Making it as an artist takes more than talent and skill. It takes marketing to get noticed, then selling to earn a living, and that is where many a terrific artist falls short.
Whether you’re a hungry graduate preparing for your first exhibition, perhaps courting some galleries to get some traction, or you want to go out on your own, be it selling art online, via marketplaces, via your own website, or at stalls at art fairs, there are four groups of buyers you ought to know about (and one to ignore).
Depending on where you present your artwork, you may only be talking to one group of people, or in the case of gallery exhibitions, you may be presenting your artwork to buyers from all four groups.
The 4 Groups of Art Buyers
Group 1: The Collectors
Art collectors are the most lucrative. Your best chance to get in front of this crowd is by exhibiting with art galleries. Know this though… collectors are more loyal to the art galleries they buy from than to the artists who exhibit with a gallery.
Artists can chop and change galleries, but when they do, it is unlikely the artist will take the buyer with them. Collectors will be on the mailing list of the gallery. Not the artist’s own newsletter, unless you can work some magic to make that happen.
Group 2: The Home Décor Group
This is by far the largest group of buyers. After all, anyone with a property, rented or owned, has the wall space to display art. The problem for artists only selling to this group is that once the wall space is filled, or at least with enough prints to complete the interior décor they were aiming for, they may not buy again, or at least not regularly. Perhaps, when they rejuvenate the interior design, they may return for something else. Then again, they may also take inspiration from the art fairs they visit.
Group 3: The First-Time or New Art Buyers
When someone is ready to buy their first work of art, expect them to have questions. The home décor group has likely done this before. The first-time buyer's group could also be a first-time homeowner. They may also not be buying for display purposes, but instead, starting a collection of their own.
New buyers will always have different reasons for buying, and sometimes, it is not even about the art, but rather, what the art, and the artist represent.
As an example, in a 2022 report from Art Basel, 30% of sales were to new buyers, the vast majority of whom were millennials and similar to the popularity of Banksy, new records were set for STIK pieces. If you are unaware of STIK, he is a street artist best known for murals of stick figures created with 6-lines and 2-dots. His pieces are rare on the primary art market because original prints are only sold through authorised dealers on the condition that all proceeds go to charity. New art buyers of STIK pieces are drawn to the social inclusion of giving back to local communities. And perhaps the minimalism of figures made with just 6-lines and 2-dots, yet still tell an evocative story.
Group 4: The Interior Designer Group
By far, the most overlooked of all art buyers are interior designers. Not only do they work with homeowners and estate agents, but they also cater to every industry in every local district. From hotels to restaurants, corporate offices, and showrooms.
Catering to interior designers can be more difficult because they are creating a bespoke design for their clients. It is not a personal transaction. The work they buy is only solving one problem. They then need to cater to the framing materials and the art installation. Interior designers may lean on their artists for creative problem solving, rather than only buying an accessory for design purposes.
The Group to Ignore (unless you know a pro!)
The one group not to expect to sell directly to is the art investor. Those who invest in art will often buy solely for financial reasons. They either want to diversify their wealth portfolio, or hedge against inflation since art tends to hold its value. At least the works done by mid-career and established artists do. These buyers buy through art dealers, galleries, and art brokers. Some may take a risk by investing in what they consider to be an up-and-coming artist, but most will buy art as an investment when the artist’s portfolio has a track record of increasing in value.