Is there no money in Art?
Debunking the 'Starving Artist' Myth: How Creatives Are Thriving Financially
I wanted to write this blog post because I find it interesting that people often say to me, "Well, there's no money in art, is there?". I find this such a strange statement to say, especially when it is said directly to an artist. I am extremely grateful that I have this career and was supported by my also successful, creative family to follow my dreams and succeed. I understand that this sentiment comes from a whole range of incorrect assumptions. In reality, there are so many opportunities and so many avenues to earn money from Art. My main goal in writing this is to speak to the people who don't have the support I did and may be put off their dream job to seek another outside of the creative world. I believe that purposefully ignoring their creative dreams and seeking something more socially acceptable may end up making them less money and bringing them less joy in life. Firstly, I think it's important to understand where these criticisms of the art world come from.
Misunderstanding the Industry
I think I hear this phrase mostly from people who are in uncreative industries. I say this loosely as I think all industries have creativity, whether they know it or not. They simply do not know enough about the Art industry and see more formal jobs, such as finance, politics, and medicine, as a path to succeed. People often think of art as just painting or sculpture, ignoring commercial opportunities in design, illustration, animation, galleries, and licensing. Many fail to realize that art spans many industries, which can be lucrative.
Lack of Business Education
Many artists aren't taught business or marketing skills, so they struggle to price their work, find clients, or navigate the art world. This leads to the misconception that making money from art is impossible rather than challenging. However, just as they can in other sectors, these skills are something that can be learned.
High Competition
The Fine Art world can be competitive. This creates the perception that only a few can succeed. This is especially true when narrowing down the definition of an artist to just oil painters, for example. People who are not in the art world can usually only name a few famous artists from history and perhaps the odd Turner Prize winner. They do not realise that just because they can't name them doesn't mean they do not exist; there are actually many people out there thriving in this area. Then, if you add on the Art Directors, Interior designers, VFX artists, Graphic Designers, Influencers, Fashion Designers, illustrators, and so on, you suddenly become aware that there is a whole world of creatives earning well and being recognised for their craft.
Romanticised Struggles
Society often romanticises the idea of the "starving artist," reinforcing the belief that artists must suffer for their craft or create solely for passion, not profit. While many people cannot name more than a few extremely well-known artists, they all know about Vincent Van Gogh’s work only being recognised after his death, and dying impoverished. I also remember Banksy being called a "sell-out" because he made money from his art and defied the notion that to be a good artist, you must not break the poverty mould.
You may also remember a UK government-backed advertisement depicting a ballet dancer named "Fatima" with the caption: "Fatima's next job could be in cyber (she just doesn't know it yet)" as part of the "Rethink, Reskill, Reboot" campaign. This naivety from the U.K. government offended the Art world, reminding them, yet again that this stereotype of the struggling artist remains.
Cultural Devaluation of Art
In some cultures, art is undervalued or seen as non-essential. I know plenty of creatives being persuaded by family to give up their "hobby" and pursue, a more lucrative role in medicine or teaching. In reality, some junior doctors are highly overworked and earn around £30,000 a year which goes into paying off their £50,000 debt that they built up whilst studying. Teachers experience a similar situation, expecting just £20,000 a year when starting out, a figure I, ironically, also achieved in my first job in an Art Gallery.
Irregular Income
Artistic careers often come with a freelance income resulting in sporadic payments, rather than scheduled incomes. This can make them appear less stable to people with more traditional jobs. This feeds the narrative that art can't be financially sustainable. However, despite having on and off again schedules this doesn't always result in lower annual pay.
Now we have looked at some of the reasons why these stereotypes exist, I think it's time to discuss the reality of the situation. Let's look into some different sectors of the Art world and see how profitable art can be.
Visual Artists
Jeff Koons: Estimated net worth of approximately $400 million. His sculpture "Rabbit" sold for $91.1 million in 2019.
Yayoi Kusama: Estimated net worth of $100 million. Her painting "White No. 28" from the "Infinity Nets" series sold for $7.1 million in 2014.
Banksy: Estimated net worth of $50 million to $60 million. Banksy's artwork "Love is in the Bin," fetched £18.6 million at Sotheby's in London in October 2021.
Illustrators and Designers
Shepard Fairey: Estimated net worth of approximately $10 million. His "Hope" poster became iconic during Barack Obama's 2008 presidential campaign, and his artworks have sold for up to $200,000.
Axel Scheffler: the acclaimed German-born illustrator renowned for his work on children's books like The Gruffalo, has achieved significant financial success. His business assets are valued at £37 million.
Lisa Frank: Known for her whimsical designs in the '80s and '90s, licensing her work for stationery, backpacks, and more has an estimated net worth of $200 million.
Digital Artists
Beeple (Mike Winkelmann): He sold his NFT "Everydays: The First 5000 Days" for $69.3 million in 2021.
Filmmakers and Animators
Hayao Miyazaki: Estimated net worth of about $50 million. His film "Spirited Away" grossed over $355 million worldwide and won the Academy Award for Best Animated Feature in 2003.
Tim Burton: Estimated net worth of approximately $100 million. His film "Alice in Wonderland" grossed over $1 billion worldwide.
Fashion Designers
Virgil Abloh: Had an estimated net worth of around $20 million. As the founder of Off-White and Artistic Director of Louis Vuitton's menswear, his influence on fashion was profound.
Alexander McQueen: His net worth was estimated at $30 million. His brand continues to thrive posthumously, with the "Savage Beauty" exhibition becoming one of the most visited at the Metropolitan Museum of Art.
Interior Designers
Kelly Wearstler: Celebrated for her bold and eclectic designs. Has an estimated net worth of $150 million.
