Selling fine art sure seems fabulous: hobnobbing with artists, jetting off to art fairs and talking with collectors about why those colored squiggles are so -- pause for effect -- resonant with meaning. But like many other discretionary markets, the $8.5 billion U.S. fine art business slipped into something of a blue period after the crash -- at least for the smaller-scale galleries, where some dealers report that sales have dropped by nearly half since 2008. Still, analysts say the worst is over, with sales expected to hold steady for the next several years.
Profiting from the art game, say industry veterans, is about identifying bankable talent, so staying up-to-date on the latest MFA shows at key art schools is a must. And while more than half of U.S. art sales happen in the Big Apple, experts say would-be gallery owners with smaller budgets can find opportunities in other cities and vacation spots. Insiders say investors can expect to spend at least $50,000 to get a midsize regional gallery off the ground, and, with luck, it could break even in three to five years. But in an iffy economy, says John Davis, owner of Davis and Cline Gallery in Ashland, Ore., those squiggles can be a tough sell: "It's difficult to close a deal on something nobody needs."
Profiting from the art game, say industry veterans, is about identifying bankable talent, so staying up-to-date on the latest MFA shows at key art schools is a must. And while more than half of U.S. art sales happen in the Big Apple, experts say would-be gallery owners with smaller budgets can find opportunities in other cities and vacation spots. Insiders say investors can expect to spend at least $50,000 to get a midsize regional gallery off the ground, and, with luck, it could break even in three to five years. But in an iffy economy, says John Davis, owner of Davis and Cline Gallery in Ashland, Ore., those squiggles can be a tough sell: "It's difficult to close a deal on something nobody needs."
