The math of being a full-time artist doesn’t make sense
I started writing this post on Threads this week, but I stopped posting it because it was a bit too doom and gloom for that platform. However, I think there’s a logistical reality about being a full-time artist that we aren’t talking enough about.
Also, for the sake of this conversation, the word artist refers to visual artists who produce one piece at a time (painters, sculptors, fine art photographers, etc.). This isn’t about creatives who do client work or make art for commercial purposes.
Also, when I say full-time, I mean that your creative pursuit is your primary source of income, not something you do after you get off work from your day job. If you dream of being part of the gallery/dealer set or some independent version of that scenario, this article is for you, but you may not like what you read.
The Math Isn’t Mathing
The median income across the U.S. is between $35k and $40k, depending on where you live, but let’s assume you desire a slightly higher annual living income of $50,000. For the sake of the argument, let’s say you live in either California or New York, where the taxation is higher than in most states (if you don’t live in those places, these numbers may be a bit less daunting).
Considering an independent artist's tax burden is between 40% and 50%, you must earn upwards of $100,000 a year in EBITDA (Earnings before interest, taxes, depreciation, and amortization) to achieve your goal.
If a gallery represents you, it will take an average of 40% commission, which means you must make over $165,000 (EBITDA) a year to maintain a living wage of $50k.
If your pieces' average price is $1,000, you need to make 165 pieces per year. If your average price is $500, you need to make 330 pieces.
I can make art reasonably quickly, but I would be hard-pressed to produce 330 pieces yearly that would sell for an average of $500. I know many artists who would find those numbers impossible, especially if their average selling price is significantly lower.
Of course, if your average selling price is considerably higher, this becomes much easier, but I am confident that most visual artists do not average sales of $1,000 or more.
The Silver Lining
I know those numbers may make you want to throw your art supplies in a dumpster and be a pirate. Before buying a parrot and wearing a patch over your eye, perhaps consider this information a permission slip to start looking at different ways of earning from your creativity.
That way, you can spend more time creating outstanding work without the impending doom of not being able to sell enough to make your goals.
If you’re reading this, I’ve already made the public announcement that I’m adding a new segment to the newsletter called Sides. In this segment, I share big ideas on side hustles for people to help supplement their creative businesses. The goal with Sides is to find ideas that are either aligned with our work but don’t add to our struggle and burn us out or creative projects that aren’t directly connected but adjacent to our art.
The Hungry is the perfect example: I share creative stories, help others, and have a good time doing it, even if it’s not directly related to my art.
Not all of the ideas will resonate with everyone. Some will be too wild and outrageous for most, but even within those ideas, you may discover a nugget that ignites a part of your brain and helps you find a wild notion of your own.
Stay tuned for weekly Sides in the Friday newsletter, and if you’re not a subscriber yet, you can join below.
