The number one product in America today is pessimism. You don’t have to buy it; it’s free and available on TV, newspapers, blogs, and radio waves, pummeling us with foreclosures, double dips, unemployment numbers and other sky-is-falling news.
Truth is, in the photography world, as elsewhere, times have been better. Photographic sales are slow to backwards. The retail print market took a big hit when the management of the Decor Expo Atlanta canceled their show for the second year in a row. Long Beach and LA Art shows never got off the ground this year either, and Giclee Prints, the mainstay of painting reproductions, which depend on volume buyers, are in the tank. More than half the frame shops on LA’s Westwood Boulevard or “Art Alley,” as many of us call it, have shuttered their doors. Tony Chelsea galleries in New York are short on high-end investors, and my e-mail from Fine Art Photographers indicates a near panic about the future of art.
Are the economic storm clouds portending an F5 tornado for the art market, or is something else taking place?
Let’s look at a few facts.
Industry researchers report that the art business generated revenue of 7.83 billion dollars in 2009, a 15% decline from 2008 (source: Ibis research). Fifteen percent is a downer, but in comparison to most industries, this is market correction, not a crash. Researchers forecast another 10% decline in 2010, but upon close inspection, the reports note that while piece count is down marginally the decline in total sales is more a function of deflation. Each piece brings less income than it did in previous years. That’s an indication of a market readjusting to a new price point level.
Photographers should note that Fine Art Photography is a sliver of the total art market and accounts for approximately 8% of all the sales, but it is 8% of a big number. Some 29,000 retail outlets sell or distribute some form of art, which includes retail volume poster dealers such as Michael’s, Target, Aaron Brothers, to part-time art galleries that are open on weekends. It’s estimated that there are 6,400 dealers who earn 50% or more of their income from the sale of photographic prints, Fine Art or otherwise. At the upper echelons there are approximately 60-70 galleries worldwide who sell and manage famous photographic artists (dead, alive and not sure) who are in demand by serious collectors. Sales in this group are quite secretive but insiders estimate that this handful of dealers accounts for 40% of the total photographic sales dollars, and perhaps 5% of the of the total print pieces.
A time of new opportunity…
Based upon these and other facts, I cannot find any evidence of an economic F5 whistling down upon us. I also do not see a return to the blue-sky prices or volumes that we have seen in years past. What I do see is old business models giving way to new opportunities for Fine Art creators, and creative dealers. In fact, I think we are on the cusp of some of the biggest and best opportunities in Fine Art ever, and for the next several blogs I will spend time examining how you can grow an audience for your art that will match your goals.
As for the pessimism, the recession or whatever it’s called, I would encourage you to just say “No,” and refuse to participate.





















