides valuable insights into the fusion of art and entrepreneurship. His remarkable journey to wealth showcases his instinct for marketing, inventiveness, and clever branding.

For example, by titling some of his work in very provocative ways he started a conversation that isn’t even related to the artwork being displayed. I’m referring to the preserved shark art piece that is titled, “The Physical Impossibility of Death in the Mind of Someone Living”.

Additionally, Hirst’s diamond encrusted skull titled “For the Love of God” continues to create a buzz in the current cultural narrative pointing to all kinds of paradoxes.

Another key aspect of Hirst’s artistpreneurial success is his strong personal brand and name recognition. His signature style — pointalism paintngs — are recognizable and speak to 19th century pointalism.

It is clear traditional boundaries of art and commerce are blurred. Damien Hirst’s story serves as a prime example of how artists can navigate this changing landscape.

As artists continue to redefine themselves and explore new avenues for income and recognition, ‘artistpreneur’ maybe relevant and help define the 21st-century art world.