How Much Money Do Visual or Contemporary Artists Make?

In an industry marked by both financial discretion, multi-million dollar headlines, and the idea of the “starving artist,” answering the question of how much money visual or contemporary artists make seems next to impossible or is destined to be followed up by an unsatisfying answer. Therefore, in this article, we will be unveiling the financial realities of artistry, discussing the art of earning, combining research data, in-field experience, and various art market studies, settling the debate about colors and cash, brushstrokes and bankrolls, or masterpieces and money.

An artist’s income relies entirely on the success—or lack of success—of the artist’s career in the art world. As we have argued in our article discussing The Value of Art, the economic value or the price of an artwork is determined by the art-historical relevance of the artist, the law of supply and demand, and its potential return on investment. By doing, the material value and the decorative value can be surpassed tremendously by the added value due to the career and relevance of the artist. The art world distinguishes five different levels to refer to the success and stage of the career of an artist; (i) hobby artists, (ii) beginner/amateur artists, (iii) emerging artists, (iv) mid-career artists, (v) established artists—and one could even add a potential sixth category for the best of the best; the art world superstars, even though one can perfectly refer to them as established artists as well.

Now let’s talk money, and let’s talk facts. In a day and age where anyone can proclaim themselves as an artist, it is hard to tell precisely how many artists exist today. The analytical research tool and database Artfacts maps the art world and has currently registered the activity of almost 1 million artists.[1] However, there are most likely as many—if not more—artists who haven’t been registered yet as they have not had the chance to participate in the art world, which makes it almost impossible to be 100% accurate. However, Magnus Resch—one of the leading and arguably most notorious art economists—analyzed the distribution of these different types of artists based on their careers.[2] From this perspective, we can allocate the different price and income ranges based on art market insights, selling history, and the net worth of the artists in question.

Unveiling Financial Realities for Artists

So let us answer the big question first; how much money do visual or contemporary artists make?

Circa 85% of the artists make less than $25.000/year, around 10% make between approximately $25.000/year and $100.000/year, roughly 4% make between approximately $100.000/year and $1.000.000, and around 1% make more than $1.000.000/year.

Rough results—in different senses of the word rough—but more importantly, where do these results come from, and what do they mean?

Resch’s study has shown that around 45% of artists do not have any income at all from their art. These artists are, of course, hobby or passion artists. Climbing the ladder towards financial success, we encounter a second segment of artists with little income, the amateur or beginner artists. Here the artists have little to no reputation but might be selling and exhibiting some works—albeit at self-hosted exhibitions or uncharted art marketplaces such as Saatchi, or are pursuing a purely online art career and having relatively low prices. As there is no significant art-historical relevance or career value, their works have a decorative value varying between $200 and possibly $4.000—depending on the size, material costs, or working hours.

As a result, these two categories, representing 85% of the total amount of artists, will struggle to make any decent amount of money, remaining unknown, undiscovered, and their works thus unsold. They are outside the art world, unable to participate in the right exhibitions or meet the right people, and cannot find their way in. As a result, 45% are making $0/year, and another 40% are making approximately between $0 and $25.000/year.

Chances for success 1: About one in six artists have an income of approximately $25.000 per year or more.

On a more motivating note, if circa 85% is making less than $25.000/year, this means around one in six artists in the world is making a notable income. Before we discuss why some people are outside of the art world and how others are able to make earn a modest up to a not-so-modest income in art, let’s discuss the majority of the remaining 15% of artists that are actually making some money; the emerging artists.

This category consists of approximately 10% of all artists, encompassing the artists who have been able to enter the art world, exhibiting at and being represented by small to medium art galleries, having some critical recognition, and what is starting to look like a decent selling history with a small collectors base and demand for their work. In some rare cases, these artists can also be found on the secondary market. As a result, the overall value of their art starts to surpass the decorative value, resulting in a price range starting around $1.000 up to approximately $10.000. In a different career path, we can also encounter some successful self-represented artists who have taken an alternative route, whether via social media or by participating in various art festivals. As a result, emerging artists have a five to six-figure income, earning between approximately $25.000 and $100.000.

Chances for success 2: About one in twenty artists earn over $100.000 annually.

Up next, we encounter mid-career artists, representing approximately 4% of the total artist population. The term “mid-career” can occasionally be perplexing, implying that an artist is halfway through their career. However, not all artists will attain the status of mid-career artists; for some, this classification may persist throughout their professional journey. Essentially, it signifies the artist’s stature concerning their value and level of establishment—and thus not their age or a phase of the life of an artist. In this case, we enter a price range of $10.000 up to $100.000, resulting in a six to seven-figure income.

These artists are well-represented by esteemed art galleries. They have had various solo exhibitions and participated in institutional exhibitions and events, modestly entering the canon of contemporary art. They have a very steady selling history, are represented at international art fairs, and have started to have notable activity on the secondary market. They might have had an institutional solo exhibition on a regional or national level; however, retrospectives or solo presentations at major art museums are still not applicable (yet, hopefully). At this stage, considering the price range and yearly income, we will very rarely encounter artists who are outside of the so-called high-end art world—as discussed in our article on artists career paths.

To conclude, we arrive at the top 1% of artists in the world; the blue-chip, established artists. They are collected and exhibited by multiple major institutions, are represented by the art world’s so-called mega-galleries, have an active secondary market being responsible for the premium lots at auction and often mind-boggling prices in which the sky is the limit, with a price range on the primary market of approximately $50.000 up to over a $1.000.000. As a result, this one percent has a seven to eight-figure income. Even more, there is an even smaller percentage here, the so-called art world superstars, with an eight up to nine-figure income, consisting of the top 50 artists in the world, such as David Hockney, Gerhard Richter, or Yayoi Kusama, and also the most lucrative artists in the world, the business-masterminds, such as Damien Hirst with a net worth $1 billion, Jeff Koons with a net worth: $500 million, and Jasper Johns with a net worth of over $300 million.

