The economics of being an artist
Some artists are uber-rich; most are not.
The economics of being an artist is a complex one, with some artists being extremely wealthy while the majority struggle to make ends meet. A study conducted by Ioannis Laliotis and Christos Makridis reveals the stark contrast in income between artists and similarly qualified professionals in the EU and UK. Artists typically earn 5% less than their peers, but they often earn slightly more than the average professional with similar age, education, and gender.
This is an unusual exception to the general rule that artists make less money than their colleagues, regardless of whether they are compared to workers in general or white-collar professionals.
The primary reason behind this wage disparity is the precarious nature of an artist's employment. Unlike other professionals who usually have stable jobs, artists frequently work on a temporary basis, constantly switching from one gig to another. Even when they secure a steady job, such as an arts educator, these positions pay less compared to other similar roles.
Additionally, finding a better-paid job as an artist is challenging, making it difficult for them to switch to a more lucrative career if they become dissatisfied.
The instability of their employment becomes even more apparent during economic downturns. During the inflation spike of 2022 that led to a recession in 2023, many artists faced a significant loss of income. They either lost commissions or were unable to secure new ones, causing their earnings to plummet more than those of the average worker. This chart shows the wage differential over time, highlighting the stark contrast between artists and other professionals during periods of economic instability.
Written by urgent.news from Klement on Investing's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
