Starting your own art gallery can practically be an art form in and of itself. It’s important that you’re careful, considerate, and deliberate about your craft and fine art insurance before moving forward with any big pivotal business decisions.
Art galleries can make for a profitable, exciting, and eye-popping business venture. Even though the COVID-19 pandemic has certainly taken a toll on the art market within the past year and a half, it still remains a fairly strong industry nevertheless.
According to recent estimates, the global art market value currently stands around $50 billion USD and counting. The point is that art can be a lucrative business and one that is sure to be a crowd-pleaser.
But before you dip your toes in those waters, it’s important to at least have some understanding of what you’re getting into before making any pivotal moves. Here are four questions you should ask yourself before opening up your art gallery and when thinking about protecting your gallery with fine art insurance.
Having at least a tangential understanding of the market trends around the area where you plan to open your gallery is key. Consider reviewing local galleries to see what generates interest, attraction, and business around your community. Don’t be afraid to talk to local artists or competing gallery owners to see what they find appealing.
That said, don’t just crib the style and business decisions of other local galleries. Art flourishes as a mode of pure creativity, expression, and innovation, so it’s essential that you carve out your own niche and bring something new to the table.
Most good artists consider the underlying meaning and direction of their work, not just whether or not the work superficially looks good. As an art gallery owner, you should put the same level of consideration and due diligence into running your business as well.
It’s important to be practical, pragmatic, and precise when thinking about your business’ finances.
Artworks themselves may be aesthetically pleasing, but what use is that if they’re arranged and presented in an aesthetically displeasing fashion? As we said initially, art gallery creation and curation can be an art form in and of itself.
Just as an artist would, you should be very deliberate with regards to what you’re putting on your canvas, where you’re putting those things around your canvas, and how those elements will interplay.
Consolidate a healthy amount of space between your works, frame them carefully and conscientiously, and try to stage them away from excess heat, UV light, or other potentially damaging elements.
But what if those elements find their way toward your artworks, despite even your best of efforts? What then?
Any good art gallery is bound to showcase a wealth of creative, aesthetic, and monetary value. Unfortunately, that also means showcasing a lot of value to be potentially lost when disaster strikes, whether it strikes in the form of natural disaster, vandalism, loss, theft, or any one of the many disastrous things that could befall your art collection.
That’s where the need for comprehensive fine art insurance comes in. Of course, we never want the worst-case scenarios to happen, nor to even think about the worst-case scenarios, but it’s helpful to have a contingency plan in case they do happen.
If your gallery will be opened around the Sierra Foothills, then we strongly recommend that you consider seeking help from FACE Insurance. Contact us today to find out if our fine art insurance policies are right for your needs.