“It is the part of the wise man to keep himself today for tomorrow and not venture all of his eggs in one basket.”
If you are an artist that has only one primary source, like a gallery, for the sales of your work, be thinking about what could happen if for any reason that changes- Where will you “pivot?” Artists should not rely solely on one gallery for sales, as circumstances can change unexpectedly. Having multiple revenue streams or sales channels provides stability in uncertain times. Ivan Barnett’s premise here is a double-edged sword, that is the very thing that can bring economic success to the artist and the gallery, exclusivity, can bring a host of serious issues. Life is unpredictable.
ONe Thousand Works
His dear jewelry artist friend, Claire Kahn, tragically passed away during a highly anticipated exhibition. For either an artist or a gallery to solely focus on developing only the patronage of a few major clients or putting too much attention on one artist is like putting all your eggs into one basket. Yet here as director, Barnett had many eggs already in this basket with the artist already on board to do her next exhibition. The artist to date had already made over 1,000 one-of-a-kind works. As the gallery’s director, he was ecstatic about Claire’s next exhibition. Barnett was sure it would be a sold-out show.
Creative Output
Claire’s exhibition never happened as she suddenly passed away, and her studio output came to a screeching halt. The supply of her jewelry dwindled, the collectors were now in the dark, and the gallery would be faced with a “now what” situation. It is the gallery’s responsibility not to ignore the other talent in its artist stable and to be sure not to over saturate showing their rock-star artist’s works. By carefully managing creative output, galleries can maintain demand and sustain long-term success. This means to continuously nurture a broader network of artists, collectors, and alternative opportunities.
Good Eggs
Ivan Barnett learned the hard way about over-relying on a single source of success. You need to advocate diversification among your group of artists in your gallery. Have a backup plan in the event something happens to your top seller. Who will take their place? All the while, you must maintain scarcity to sustain demand for your top performers and consistently adapt to changing circumstances. Enjoy the ride of success when the eggs in the basket are all “good.” Artists and galleries should stay engaged with industry trends and maintain strong communication. Adapting to change and staying aware of market dynamics can prevent business vulnerabilities.
