How to Buy an Art Gallery

Buying an art gallery is a difficult process that takes some careful planning. Running the art gallery after you've bought it is infinitely more difficult than the actual buying, making the consideration of what kind of gallery to buy and where it's located that much more important.

Instructions

Difficulty: Moderately Challenging

1. Think about your personal assets, such as your art or art history background, what kind of media you're familiar with and what kind of artists and buyers you know. If you have little or no prior experience in the art world, then think more generally about your business and networking skill sets so you can determine what kind of business you should buy and who comprises your target market.
2. Determine the focus of the gallery, whether it's ferreting out unknown artists, finding old undervalued works or tapping into a mainstream commercial artist like Thomas Kinkade, who runs something of a franchise.
3. Find the right location for the gallery you want to buy by looking at galleries that focus on similar art products as yours. Then place ads in the appropriate art and art business magazines, like "American Art Collector Magazine" or "Art Business News", asking if there are gallery owners who are looking to sell a gallery that meets the location and content specifications that you determined.
4. Inspect the business plan and financial situations of any art gallery before you consider buying. Keep in mind as you do this that you're purchasing a business first and foremost. In accordance with this, hire a skilled accountant who can make sure that there are no hidden outstanding debts or liens against the business.
5. Understand what kind of relationship you're going to have with the exhibiting artists and regular clients of the gallery. For instance, ask the gallery's current owner if she is going to leave the current client base with you or "take" them. Also figure out if the purchase of the gallery includes current pieces belonging to the gallery or if you're just buying a space and a name.

Who Can Help:

• Find Decorators & Designers Here. Compare Up to 4 Quotes, Free Service & No Obligation.