Our Side Hustles Breakdown
Art, a timeless form of expression, also holds untapped financial potential. Reselling art, from renowned pieces to emerging artists’ works, can be both an aesthetic pleasure and a lucrative endeavor. However, success in this realm demands a blend of artistic appreciation, market understanding, and an eye for potential value.
- Subjectivity: Art’s value can be subjective, challenging pricing and value assessment.
- Storage & Care: Artworks require proper storage and handling to maintain their condition.
- Slow Turnover: Some art pieces can take time to sell, requiring patience and financial planning.
- Diverse Market: Art spans various styles, periods, and media, opening doors to multiple market segments.
- Investment Potential: Art can hugely appreciate in value, especially pieces from emerging artists who gain recognition over time.
- Personal Fulfillment: Engaging with art can be emotionally and intellectually satisfying.
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When people see a swirl of colors and brushstrokes on a beautiful canvas, something moves inside of them. If you can spot what can make people move from what can’t, you’ve struck gold!
Today, we’ll teach you all about reselling art and how you can use this talent to make more money. We’ll also go into detail on where you can find reselling art gigs and its pros and cons. Ready?
An Overview of Reselling Art: A Primer
The art world is vast and full of various styles, mediums, and artists. At the heart of all this lies the business of appreciating the art to selling and buying it.
Reselling art refers to buying artwork at a reasonable rate so you can sell it at a profit. The art doesn’t have to be just vintage paintings.
You could sell contemporary pieces from living artists or even consider selling NFT art.
This venture is also quite straightforward. Individuals or businesses purchase their artworks directly from artists, galleries, or auction houses.
After that comes another individual, the reseller, to assess the artwork and possibly purchase it from them at a reasonable price.
How Much Can Reselling Art Earn You?
The allure of the art world and its potential profit has attracted many, from seasoned collectors to novice enthusiasts. This means if you’re wondering if you can earn reselling art, you definitely can!
The main drawback to this venture, though, is that your earnings can significantly fluctuate according to several factors. To illustrate, an art salary can go from $86.78 to $11.30 per hour, averaging $42!
Among the reasons that could affect your profit is your expertise. Your income might be steep if you’re just a novice reseller with a small network. There’s also the unpredictability of the market trends, which can be challenging for a novice to predict.
How Much Does it Cost to Start a Side Hustle Reselling Art?
If you have a knack for beautiful items and want to start reselling art, you’re in luck. The entire venture doesn’t cost that much to begin.
The first element you can go for is education or training. Though you can skip this step, it’ll help you stand out if you have something proving you’re a professional. You can take a few art history courses or ones about the art market dynamic.
Both can help you understand the value of any piece and its potential in the market. There are online courses for this that range from $50–$500.
After you finish the courses, you can purchase art from local artists or student shows—anything with potential. This start-up inventory needs an initial budget of around $150–$1500, depending on the items.
If you happen to find a historical piece with high value, then you’ll need to authenticate it. Appraisals can range from $50–$500 per piece. When you factor in travel and online platform fees, you get a ballpark of around $ 5,000.
Where Can You Resell Art?
Reselling art can be approached in several ways, guaranteeing flexibility and comfort based on your preference.
Where to Independently Resell Art
The best way to resell art independently is through a personal website or an online gallery. 5.3 billion individuals are surfing the internet worldwide, and you need to take advantage of that!
You can also look up unique names for an art business and set up social media accounts on platforms like Instagram.
Over there, you can regularly post updates with the artwork or create reels explaining the value of artwork to attract clientele.
If you don’t feel like the virtual art tour is the way to go, you can make it in real life. That is, you can set up a physical gallery to attract buyers who love seeing art in person.
Another spot full of art enthusiasts is art fairs and exhibitions. These events attract collectors and galleries, making them a prime spot to showcase and sell art.
Gig Economy Companies That Help to Resell Art
For those of you who like to let others handle the paperwork and shipping, there are companies out there that can make your work easier.
The first platform we have is Etsy. This is a near and dear platform for anyone who loves handmade and vintage items. If you’re looking for a platform specifically dedicated to artwork, there’s Saatchi Art.
This is an LA-based e-commerce store that helps artists sell their work, whatever it is, to the public. Artfire is also an excellent art marketplace that can help you sell your pieces.
Why You Should Consider Reselling Art As a Side Hustle
As a side hustle, reselling art can offer you various benefits. Here are the main compelling ones:
- A Mix of Passion and Profit: If you truly love art, this side hustle won’t feel like a business. It’s one of the few ventures where beauty appreciation translates to money gain.
- Potential for High Returns: Artwork from known artists, whether old or modern, can be resold for significant profit. This is especially true if you shelf the artwork for a long period as an investment.
- Adaptability: The best element of this venture is that it’s not restricted by conventional work environments like restaurants or cafes. You could start selling art online, from a gallery, or a hybrid mix of both.
Problems With Reselling Art
There are quite a few problems when it comes to reselling art, including the following ones:
- Authenticity Issues: As an art collector or dealer, you must ensure that every piece is authentic. Selling a supposedly original artwork with validation can pose a severe risk to your business.
- Inconsistent Demand: The selling price for one piece today might not be the same within a month. Art’s value is highly subjective and can, sadly, vary based on changing trends.
- Preservation: Keeping the artwork safe for your potential buyers is tiring work. You must take meticulous care handling it and ensure an excellent storage environment.
Frequently Asked Questions
Starting the journey of reselling art can be daunting and often brings up a lot of questions. Here are some of the most popular ones:
Is it Hard to Resell Art?
The answer here isn’t a straight no or a yes. Navigating the work of reselling can be challenging, that’s for sure; however, it’s worthwhile.
Your primary mission is to offer art lovers a beautiful piece of artwork, whether by a famous artist or an independent artist, and let them hear its story.
Is Flipping Art Profitable?
In a way, art flipping could be profitable, but you’ll need to commit. As a beginner, you’ll encounter an odd sale price here and there or shipping costs that might overwhelm you.
With time, as you gain more experience, all this fades into the background, with your skills and network developing to create better deals.