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WEEK 9
TOPIC: MARKETING OF ART PRODUCTS
- Marketing Outlets
- Sources of Funding
- Ways of Marketing products
- Determining Price of Artworks
The marketing of art products is unique because artworks have no fixed prices like any other products. A lot of factors determine the price of an artwork. One of these factors is the level or standard of the artist. For example, a well-known artist would give a higher price than an unknown one.
Source of Funding Art Production
These are some sources of funding art business:
- Non-governmental organization: There are non-governmental organization that committed to the growth of art in the country. They are ready to finance exhibition, production as well as marketing of genuine artworks.
- Individual savings: Personal income saved over a period of time can be used as start-up capital for the business.
- Parent and relatives: Capitals can be raised by borrowing from parents, friends and relatives.
- Financial institution: Capitals can be obtained as a form load from banks to fund art business.
- Government: Through some government agencies such as National Gallery of Art (NGA), National Commission for Museum and Monuments (NCCM) etc. loans are released to people as a support to a particular scheme. Also, Small and Medium Enterprises (SME), National Directorate of Employment (NDE) release funds to unemployed graduates, among others so as to set up small scale businesses.
Marketing outlets for Art Products
- Trade fair: This is an event where different companies and individuals display and sell their goods. Trade fairs are avenues that can be explored by artists to sell their products, contacts can also be made with prospective customers.
- Hotels: Most hotels patronize artists by buying their artworks to decorate the hotels. Some hotels make provision for arts and craft shops in their premises where visitors buy artworks.
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