Does this describe your current situation?
Your website looks great, you have a strong social media presence, and you have a newsletter to keep in touch with a circle of potential buyers. You advertise in local weekly newspapers, expensive glossy art publications, and other venues, but the cost never seems to justify the return. You have less foot traffic into your gallery than in years past and those impulse buyers you get are spending less. As a result, you are seeing a decline in gross revenue year to year.
A NY Times article reported that many smaller and midsize art galleries are closing. According to the 2017 Art Basel UBS Art Market Report, galleries with less than $500K in annual gross revenues declined by an average of 7%. (Conversely, sales of high end art to collectors, especially at big auctions, are booming.) This slowdown in gallery sales is due to multiple factors, including the economy, aging of the prime art-buying population, and the slow but steady movement of buyers to buying more art on the internet.
Here are some other key statistics from the report:
- 24% of sales were below $1000
- 43% of sales were between $1000 and $5000
- Online sales were 9% of the total or $4.9 billion dollars
- Over half (56%) of online sales were to new clients that had never been to the gallery
- Online sales are increasing 4% yearly despite a declining market overall
Here in New Mexico, Santa Fe is ranked either the second, third, or fourth largest art market in the United States — depending on who is doing the ranking. According to the University of New Mexico Bureau of Business and Economic Research: “Big-time buyers are getting older and dying, or they are slowing down their collecting … We need to do things to attract younger, more youthful customers.”
They go on to say: “These days, people looking to buy new art may never set foot in a setting where the works are on display, or may never even come to the same state where they are being produced or sold… The established collectors are no longer buying much new art – indeed, many are selling off what they already own – while younger collectors might be more inclined to buy online.”
Maybe you sell a few originals or canvas prints at sites like Artsy, Saatchi, or Fine Art America. However, your works are lost in a sea of galleries and artists on these sites. This is another problem: new buyers can’t easily find you.
So, what is a small or medium sized art gallery to do? You are up against the perfect storm of less foot traffic, changing buyer demographics, expensive art fairs, high rents, and an emerging online marketplace that may not be working for you. Maybe the solution is to fine tune your marketing approach.
What you need is an marketing service with the widest possible exposure that highlights your available works in ways that visually appeal to a your audience.
What if this new marketing platform uses HD TVs to display your art advertisements in homes and businesses and is targeted specifically to art lovers? What if you could change your “playlist” of running ads at any time? This is exactly how Art Stream Videos works, and we do all the work. Plus, we place your contact information at the end of each video.
Using Art Stream Videos
To sign up for our service, register. Then visit our pricing page and select the option that best works for you (Artist Basic, Artist Standard, or Gallery). After confirming, you will be redirected to a page that allows you to upload images with details about each work. Of course, you can end our service at any time.
We display your videos on our Art Stream Videos channel on Roku TV– the leading streaming media device, with over millions of Rokus installed worldwide. We use panning and zooming to get the viewer’s attention, since movement catches the user’s eye much better than static images. Art lovers typically stream our channel as a fancy screensaver during dinner parties or other events where visually stimulating background entertainment on large screen TVs is ideal.
Roku owners can pause your video anytime to get information about the artist or gallery. Plus, our Artist Standard and Gallery Standard options allow you to have your own custom sub-channel that displays only your works. Art lovers can also stream our entire library to discover new works of fine art.
So, what are you waiting for? Sign up for Art Stream Videos now.