Converting your Art Buyers into Art Collectors
Artsy, the online art platform, has just released their Art Collector Insights Report 2023. Why is this so important for you as an artist? This report short-cuts a lot of the research you need to do on your own art buyers. It will help you understand what collectors globally are doing, thinking and feeling when it comes to buying art. Insights from the report will also help you reflect on your own art business to see what changes you might want to make. In this article, I walk you through converting your art buyers into art collectors.
Insight 1: Art buyers are looking to build a collection
When asked why they buy art, 64% of people said they are looking to build a collection, followed by the desire to decorate homes or other spaces (62%), to support artists (52%), and to find inspiration (50%). 52% of art buyers call themselves collectors, an increase from the 49% in last year’s survey.
For me, these insights are incredibly useful and help me to think about my art practice in new ways.
In response to these insights, I’m assessing my own art business to make sure I’m responding to global collector needs. You might consider making a list of actions you will be taking based on this report too.
Converting art buyers to collectors
This was my biggest ‘ah-ha’ of the report. I normally think about new art buyers, but love the reframe for repeat buyers to collectors. I need to reach out to all of my existing art buyers and offer them a second (or third) artwork. I know they already love my art. If they are in the ‘collector’ mindset, perhaps they want more?
Steph (pictured above) is one of my collectors. Her and her partner now have 8 of my artworks in their home.
Turning art buyers into collectors is a key strategy for artists looking to build a sustainable and successful career in the art world. This approach is rooted in customer retention strategies commonly employed in other types of businesses. Here are some reasons why we as artists would want to turn our art buyers into collectors:
1. Steady Income: Collectors make repeat purchases, allowing artists to have a more predictable income stream. This is akin to retaining loyal customers in other businesses, which helps stabilize revenue.
2. Word of Mouth and Referrals: Happy collectors become your advocates, spreading the word about your art to their networks. This word-of-mouth marketing is a powerful way to attract new buyers, similar to how satisfied customers refer others to businesses they appreciate.
3. Enhanced Loyalty: Building a collector base fosters a sense of loyalty towards you and your art. These people are more likely to support you in the long term, attending exhibitions, promoting your work, and participating in your artistic journey.
4. Long-Term Value: Collectors often invest in an artist's career over time. They may buy early works, follow your artistic development, and continue to purchase as your reputation grows. This parallels the idea of customer lifetime value, where retaining a customer over their lifetime yields greater profits.
5. Sales Stability: Collectors could help stabilize your income by consistently buying your work, even during downturns in the art market. This is similar to how loyal customers can help a business weather economic fluctuations.
To effectively turn art buyers into collectors, consider these strategies:
1. Build Relationships: Engage with your buyers beyond the sale. Send personalized thank-you notes, share your creative process, and involve them in your artistic journey.
2. Offer Exclusive Benefits: Provide collectors with exclusive privileges, such as early access to new works, invitations to private events, or special pricing. These perks encourage a stronger relationship and to continue collecting from you.
3. Communication: Keep collectors informed about your upcoming exhibitions, new releases, and artistic developments. Regular communication helps keep your work on their radar. This is why growing your email list is so important.
4. Custom Commissions: Offer custom commissions to collectors, allowing them to have a unique piece tailored to their preferences. This personalization enhances their investment in your art.
Read the full Artsy Collector Insights Report 2023
Don’t just take it from me. Head over to Artsy’s site, read the editorial and download the report. It includes art trends, collector tastes and online purchasing behaviour. I make lots of my decisions about my art business based on research, and large organisations with the capability to survey 1,200 of their collectors, well, for me, that’s gold!
About Artsy
Artsy isn’t the same as art marketplaces like Saatchi and Bluethumb. They don’t work directly with artists. It is more for galleries and auction houses, and for collectors to resell works. Are you an artist and would like to access Artsy’s collectors? You can find out more here.
Learn how to Discover Your Ideal Art Buyer
Creating collectors is a more advanced step in building your art career. If you want to dive deeper into making sure you are targeting exactly the right audience for your art (the step before creating collectors), I’ve got a FREE WEBINAR that you can access to learn more, including:
Learn how to discover who other artists you respect are already selling to
Visualise and articulate who your Ideal Art Buyer is
Be able to describe your Ideal Art Buyer and target them in your art marketing.
Be confident in your next steps towards success as a Professional Artist.
The Discover Your Ideal Art Buyer webinar is under 60 mins, is action based, delivers real outcomes, and includes an easy worksheet that will help you focus on what counts.
Recent feedback on the webinar includes:
Thanks for creating the mini course. I like the way you broke it down. It was easy to follow. Your method actually was very helpful. I’ve tried this a few times, but never really got anywhere with identifying my ideal art buyer. So far ‘she’ has come up as a modern, independent, educated woman between 45-65. She has just updated/renovated her new home. Her style is a bit quirky, timber floors, Persian rugs, esoteric, vintage pieces (not mid century, because, god help me! we grew up with that and it’s awful!!) combined with modern clean lines for practicality. I’ve yet to work out what I’ll call her, where she shops and hangs out, but this is a great start. Thanks very much. Been following you for a while, love your work!