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The art market can be incredibly lucrative, as galleries and auction houses the world over will attest. As with any dynamic market, there are both surefire and sudden success stories. But how much of that success translates to an artist’s wallet? Does a million dollar sale mean much more than preferential treatment and prestige?

16 Jun 2006 12:00

Venessa Paech

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Visual Arts

The art market can be incredibly lucrative, as galleries and auction houses the world over will attest. Artworks sell for record millions, making legends of the artists who create them. And it’s not just Picasso and kin who lure the big bucks. Sometimes a hot up-and-comer will unexpectedly command a small fortune from a buyer, setting tongues wagging and boosting the artist’s reputation. As with any dynamic market, there are both surefire and sudden success stories. But how much of that success translates to an artist’s wallet? Does a million dollar sale mean much more than preferential treatment and prestige?

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Venessa Paech

About the Author

Venessa has worked as an actor, singer, producer, choreographer, director and writer in New York and Australia. She earned a BFA in Theatre from New York University (Tisch School of the Arts) and an MA in Creative Media from the University of Brighton (UK). She was head of Community for Lonely Planet for several years and is currently Lead Community Manager for Community Engine. She is a published social media scholar and regularly speaks and consults around online communities: clients include Melbourne Cabaret Festival, Live Performance Australia, Ad:tech, Eye For Travel, Media140, Australian TAFE Marketing Association, SitePoint, Social Media Club Melbourne, Print NZ and more. Venessa is the former Editor of Arts Hub Australia.