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Singapore Management UniversityInstitutional Knowledge at Singapore Management UniversityKnowledge@SMU Office of Research4-2011The business of art, the art of businessKnowledge@SMUFollow this and additional works at:http://ink.library.smu.edu.sg/ksmuPart of theEntrepreneurial and Small Business Operations Commons, and theTechnology andInnovation CommonsThis Journal Article is brought to you for free and open access by the Office of Research at Institutional Knowledge at Singapore ManagementUniversity. It has been accepted for inclusion in Knowledge@SMU by an authorized administrator of Institutional Knowledge at SingaporeManagement University. For more information, please emaillibIR@smu.edu.sg.CitationKnowledge@SMU, "The business of art, the art of business" (2011).Knowledge@SMU.Paper 177.http://ink.library.smu.edu.sg/ksmu/1777/21/12 The business of art, the art of business - Knowledge@SMU1/2 knowledge.smu.edu.sg/article.cfm?articleid=1346   (http://knowledge.smu.edu.sg)The business of art, the art of businessPublished: April 04, 2011 in Knowledge@SMU Business and the arts, two opposite fields, would go well together – if there is an entrepreneur like Krisstel Martinrunning the show. By her own admission, Martin, with her degree in finance and banking, should be working in abank. But, it never happened. Rather, she dived into the world of art, making a business out of art. She started herown art gallery and calls herself boss. “I wake up at this hour every day, I go to work for this many hours, althoughtechnically, I don’t have to, but I want to,” she said.Martin is founder and owner of Gallery Krisstel Martin (http://gallerykrisstelmartin.com/), which showcases paintingsproduced by Southeast Asian artists. The gallery is located within the Tanjong Pagar DistriPark, which is also hometo seven other galleries. Together, these galleries help create the critical mass and buzz for this up and coming artscluster. Martin was speaking about her experience owning and running her business – and her passion – in art, at arecent talk (https://mercury.smu.edu.sg/PrjgWKW/Summary/programme_detailedview.aspx?vPROG_ID=WKWBIG030)organised by Singapore Management University’s Institute of Innovation and Entrepreneurship.(http://www.smu.edu.sg/institutes/IIE/About%20IIE/iie_landing_page.asp)Martin’s interest in the arts began early, and was hardly tainted by any element of commercial interests. Insecondary school, she took up the Art Elective Programme (http://www.moe.gov.sg/education/secondary/other/art-elective-programme/), which gives extra exposure and coaching for students more inclined to this field – over andabove the regular (and limited) art curriculum. One of the highlights in the programme was a month-long trip toEurope, when then 13-year-old Martin and her classmates visited various art galleries and museums that are regularfixtures at just about every major European capital. “A whole new world opened up,” she said.A decade has gone by since she began working in galleries – including three years as "boss", and the experience hasgiven Martin the credibility to suggest a reality checklist for aspiring gallery owners. For one, there areconsiderations and questions beyond just an affirmation of one’s passion in the arts. “Why are you starting a gallery?What is your point? What are you trying to do? Last year, there were 40 new galleries in Singapore – that’scompetition. Is there a market gap? Is there something different you are bringing in?” asked Martin.Rental and risksMartin wants to correct a popular misperception that this is a glamorous job. As a gallery owner, she is responsiblefor literally everything – from paying the rent to stocking stationery, and of course, reaching out to prospectiveclients. “There is a stark difference between working for someone and running your own business. Everything comesback to you and you have to psychologically prepare yourself,” she said.More than just paying attention to these details, an entrepreneur needs to assume the risks involved in running thebusiness. “Whether you have investors or you just pump money in yourself – which is what I did – there is a hugerisk involved. But, the reality is that I don’t have much personal commitments, so I can afford to take this risk andtake this unstable salary for two to three years -- which is typically the time it needs for a business to settledown,” said Martin.Furthermore, start-ups can have the most nicely drawn-up and detailed business plans, but they still need to beflexible and adapt. “You need to know how to survive with $200 or $200,000. Anything can happen anytime and youhave to be prepared. If you are a person accustomed to a certain type of lifestyle, and quite fixed in your ways,then this is not for you.” Genres and marketsThere are many art forms and genres. The distinction also defines the clients that galleries deal with – and byextension, how they market themselves. Martin deals with two broad genres: “contemporary art” and “modern art”,which, to the uninitiated, is divided by a seemingly blur line. By her definition, contemporary art, not necessarilypretty to look at, can be works that may be a little bit more political or even quite confrontational at times. Bycontrast, modern art is usually seen as a little more “classic”.Just like running any other businesses, a key consideration when running an art gallery is to identify the targetmarket. “It pretty much determines how your business is run and who your clients are, which, in turn, influences theartists that you represent and the exhibitions that you run,” said Martin.Gallery owners need to be attuned to happenings in the international art markets. No thanks to the participation of7/21/12 The business of art, the art of business - Knowledge@SMU2/2 knowledge.smu.edu.sg/article.cfm?articleid=1346A ll materials copyright of Singapore Management University (http://www.smu.edu.sg) and the Wharton School (http://www.wharton.upenn.edu) of theUniversity of Pennsylvania (http://www.upenn.edu), Privacy Policy (http://knowledge.smu.edu.sg/privacy.cfm).cash-rich speculators at auctions, the market can get quite volatile. In recent years, along with the growth ofChina’s economy, the market for contemporary Chinese art “went through the roof”. Indian art followed next, andnow, increasingly, Indonesian art are the ones going under the hammer with growing frequency and rising prices.As gallery owner, Martin prefers to roll out a warm welcome to “collectors”, for these are buyers interested inbuilding a good collection, accumulating a good spread of artwork from different artists (and not merely the hotfavourite of the moment). “They will be asking questions like ‘tell me more about this artist, why did he do this,what did he do before, what are his plans for the future’. They are really interested in the artist himself, hisbackground and what his hopes are. If the works really appreciates in value, it is icing on the cake. The works aresomething they want to hand down to their children and typically these are the kind of people we want to workwith,” she said.However committed and keen these groups of collectors might be, they do not necessarily hold on to the piecesforever. “It is normal to grow out of artworks. One year, you will say, ‘this is amazing’ but next, you may be readyto sell. It is normal and it is perfectly fine, and it is a fine line,” she said.Artists and adventuresDealing with buyers is but just the demand side of the equation – there is the supply side that galleries have to givelots of attention to as well. “Dealing with artists – that’s probably the most fun part of the job, there’s a hugeelement of adventure,” declared Martin. She recalled her first trip to Yogyakarta, visiting various artists’ villages, notin chauffeured limousines but on the backs of trucks, going from door to door as she checked out what was on thecanvases.Her visits to Indonesia had also left her with impressions not limited to the artistic talents of the people. She recalledvisiting an open sulphur mine, the Ijen Crater, gingerly making her way through and trying to maintain her balance.“Miners with their 70-kg load walked past me and said ‘Good Morning’. That’s the spirit of Indonesia that I think isbeautiful and it shows in their artwork – there’s wit, there’s humour and a sense of strength,” said Martin.Naturally, there is some element of bonding she feels between the artists and herself, as well as the sense ofresponsibility. “When they entrust their artwork to you, it is a huge thing. For them, it is a leap of faith, and youdon’t want to let these people down,” she said.Business and passionMartin, already with a decade behind her in this industry, has by now earned a certain level of recognition. She wasnamed by Timeout Singapore as one of the 50 movers and shakers of the Singapore arts scene this year. She usedto joke that if she could survive the first year, she will hold a party and then call it quits. It remains a joke. Like anyastute entrepreneur, Martin is already formulating plans for expansion, and that includes adding more artworks fromSingapore and Indian artists.While Martin might be on her way to opening more galleries and gaining bigger international recognition, there aresome beliefs that she holds steadfastly. “If you don’t have a passion for the art, you won’t connect with the artist.The journey is over, that’s it. Yes, there’s a commercial aspect to it, it is very real; yes, there are bills to pay, that’sthe reality of it, but that is not what it is driven by.”“When you start to approach art from a dollar-sign perspective, the scary thing is that when you see a canvas, yousee a dollar-sign, you won’t see beyond that… you’ve lost the soul, you’ve lost why you are doing this." That wouldbe really sad, said Martin. (#top) (#top)

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Institutional Knowledge at Singapore Management University

Institutional Knowledge at Singapore Management University