Photographers
Annie Leibovitz: Estimated net worth of approximately $40 million. Known for her iconic portraits, she holds the record for the most expensive photograph sold at auction, with "Untitled #96" fetching $3.9 million in 2011.
Cindy Sherman: A prominent figure in conceptual photography, Sherman has an estimated net worth of $35 million.
These are just a few of the many sectors and creatives who have achieved incredible heights in the Art Industry. Some of you may have been convinced that this is only achievable by the select few, and therefore, still under the impression that unless you are the 'chosen one' you will end up destitute. While I might agree with you that it is incredibly difficult to sell one photograph for £3.9 million or attain a net worth of £50 million from creating street art. It is also true that you can live an extremely enjoyable and lucrative life from your craft.
Ideally, I would love to show you some more average incomes now so you can get an idea of what is actually achievable. However, this is rather difficult because like all jobs, it is possible to earn anything from £0 to a billion. I decided instead to talk about some of the artists that I have met so you can get an idea of what their lives look like. Hopefully, this will help you realise that you don't need to give up your passion for fear of missing out. Here lies another problem, though. Firstly, I want to keep people anonymous because I don't want to divulge information about people's personal lives. Secondly, I have edited out the most accomplished people because when I thought about it, I have seen a lot of people rise to the very top of their craft, and I wanted to show you a middle ground of what is possible. Maybe the very fact that I had to rack my brain for so long and eliminated so many, will point out the fact that attaining something incredible is more possible than you might think. I won't mention the signwriter who achieved an MBE from the queen, the Cinematographer who won 2 BAFTAS, the Art Director who won an Oscar, or the Filmmaker from a tiny island who also won a BAFTA for his country, or the stage designer that won the Laurence Olivier Theatre Award, or the 2-time Tony Award-winning Stage Director… amazingly I could go on. However, I also want to be clear that while achieving awards, fame and fortune is possible, a comfortable life doing a job you love is more probable (and what a wonderful life that can be!).
So, I guess now I'll give you an insight into some other artists I know, and again I'll keep details vague so as not to get myself in trouble…
Visual Effects Artist – A guy with wicked drawing skills who went into VFX and never looked back. Has worked in various important VFX studios across London and even manages a team of artists. Has a family and a house in a desirable part of London and can afford a nice holiday with his family once or twice a year.
Printmaker – Began her career as a printmaking teacher, and as her style of prints evolved, she created artwork that is becoming highly sought after. She has now quit life as a teacher and solely sells her artwork. She regularly sells and exhibits in spaces such as the Affordable Art Fair and RA Summer exhibitions in London. She works incredibly hard but loves making Art with a passion. Has a home in two countries, which she loves to travel between with her family.
Illustrator – A friend who only recently achieved an MA in 2D animation; has been slowly building up his portfolio. More recently, we celebrated that one of his projects, which he had worked on with a team of animators, had aired across the UK and achieved an Oscar.
So, you get the idea that life as an artist is truly wonderful, but for the creatives I can feel screaming at the back, I definitely need to mention the struggle. After all, if it was a walk in the park, we definitely wouldn't see so many tears at award ceremonies! There are many challenges. When artists are starting to build their careers, and no one knows what they are capable of yet so they work part-time jobs they don't enjoy in the hope of supporting themselves one day. I'm sure at this point a great creative career feels far away. There are so many artists who feel insecure because they think they are not good enough to succeed and therefore lack the confidence to promote themselves properly. Then there are the artists riding the freelance wave; one minute thinking that they will never be hired again, and the next, having more projects than they can cope with. Pricing work, finding clients, failing at a project, creating their own business from scratch, getting a foot in the door for a chance…
I've seen creative people deal with all these issues and more, but something I haven't seen is an artist making absolutely no money from their art. Even the artist in my hometown who began painting chewing gums on the floor maintains a flat in London. He recently had his story written in the Guardian and is being commissioned to paint more across various countries in Europe. It is amazing what is possible if you follow what you love doing and don't give up when it gets hard.
So, what does it take to thrive from your art? If I could be so bold as to give advice, it would be to get an understanding of business, be brave enough to put yourself out there and adapt to make it work for you. You cannot just hide your art away and hope to be discovered, you need to work out how to show it to as many people as possible and know what you are worth. This will give you the best chance of making a living from it. It may also be helpful to try different creative avenues that you enjoy. Many artists have multiple ventures, which help create a sustainable future for them. It provides, hopefully, a second income or perhaps a safety net if things don't go as planned. Many people will make art and also film how-to videos through their social media accounts and websites, or teach up-and-comers the craft for extra income. Some Directors edit and write screenplays on the side, and some Art Curators work as Interior Designers on the side, and so on…
Lastly, I would also like to remind you that the Art Industry is not the only industry in the world that comes with difficulty. There are cons and risks of failure in whatever job you choose. Building a career in the creative industries isn't without its challenges, but it is clear that the idea of "no money in art" is a myth, rooted in outdated stereotypes. While the journey may require perseverance and adaptability, making a life for yourself as an artist is not only achievable but can also be deeply rewarding. Success doesn't necessarily mean millions in the bank or international fame; it can mean building a fulfilling, sustainable career that allows you to do what you love every day. For those who dream of pursuing art, let this be a reminder that the possibilities are vast, and the potential is limitless if you're prepared to work for it. Don't let fear, misconceptions, or a lack of support deter you from chasing what sets your soul on fire.
In 2024, the global art market was valued at approximately £52 billion (beating the fitness, publishing, music, and luxury watch industries), and if we include the broader creative economy, it was more than £300 billion. So yes, there is money in Art!
