The gallery business often seems shrouded in mystery. Though I work to help you better understand the business through my blog posts and podcasts, I know there are still many aspects of the art world that remain obscure. This is especially true when it comes to the finances of art galleries.
You know that galleries generate revenue by selling art, but exactly how much money are galleries producing, and where does that money go?
After artists are paid their commissions, a gallery’s funds go in a lot of different directions. During the first quarter of 2019, for example, our Scottsdale gallery’s top five expense (shown here as a percentage of our total expenses) were:
- Payroll (44%)
- Rent (13%)
- Payroll Taxes (10%)
- Merchant Service Fees (8.61%)
- Advertising (6%)
What if you could go beyond a glimpse of a gallery’s finances and analyze them in depth? What if you had the opportunity to understand how profitable the gallery business is? What if you could see every expense a gallery incurs, along with every source of revenue? What if you could see a gallery’s bank statement?
This is your chance!
Over the last week, I’ve invited RedDotBlog readers to join me on an incredible journey as we launch our new gallery in Pinetop, AZ. Xanadu’s Art Gallery Insider program is your chance to watch the process of getting a gallery up and running, and your opportunity to dive deep into the finances and operations of a gallery.
In weekly Art Gallery Insider broadcasts, I will share intimate details of the inner-workings of the gallery with viewers. Not only will I share the details, I’ll help you understand what all of those details mean in a simple, fun format.
Think of this as the ultimate reality show for artists, art gallery owners and art lovers, but a reality show with information that will provide you an unprecedented understanding of the gallery business.
I invite you to learn more about the Art Gallery Insider program by visiting our registration page at https://reddotblog.com/art-gallery-insider/
Our first broadcast is only a few days away (Wednesday, May 8th). Sign up today!
(Remember, you don’t have to be able to attend the broadcasts live to participate as an Art Gallery Insider. You can watch the recordings anytime and email me your questions)