As I pen these thoughts, the Australian Gross Domestic Product per capita – or the measure of what we all have done by how many there are of us doing it – has been on the decline for the seventh consecutive quarter. With 13 interest rate hikes over the last 12 months, our economy, at best, has been growing at a crawl. In fact, in 2024, the economy was teetering on the brink of recession.
The economy was growing almost entirely through government spending – massive government spending – which, in turn, fuelled inflation. March saw the highest rate of bankruptcies on record.
In this story:
What inflation has meant for the arts
The first six months of 2024 for the Australian economy, the art economy – and my galleries – were bordering on grim and remained difficult until mid-August.
Once again, the art fair Sydney Contemporary in September lifted our spirits and filled the galleries’ coffers. The last four months of 2024, however, saw strong, sweet, green spending shoots within the Australian economy and, correspondingly, a sprightly art trade across the galleries. Bless.
Read: An insider’s take on the success of Sydney Contemporary art fair
Not wanting to let an unexpectedly sharp art market downturn go to waste, on reflection, here are some of the key operational lessons from 2024 that have been firmly etched into my mind.
Audiences don’t buy exhibitions; collectors buy artworks
As the art market slowed following the COVID surge of 2022 and 2023, it became particularly clear by 2024 that exhibitions no longer ‘sold themselves’. From memory, over the pandemic our galleries collectively had over 43 sell-out shows. We did.
Without the sustained pandemic boom and the associated audience growth of previous years, however, my galleries shifted focus in 2024 from broad audience reach-out to a laser focus on individual collectors.
In today’s artworld, selling exhibitions requires a deliberate, artwork-specific approach, initiated early, and executed methodically across every single artwork over every single exhibition.
An exhibition without a known collecting audience is destined to fall short
Exhibitions require an engaged and interested audience. From this audience, we identify collectors and foster sales. For emerging artists, it is critical to actively cultivate a specific following. Once established, targeted collectors can be engaged to explore the artist’s works.
Passive exhibition rollouts on opening day are no longer viable. They are quite possibly professionally negligent; early, proactive collector engagement is essential.
Strategic hiring for specialised skills
As my creative business grows, the need for generalists with broad arts experience has diminished. In fact, I can say that I actively avoid candidates for employment who come with only a general ‘arts’ background.
In directing my creative business, the last thing I need on a busy day is to waste my time engaging in discussions about painterly brushstrokes with a well-meaning, arts industry greenhorn. That art historical knowledge is held deep within my galleries’ hive-mind experience, and it is taken as granted that we all have it.
Instead, and in addition, my galleries require highly specialised professionals with deep expertise in specific areas. A prime example is Harry Roberts, who joined us with 13 years of experience at Belle magazine, many as Deputy Editor. Harry’s refined taste and deep studied knowledge of art history is complemented by real-world media expertise that has transformed our marketing efforts and greatly amplified the talents of the artists with whom we work.
Future hiring will continue to prioritise specialists with highly specialised skills who bring significant value to their roles, and my creative business.
Read: A one-stop career toolkit for 2025
Continual innovation underpins growth
While strong administration enhances performance, innovation drives creative business growth. One such innovative initiative for me is our ‘Beyond’ program, successfully launched in 2024, which redefines the traditional gallery experience.
Beyond operates as a dedicated mobile off-site project space, hosting temporary exhibitions in diverse venues such as vacant buildings and outdoor locations. This flexible approach allows for the presentation of ambitious projects that transcend conventional gallery boundaries.
In 2024, Beyond held two exhibitions in Perth, as well as art happenings in Melbourne and Newcastle. Beyond underscores our commitment to exploring new ideas and embracing change to boost momentum.
Accountability through forecasting and budgets
If you cannot measure it, it does not get done.
It’s a simple yet foundational business principle. Count everything and gain a measurement of what you want to change. Beginning with exactly where you are – in numerical terms – create a realistic projection and do it. Measure, and do and put someone directly in charge of the doing.
The implementation of highly focused forecasting, and the budgeting that often comes with it, in 2024 proved critical for aligning the company’s growth goals with financial prudence. Measurement and the delegation of just who is accountable for what, are tools that help maintain focus, ensuring spending is carefully managed while striving to achieve ambitious objectives.
Decisive leadership
Timely and firm decision-making is crucial. Challenges and opportunities demand swift action. If major changes are identified as necessary, they should have been implemented yesterday. I am more than happy to be wrong – I often am – but if I am wrong I greatly preferer to be decisively wrong. Absolutely wrong.
Having backed the wrong horse, so to speak, enables me to clearly see and experience my mistakes, and in a timely manner renavigate the management ship in a new direction. As one of the great minds of the 20th century, John Maynard Keynes is credited with saying, “When the facts change, I change my mind. What do you do, sir?” Well, Baron Keynes I decisively change baby, I change. Leadership must act with urgency and purpose to stay ahead.
