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Figure 3.3 | Number of Artists and Share of Sales: Primary-Market Dealers a. Number of Artists
b. Share of Sales
Emerging 19% Established 28%
Emerging 32% Established 41%
Mid-career 39% Mid-career 40%
© Arts Economics (2019)
Regardless of the artists’ career stage, dealers have often reported in interviews that they rely heavily on one or a small number of artists to support their sales, whether they are established or mid-career. The survey showed that 63% of the total sales of galleries working solely in the primary market came from their top three artists, with 42% of value in 2018 accounted for by one leading artist. These artists accounted for a smaller share if the gallery mixed primary and secondary sales, although their top three primary-market artists still accounted for half their sales in 2018.
The importance of a very small number of key artists for a gallery’s sales shows the highly risky nature of many businesses in the sector. It also underlines the seriousness of dealers ‘poaching’ artists, especially from smaller galleries. In the case of small galleries who may not have spare capital or access to financing, the loss of one or a few artists could have devastating effects on their livelihoods, due to the outsized share of sales these artists account for. Despite being discussed at length in previous reports and at various industry forums, the issues of contracts and the trading and ownership rights of