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Originally Posted by Jean Kelly
Bank? What bank? Banks lend to artists? You've got to be kidding! My bank is the "International Bank of the Long Suffering abd Patient Husband". 
Jean |
I hear you loud and clear Jean.
18 years ago, I approached my local bank for a loan to build a studio on my property. I was armed with a year's worth of signed commission contracts complete with down payments. The bank was carrying the note on our farm and house and knew how much equity my husband and I had. The loan officer (someone I knew well) said, "Joy, I would fell more comfortable about this if you would bring in your husband or father."
Mind you, I was (and still am) the bread winner of the family...my husband worked for me full time and "my Daddy" had not had anything to do with my finances since the day I left home after graduating from high school!. My father had never even lived in the vicinity!
So my husband went to the local lumber yard (this was before the days of Lowe's or Home Depots here) and struck a deal with them to finance the materials so we could set about building the studio by ourselves.
A few years and many unveilings later. We went to the bank again ...this time we mortgaged everything we owned...even so, the maximum we could borrow was just $72,000. In just one year, we spent every penny on additional training, an ad campaign, a web site, brochures and advertising through magazines. It did serve to boost my career, I received national commissions as my work came to the attention of important collectors. In the years that followed we continued to take those same kinds of financial risks.
I have supported my family entirely "by the brush" for more than 20 years now with my husband (and master framer) of 27 years working full time with me. We are both from poor families who do not support (or even approve) of our good efforts as artists.
It has been a modest, bohemian lifestyle... (albeit colorful, exciting and intellectually stimulating). It was a challenge to raise our three children with such an unstable income. They learned to be clever, working their way through school and earning academic scholarships. Our children are grown now and are on their own financially. Like us, they will probably never inherit money or know the security of even a modest trust fund. Perhaps they will make a little money by selling the rights to my work someday.
Looking back, we would have been better off financially by investing that borrowed money in the stock market during the 90's, but we were trying to build my career. (It truly does take money to make money, but in art...it takes money just to live as an artist and to even lose money!). Our goal was to secure important portrait commissions to insure my place in history and to make just enough money that we could continue to pursue "the artist's life".
If one has a steady income to spend on constant advertising and marketing then eventually they may flood the market with enough information that they become "a thing". But without serious funds (or the backing of someone with funds) it is unlikely that any artist will ever make much money on artistic merit alone! Women and other minorities must face the additional obstacle of prejudice and sexism.
Hang in there Jean, and give your understanding husband a big thank you.... from all of us.
Joy Thomas
www.portraitartist.com/thomas