Notes on the political
economy of the art world
MSG at Art Toronto, 2024
pressure
risk
intent
freedom
1. Art as a store of value
Attributed to Leonardo da Vinci
Title: Salvator Mundi (Latin for “Saviour of the World”)
Medium: Oil on walnut panel
Dimensions: 26 × 18 in
Sold for: $450.3 million USD at Christie’s, New York, in 2017 (the most expensive painting ever sold at auction)
Art can be a financial asset
When its value is built and circulated
Fine art is a market unicorn
Key points:
Art Basel Miami
2. The art market
The global art market is estimated at US $58 billion in 2024.
The global home decor market is estimated at $748 billion in 2024.
The global video gaming market is estimated at $188 billion in 2024.
The global luxury watches market is estimated at $54 billion in 2024.
Key point:
Art is a specialised market
occupying a modest slice of the global economy
Barbara Kruger
3. Artists as economic actors
In the U.S., the median annual wage for craft and fine artists (painters, sculptors, illustrators) was US $60,560 in May 2024.
In Canada, median personal income for artists (from all sources) was about CA $30,200 in 2020.
In Montréal specifically, artists had a median employment income of CA $17,400 in 2020.
Key points:
Artists are part of the broader economy
Artists are in a precarious labour category
Artists require flexibility
Annie Pootoogook
Over half of Canadian artists earn under $40,000 a year, and their income can swing dramatically.
Artists often piece together multiple jobs to stay afloat.
Nearly 60% earn less than half of their income from art.
About 2/3 of artists are self-employed.
4. The Canadian art economy
Canadian artists have agency, but within an ecosystem
Key points:
of grant applications, part-time jobs, and small-scale markets.
Building your market is also a creative act.
Mary Boone, a cautionary tale
Dealers provide access to buyer networks, art fairs, online platforms, and wider collector bases.
Dealers manage many of the business functions: pricing, logistics, shipping, contracts, marketing and sometimes secondary-market activity. They also absorb market risk (inventory, unsold work, downturns).
Dealers are increasingly using online channels: in 2024, online sales made up 22% of dealer sales (up significantly from pre-pandemic).
Key points:
The relationship is collaborative but asymmetrical
Dealers are always on the hunt for new work
Dealers are small businesses, and so are artists
Make things easier for your dealer
The artist is still their best advocate
Ed Ruscha
pressure
risk
intent
freedom