Various Studies with a Similar Tendency

Although our numbers are slightly altered for the worse compared to the 2011 study by Resch, they follow a very similar tendency, as is the case with alternative studies.

In 2017, the Artfinder Independent Art Market Report, analyzing the income of artists in the United States, argued 75% of artists earn less than $10.000/year—similar to our study’s 85% earning less than $25.000/year—with almost 50% earning less than $5.000/year—in line with the 45% making no money at all in our study.[3]

In 2018, the Creative Independent—a platform that can be seen as the equivalent of Kickstarter but for creatives—performed a survey analyzing the two leading countries in the art world; the United Kingdom and the United States of America. The results argued artists on Creative Independent in the UK have a median income between $20.000 and $30.000, with 60% earning less than $30.000, similar to the 85% from our study. In the States, a mere 19% making are making over $50.000, corresponding with the aforementioned 15% of artists making over $25.000. Two notable similarities, considering there will be fewer non-career-oriented hobby artists on this platform.[4]

In 2019, The Livelihoods of Visual Artists Data Report argued that the vast majority of artists—two-thirds of the artist population—earn less than $6.500/year, with only 7% making over $25.000/year.[5]

Important Reflections for Artists

An Expected Outcome

Dear artists, do not despair and especially do not starve. We have unveiled the financial realities for artists, and now it is time to face them. However, don’t face them with feelings of discontentment and desperation. The results are logical, expected, and fair. No, it is not the fault of the greedy top layer of the art world that is making millions that most artists must starve. In fact, one would encounter a similar income distribution in almost any industry. Think of how the best 1% in certain sports are making tons, whereas most are playing for free, or how the top management of a company earns a multiple of what most workers are earning. This is a very common principle, also known as the Pareto principle.

On the other hand, in an art market where artists represent the supply and the collectors the demand for art, the law of supply and demand is, of course, not in our favor. The supply is tremendous, as there is an enormous amount of artists surpassing the million mark with ease—simply because it is one of the most enjoyable things to do in life—and each producing an impressive amount of artwork, with just a small group of collectors to purchase those works—with just 6.000 serious art collectors spending over $100.000 per year on art and 99% of the collectors being one-time buyers—for whom we should all be thankful for their generous support and genuine interest.[6]

So it is only natural that the majority of artworks remains unsold, and so few can go full-time with their art. And not by accident, as if playing the lottery, but by doing the right things and going the extra mile, as I’ll explain in just a minute.

Work-Life-Art Balance

If we face this financial reality, it is most apparent that being an artist often comes with economic uncertainty. We cannot expect the world to pay us simply because we find it enjoyable and important—stating otherwise is rather selfish and idealistic because that is not how the world works. To deal with this, finding a good balance between your art, your work, and your life is essential. Many artists have been doing other jobs alongside their art for a long time. Is it hard? Yes, of course, it is. But it is the only way to handle the ups and downs of income as an artist.

Gift yourself financial freedom and a reasonable amount of time to pursue your art career without pressuring yourself by finding this balance with your day job or even being able to invest in your career as an artist. In essence, striking this balance between artistic passion and pragmatic employment opens doors to a more sustainable and fulfilling artistic journey, enabling artists to chart their path and shape their creative future, doing the right things to actually move their career forward instead of pursuing a quick sale for next month’s rent.

Is the Glass Half-Empty versus Half-Full?

Even more, personally, I believe this survey’s results are very encouraging. One in six artists will actually be earning a significant amount of money. Not enough to go full-time, but significant. 15% chance to make approximately $25.000 annually, or more, doing the thing you love must be a hopeful prospect. Even more, the reality of one in twenty artists earning six figures or more is encouraging. You won’t get those chances when playing the lottery; more importantly, it is up to you if you make it. So be patient, give it your all, go the extra mile, and believe you can be that one in six, or better, that in one in twenty.

How To Beat the Odds

It is up to you to beat the odds—and with the right mindset and information, it is within your reach. Here at CAI, our mission is to level the playing field and provide and share crucial information for success in the art world. Therefore, visit our advice for artists next to learn, understand, and execute the things that make the difference between a 5% chance of success and 25%—or more. If you want to learn more about how artists make money, read our article on 20 Ways Artists Make Money as well.

Notes:

[1] Artfacts at https://artfacts.net consulted August 17, 2023.
[2] Magnus Resch Ph.D. thesis (2011) as illustrated and discussed in Magnus Resch, How To Become A Successful Artist. London: Phaidon, 2021.
[3] Artnet, A New Study Shows That Most Artists Make Very Little Money, With Women Faring the Worst at https://news.artnet.com/market/artists-make-less-10k-year-1162295 consulted August 17, 2023.
[4] Artnet, How Hard Is It to Make It as an Artist? A New Study Shows There Are Many Paths to Success—and Failure at https://news.artnet.com/art-world/artist-financial-stability-survey-1300895 consulted August 17, 2023.
[5] Arts Professional, Only a third of artists’ income comes from their art, research finds at https://www.artsprofessional.co.uk/news/only-third-artists-income-comes-their-art-research-finds consulted August 17, 2023.
[6] Magnus Resch, How To Become A Successful Artist. (London: Phaidon, 2021) p. 52 & 105.

Last Updated on July 12, 2024