How to be brave in a bear market
We've all heard of the dreaded "bear market", but what does it mean for artists, and how can you navigate it with confidence and courage? Today, I wanted to dive deep into the bear market's intricacies and explore actionable steps that artists can adopt when the going gets tough.
What is a bear market?
Think of the financial world as a giant seesaw. Sometimes, things are looking up (a bull market), and at other times, they're facing down (that's our bear). A bear market generally refers to a prolonged period where prices in an investment market fall, leading to a domino effect across various industries. For artists, it could mean a dip in art sales or fewer commission opportunities.
How it affects artists
A bear market doesn't just impact Wall Street. When the economy is down, people tighten their belts, and often, art becomes a luxury. But here's a twist: while sales might decrease, the demand for creativity and unique experiences could actually rise. You can read more about this on my post The Paradox of Art in a Bear Market
Bracing Yourself Emotionally
Mindset shifts for resilience
Ever heard of the saying, "It's not about the cards you're dealt, but how you play them"? Even in a bear market, adopting a positive and proactive mindset can be the game-changer. Instead of seeing the situation as a setback, view it as a challenge, an opportunity to grow and diversify.
Techniques to stay optimistic
Stay Connected: Talking to fellow artists and sharing experiences can provide a fresh perspective.
Limit News Consumption: While staying informed is crucial, overdosing on negative news can dampen your spirits.
Practice Gratitude: Focus on what's going right and the things you're thankful for.
Practical Steps for Artists
Diversifying income streams
Ever heard the saying, "Don't put all your eggs in one basket"? It's time to explore various avenues, like teaching art classes, printing merchandise, or even digital art sales.
Investing in self-promotion
Use this time to build your online presence.
Revamp your website, engage with your audience on social media, or even start an art blog.
Collaborations and networking
Platforms like Discord and Twitter can be gold mines for artists. Collaborate with people who align with your values to maximize reach with communities that also align with your art mission.
Local art fairs, community projects, or group exhibitions can provide a platform and potentially lead to unexpected opportunities.
Leveraging Downtime
Upskilling opportunities
Use the slow periods to become the best artists you can be, Learn a new art form or technique.
Revisiting and refining past works
Ever looked back at your old works and thought, "I could do this better now"?
Now's your chance! Revise, refine, and maybe even resell.
Looking Ahead: The Silver Lining
Bear markets don't last forever.
With every downturn, there's an upturn waiting around the corner. The actions you take now will determine your position when the tide turns.
So, chin up, brush in hand, and let's paint a brighter future together!
FAQs
What is a bear market?
A bear market refers to a prolonged period where prices in an investment market fall.
How can artists stay optimistic in a bear market?
Artists can stay connected with peers, limit negative news consumption, and practice mindful gratitude.
How can artists diversify their income?
Artists can teach classes, sell merchandise, or venture into digital art sales.
Are there any online platforms for artists to explore collaborations?
Yes, platforms like Twitter are where most NFT artists are, and communities like Objkt art on the Tez blockchain aare excellent for artists to network and collaborate with.
Is revisiting old artworks a good idea?
Absolutely! Artists can refine and improve their old works, giving them a fresh appeal.