New Book Delves Into the Economics of Running an Art Gallery
- August 04, 2015 09:43
The English edition of German author Magnus Resch's controversial Management of Art Galleries is weeks away from release. The book stirred some ire in Germany with its harsh look at the statistics of art dealing along with some intruiging and, at times, outlandish recommendations for making profits.
Bloomberg reports that Resch used survey results from 1,300 galleries to present these grim statistics: Fifty-five percent of the galleries in the book's survey stated that their revenue was less than $200,000 per year; 30 percent of the respondents actually lost money; and the average profit margin of galleries surveyed was just 6.5 percent.
Resch's data came from primarily contemporary art galleries (93%). Their biggest costs? Renting space in pricey urban districts. And Resch claims the high rent is not worth it.
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