Creating a New Brand for a New Business: Contemporary Art
Demand for Contemporary Art
Currently there is a huge demand for contemporary art today. As stated by Edward Dolman, Chairman and chief executive of Phillips auction house, “they want to be associated with the new and the now” (Nicholls, 2018). The market for the older masterpieces in works of art is minute and diminishing many clients have moved away from older art pieces, it appears the private owner of these pieces are not prepared to part with their art pieces (Nicholls, 2018). Conversely, new collectors tend to find contemporary art accessible, scholarly and practical. It is easier to invest in contemporary art; the lovers of contemporary art better understand and appreciate its context and meaning (Ertug, et, al ,2016). Accordingly, artists comparable to Lincoln Townley feature established celebrities in their work. Townley’s portraits of Hollywood celebrities; i.e., Russell Brand, Robert Downey JR., and Charlie Sheen, the portraits of them are considered exciting and accessible to a modern audience (Nicholls, 2018). Also, the trend of the relationship between contemporary art and interior design can also be used as a home investment, hence, it blends well with the interior construction of modern homes (Nicholls, 2018).
Artist Developing a Brand
An artist develops and builds a brand, they become an artistic entrepreneur and their art work is their business (Artists Network Staff, 2018). They must develop a marketing plan and a business strategy, hence, the following:
Define Who You Are
Develop a brand identity, thus, what sets them apart from any other artist, thus, their uniqueness. For example, Liquitex brand commands the innovation factor for acrylic paints, cadmium-free colors which are a safer acrylic option that does not compromise the quality of strength or brightness (Artists Network Staff, 2018).
What Do You Want to Achieve?
The artist needs to determine what his or her goal is and what strategy they are going to use to achieve it; hence, their return on their investment (Artists Network Staff, 2018).
The artist can advertise through several methods; 1. Collaborate on art projects, 2. Discuss matters with “seasoned” artist and get some of their feedback and wisdom to guide them through the process, and 3. find an art supplier to partner with to create innovative products (Artists Network Staff, 2018).
Take advantage of local events, social media, create a webpage or blog featuring their artist work (Artists Network Staff, 2018). Facebook and Instagram are great sources to capture a wide audience of consumers that can become potential clients.
How Art Dealer Develops Brand
An art dealer is an important individual in the art industry. Aside from a thorough knowledge about a specific area of art, the dealer must be passionate about his specific chosen industry. It takes a lot of time and energy to gain recognition in the art world, but passion, perseverance, effort, and backbone you can achieve the respect and notoriety from the industry and build a brand for yourself as a dealer (“How to Become an Art Dealer,” n.d.). The art industry is extremely competitive, the key is to network, join art organizations, government, non-profit art centers, sponsor artists and market themselves and their stellar ability in the industry (“How to Become an Art Dealer,” n.d.).
Damien Hirst Fame
The shock value of Hirst’s painting stood out immensely for Saatchi. It was Saatchi mission to build Hirst as a known artist and aspired to highlight his works of art. The exposure that Hirst received from Saatchi assisted Hirst to turn into a famous artist. Accordingly, the blend of the shock value of his works, and his relationship with Saatchi significantly contributed to his success. Correspondingly, Hirst’s artistic production includes a well-known work of significant disturbance; hence, A Hundred Years, a piece in which Hirst challenges the immense themes of life and (Ray, 2004).
Techniques to Develop A Brand
In this form of branding you must evaluate risk and information rapidly and consistently, there are huge financial incentives relying on specific decisions. Accordingly, investments are being made in many industries centered on emotion. As a result, for an investment firm to be successful they must market their investments with emotional value to the consumer or target market. Art is not marketed by artistic value and has a deeper value of emotion in the investment. Art is in some way similar but in many ways different from brand investment.
- Artists Network Staff. (2018, April 12). How to Build a Brand as an Artist, 7 Tips for Success. Retrieved from https://www.artistsnetwork.com/art-business/build-brand-artist-tips-success/
- Ertug, G., Yogev, T., Lee, Y. G., Hedstrom, P., Institutet för analytisk sociologi, IAS, Linköpings universitet, . . . Filosofiska fakulteten. (2016). The art of representation: How audience-specific reputations affect success in the contemporary art field. Academy of Management Journal, 59(1), 113-134. doi:10.5465/amj.2013.0621
- How to Become an Art Dealer. (n.d.). Retrieved from https://www.theartcareerproject.com/become/art-dealer/
- Nicholls, J. (2018, October 26). More people than ever are buying contemporary art – Maddox Gallery. Retrieved from https://maddoxgallery.com/investment/people-ever-buying-contemporary-art/
- Ray, G. (2004). Little glass house of horrors: High art lite, the culture industry and Damien Hirst. Third Text, 18(2), 119-133. doi:10.1080/0952882032000199650