Emerging artrepreneurs must balance creative vision with business aspects

A notable trend is emerging in which artists are increasingly utilising their skills in entrepreneurial ways.

This change is primarily fuelled by the pursuit of career sustainability, the growth of digital platforms and the expanding overlap between creativity and business.

This is according to Gail Bosch, Artinsure Product Head at iTOO Special Risks, who notes that despite this trend, artists face several challenges when transitioning to entrepreneurship, including budgeting, marketing, pricing their work correctly and managing time effectively.

Gail Bosch

“Without gallery representation, artists must navigate the art market independently, and many lack business skills, making it difficult for them to manage tasks such as budgeting, marketing, and negotiation. Artists often also struggle with time management, finding it difficult to balance creative work with business tasks,” she explains.

Bosch says that overcoming these challenges involves learning business skills, setting clear goals and seeking mentorship or professional advice. So-called “artrepreneurs” are advised to invest in business workshops and resources tailored to artists. They should also consider collaborating with mentors or hiring professionals for support (such as accountants or marketing experts) and joining artist collectives to share knowledge and pool resources.

“It is key that artrepreneurs can balance their creative vision with business aspects by setting clear goals, creating a structured schedule, prioritising tasks, embracing flexibility and learning to delegate. This approach helps maintain a healthy balance between creativity and business responsibilities,” says Bosch.

She adds that as part of the necessary business acumen, artrepreneurs should learn the value and benefits of specialised art insurance, which will provide a much-needed safety net for when the unforeseen happens.

“Especially during art fair seasons, specialised art insurance can provide financial protection against unforeseen circumstances like damage or theft, ensuring that artists can focus on showcasing and selling their work without worrying about potential losses,” says Bosch.

“Part of an artist’s successful transition to entrepreneurship should also include understanding and being able to mitigate unique risks and challenges. Emerging artrepreneurs typically face risks such as market volatility, digital threats and logistical issues.”

She states that specialised art insurance can mitigate these risks by offering coverage for transit, theft and damage, thus protecting artists’ works and investments.

“Crucially, artists must see their artwork as an asset. Understanding the value of their artwork as an asset influences artists’ decisions in managing risk and protecting their investments through insurance. This awareness helps them make informed choices about coverage and risk management,” she notes.

iTOO Special Risks provides specialised insurance products like Artinsure, which offer comprehensive coverage tailored to the unique needs of artists. They also provide resources and advice on the importance of insurance in protecting valuable art assets, as well as other collectable appreciating assets such as jewellery, antiques, stamps, coins, musical instruments and memorabilia. iTOO Artinsure is supportive of educational efforts within the art ecosystem to make art accessible.

“iTOO collaborates closely with key players in the art community to tailor insurance solutions that meet their unique needs, especially during art fair seasons. This includes coverage for transit, exhibitions and potential accidental damages,” says Bosch.

“Having comprehensive insurance coverage empowers artists by providing peace of mind, allowing them to focus on their creative and entrepreneurial goals without the constant worry of potential financial losses.”

Bosch points out that the role of insurance in the art industry is evolving to address new risks such as climate change and cyber threats. This evolution supports and empowers artists by providing more robust and comprehensive coverage options.

“Young artists face challenges like financial instability, market competition and exposure to fraud. Specialised art insurance can alleviate these concerns by offering protection against theft and damage, enabling them to concentrate on their creative work,” she says.

“iTOO offers various types of coverage, including protection for private collections, art dealers, exhibitions, and transit. This ensures that young artists have the right systems in place to safeguard their artwork and business interests.”