During a recent interview I did with artist Mejo Okon, the topic of inventory came up. This is a topic not covered very often but has significant implications for artists at all levels. Mejo is a well seasoned artist and currently in the third phase of her art career (phase 3 is covered in another blog post). Her inventory is largely impacted by her activity in the gallery and museum exhibition circuit. For the most part she has to keep newer art pieces in stock (no older than 2 years old) in order to meet the demands of her current market. However, for other artists that are looking to sell directly to collectors or via 3rd party ecommerce sites such as Artfinder, Saatchi, or Singulart, to name a few, they must have a larger inventory on hand.
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However, for other artists that are looking to sell directly to collectors or via 3rd party ecommerce sites such as Artfinder, Saatchi, or Singulart, to name a few, they must have a larger inventory on hand.
I’ve chatted many times with artist extraordinaire and top 100 artist podcast host of the Living Artist podcast, Preston Smith on the topic of inventory. His outlook is that artists need to carry significant levels of inventory in order to meet the demands of the art market. I agree with him, mostly when it comes to operating an art business as a newcomer. It’s difficult to get noticed when first starting out but the only way to achieve that is to be in the studio consistently making good work and exhibiting it online and IRL (in real life). Afterall we are in the retail and manufacturing business, whether we like to acknowledge that or not. Having inventory allows us to meet demand early on and not run out of product and lose our customer’s interest. However, as we develop our business and recognition, the idea of controlling demand becomes more important. Control supply and demand in order to keep our margins growing is business 101, yuk, business talk I know. Mejo, like I mentioned earlier, is exactly in this position with her career. Her art is in high demand, but having an overwhelming amount of supply could impact demand and therefore might lower her sales. It becomes more about quality over quantity as art careers mature and progress organically.
Afterall we are in the retail and manufacturing business, whether we like to acknowledge that or not. Having inventory allows us to meet demand early on and not run out of product and lose our customer’s interest.
So what is the number of art inventory we should have in order to grow and meet demand? Some say 50 is a good number, others say 100. Preston has at any given time 500-600 pieces in his inventory. Does he sell? Yes, and often (almost entirely online) but he also faces another challenge. Storage. In any retail business the storage of inventory is important. Some products have a shelf life and need refrigeration. Others, like art, can be affected by temperature, humidity, light, bugs, and even dust. If you have a place to store your art, great! But most of us live in the same place we create. Keep that in mind as you grow your inventory. My answer to storing inventory is having a place to show it. My community is my storage solution, just make sure you keep track of where your art goes!