The Profitable Artists: Chapters 8 & 9

1.   You are looking for some used furniture for an upcoming exhibition and find an ad-"Selling some chairs and stuff; price is non-negotiable." Would this ad fulfill the requirements of an appropriate offer? What would make this offer more appropriate? 

No the example ad is not an appropriate offer because it does not offer enough specific details. If the ad offered additional information on the chairs, maybe had accompanying photos, status on condition, add pricing and possible location of pick up of the chairs would make the offer more appropriate.

2. Which do you think is the most important of the "common" clauses when creating a contract (e.g. "Whereas", Merger and Integration, Non-Waiver, etc.)? Why?

                  All of the clauses are essential to creating a contract. They each add a valuable part to creating a contract. If I was forced to pick one of them, I would chose the “Whereas” clause because it clearly spells out parts of the potential agreement that is being entered.

3. When/why is it advisable to consult a lawyer about a contract?

                        A lawyer can always clarify the meaning of the meaning of the rights and legal conditions that are binding you to the contract. They can protect your legal interests.

The Profitable Artist: Chapters 6 & 7

Q: Why is it important to build a budget, even if art-making isn’t your main source of income?

A: They are used as a reference point for communication and strategizing.

Q: Based on your current semester spending, pretending you are spending another term here- build a budget for that semester?

A: 2014 Fall Semester ( Projected )

Gas – 3,360

Food – 4,000

Supplies – 6,000

Tuition - 7,500

Q: What is the difference between actual cost and opportunity cost?

A: Opportunity cost is the revenue that your resources would have generated in their next- best use (capital, materials, skill-sets, etc.) Actual cost provides a realistic set of numbers to use as your future activity estimates.

The Profitable Artist: Chapter 5 Questions ( my week )

1. Make a sample cost tree to better examine your costs as an artist.

1. Based off of  your cost tree, look into your future and try to create a general pricing for one to two of your pieces in the senior exhibition.

          a.     For two paintings, ranging from 3’x2’ in size, price could approximate to 300$ a 

               painting. Looking into the cost tree helped me better visualize the time, materials, and                  additional help required to create one project. 

1. Why  is it important to analyze your financial status?

          a.     It is important to analyze your financial status to keep track of development, materials, and                 stay on top of correct pricing for your work. It allows you to better understand your practice and             additional supplemental items that are necessary for its development

The Profitable Artist: Chapters 3&4

Q: Why is it important for artists to learn about finance and all the terms?

A: It is important for artists to learn about finance because it helps the artist keep on top of the their business and prevents any financial issues that could come along without having a solid understanding of how a business operates. 

                                                                                                           
Q: Make a sample invoice sheet for you and a client over a past artwork that you have done.

Different sheet

Q:After graduation, you are commissioned to make a piece annually for Monet Inc. at a monthly salary of $4000 starting June 1st. On their invoice for May, however, you are not shown on their invoice sheet. Why is that?

A:Since you have no started creating the work for them in may, they do not have a reason to create a receipt for you work.

Q: Provide examples of current variable costs for you this semester.

A: Current variable costs for myself this semester are …

1.   Masonite – used for building painting surface

2.   1x2’s – used for building painting surface

3.   Paints

4.   Liquin

5.   Turpentine

6.   Gesso

7.   Brushes

Invoice:

Invoice # 100                                                                                    4 Meadowood Road

Date 2/9/2014                                                                        Jackson, NJ, 08532

Job  Paintings                                                                                    xxx-xxx-xxxx

Customer Jane Doe

                  123 Main Street

                  NY, NY 10001

Quantity	Description	Price per item	price
1	Oil on paper	Paper - $5.00 Oils - $25.00 Hours – $45.00 Framing – $35.00	$120
1	Oil on canvas	Canvas and prep – $100 Oils – $ 50.00 Hours - $ 150.00	$300
			=

                                                                                    INVOICE TOTAL -   $420

Project notes:

            Project completed 1/25/2014

The Profitable Artist: Chapters 1 & 2 Question Responses

Chapter 1 & 2 questions:

Q1: What is your personal mission statement and vision statement for your long term career goals as an artist?

A1: My mission statement: To continue to develop my skills, knowledge, and interests as a visual artist

     Vision statement: To successfully show a series of paintings in a professional space within the next five years. 

Q2: What would be some issues an artist encounters during their environmental scan? What would they need to address?

     A2: Issues an artist could encounter when doing an environmental scan are taking record of everything they have in their inventory and the lack of familiarity artists could have with some financial, legal, and some business-related topics. The artists need to be willing to address every item in their inventory and even consider additional help in assisting them in their growth process. 

Q3: Define your SWOT analysis for your future (3 to 5 year) artistic goals. 
A3: 

Strengths: Ability to time manage affectively, technical abilities in painting and drawing, ability to work affectively with others, teaching abilities and wants to educate, affective writing, interests in speaking and organization, experience in proposal writing
Weaknesses: Finances, lack of skill with digital arts like video, further development in editing software and photography, further development in technical skills in visual arts, further development in teaching skills 
Opportunities: Development through the MUSE program, the resurgence in the interest of painting as visual imagery, current living location 
Threats: Shifts in taste for society/ popularity in medium of work, lack of finances, lack of opportunities because of location, lack of opportunities because of interests in teaching