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Art In A Weak Economy

Blog: #17 of 17 by Larry Wright

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The current decline in the USA and the world economies will definitely affect the sale of fine art.
Art is, after-all, a luxury compared to food, shelter, gas, clothing and other necessities. If
families and individuals find some extra dispensable cash in these times, it likely goes to
"catching up"....credit cards, missed payments, doctor visits. So what happens in the
art world ?
First, art supply is probably not tied directly to demand. Artists will produce art, even
when the supply is building up too rapidly. Art prices may fall some, but it is more likely
people will buy prints or defer purchases until "later." At the high end, not much will change.
The wealthy patrons of art will still have resources to buy art, and the sales there will
continue.
I have just finished my third full year of doing art as a profession, and my sales this year
were down from years one and two. But, I actually grossed as much sales revenue, as
my work sold at higher prices. Again, the more expensive items will likely suffer less than
the middle and low end priced items. And prints may well fill that gap. I buy prints, when many
paintings I love are out of my range, price-wise.
Like everyone else, I want the good times to roll. I want people employed and able to cover
their needs, with money left over for luxuries. That day will return....but it may be a while coming.
I will keep painting, as always.....hoping to find buyers of prints and original pieces.

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