Marketing is defined as the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, services, organizations and events to create and maintain relationship that will satisfy individual and organizational objectives. To market art products, all artworks must be finished and well packaged for trading. It is generally accepted with respect to artwork business that marketing involves five main functions, namely:
1. Market research based on the need of the collectors or buyers.
2. Producing the correct artwork with quality materials and good finishing.
3. Promoting the visual works through T. V media or exhibition.
4 Distributing the artworks.
5 Pricing the artworks.
Marketing artworks takes different forms. Some of the outlets include shops, hotels, festival fairs, exhibition ground, Art collectors/dealers and galleries.
Shops: Artworks can be displayed in a giving space inside the shop for people to see and buy. Mostly, this engages in 'sale or return' basis on agreed percentage from both parties.
Hotels: Works of art can also be displayed for the visiting lodgers to buy at the lobby, entrance or at any other designated area in the premises.
Festival fairs: Art works can be displayed for sale at the venue of festivals. This allows different concept and artistic promotion, where different artists display various technique of producing their works.
Exhibition is still the most common outlet for the sales of artworks the world over. This involves a lot of planning and strategy, where art collectors and dealers are invited.
Exhibition entails collection of artworks from different artists (group) or personal display by a single artist (solo) at the galleries.
Sources of Funding for Art Business
Funding is the money that is provided by an organization, community and individuals for a particular purpose. The sources of funding for art projects and exhibitions include:
- Non-governmental organizations
(NGO).
Community organizations
Government agencies
National gallery of Art
Associations
Institutions like Banks, Oil companies, Gsm providers and other Multi-Nationals
- Parents and relatives
Choosing from the above organizations mentioned, a letter of proposal can be written for their assistance in funding. Aims, objectives and purpose of art business must be stated for consideration.
Pricing of Artworks
The visual artworks pricing depend on the different works, based on their visual presentation, and materials used in producing art piece for sale.
Importantly, artists must consider the cost of materials, time and creative input.
All these will determine the cost of an art piece.
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