Image via Complex Original
Although art and business are initially perceived as an unlikely pair, both depend on each other to survive. Artists need people to buy their art just so they can afford to live, something becoming increasingly possible today, as explored in a New York Times piece on Thursday. The five artists in this list, however, do not have to be concerned about eating dinner tonight. Sure, they did not make it this far without a lot of patience and hard work, but they have taught us that there is a lot more to making the big bucks in the art world than tenaciousness and talent. Oftentimes good luck and good timing do more for an artist than pure talent, but a risk-taking attitude can't hurt.
Here are some simple Life Lessons You Can Learn From the 5 Highest Earning Living Artists of 2013. There is no straight path to success, especially in a creative industry, so go about your craft with plenty of passion and creativity, and take some tips from these big shots.
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5. Take risks and be patient when it comes to financial success.
Net worth: $100 Million
Nationality: American
Age: 37
(In)famous for: His aggresivity and surprising Facebook stock success.
Largest sum paid for his work: $200 million for his mural at the Facebook offices
David Choe, the youngest artist on the roster, is a respected street artist that is widely known for his daring attitude towards life. He dropped out of high school, proceeded to drop out of art school, and continues lead a bohemian lifestyle that certainly influences his work. He never stopped, however, making art. Even after being arrested in Japan for punching a security guard, he made erotic paintings with his only resources in jail: soy sauce, tea, blood, feces, and urine. It goes without saying that Choe has never been one to play by the rules. In fact, his presence on this list proves that you don't need to be a boring, old white guy to be financially and creatively succesful.
Despite his unpredictable nature, Choe was patient when it came to becoming recognized for his work. In 2005, Sean Parker (from Napster and Facebook) commissioned Choe to paint the interiors of the first Facebook office. Despite that he did not think Facebook would go very far, Choe decided to take a chance and receive company stock instead of being paid upfront for his murals. In turn, Mr. Choe made around $200 million when Facebook went public. We're not telling you guys to gamble, but you can definitely learn from Choe's willingness to take risks outside of his artistic decisions. If you love what you do, success will follow.
4. Don't quit your day job.
Net worth: $100 Million
Nationality: American
Age: 58
(In)famous for: Starting out on Wall Street and then transitioning into the world of contemporary art, and his giant balloon sculptures.
Largest sum paid for his work: $ 33.7 million for Tulips
It comes as no surprise that Jeff Koons, possibly one of the most controversial contemporary artists, made it to the Top 5. His path in becoming a celebrated artist was quite roundabout; he attended the School of the Art Institute of Chicago and Maryland Institute College of Art, which lead to a desk job at the Museum of Modern Art in New York. He was then offered working as a commodities broker on Wall Street, which he took. While he was working these day jobs he continued making his art on the side.
Making all that money on Wall Street paid off because he was able to afford the resources he needed for his work. This all goes to show that art students are capable of making some cash after they leave school as long as they can balance work and pursue their creative aspirations. Sure, Koons might have sacrificed some artistic credibility by working on Wall Street but his experience in the world of business has guided his content and the way he has constructed his artistic brand. Nonetheless, his fascination with our over-saturated media culture, while referencing art history's greatest, has resonated with the art institution and his works now sell for record breaking prices.
3. Andrew Vicari
It's all about connections and who you know.
Net worth: $210 Million
Nationality: Welsh
Age: 75
Largest sum paid for his work: $40.1 Million for the world's largest oil painting
Andrew Vicari might be the most interesting subject on the list. First of all, the man pursued traditional oil portrait painting as a career. Considering the state of contemporary art, there's not many artists with his background who make it big. But karma must have been on Vicari's side because the man is paid an absurd amount of cash to paint portraits of the royalty of Saudi Arabia. In fact, the Telegraph reports that he is currently being paid $40.1 million to produce the world's largest oil painting, a family portrait that will be 100 feet long and 30 feet high. Vicari also has three museums in the Middle East that are just dedicated to his art.
Despite Vicari's talent, his financial success stemmed from knowing and attracting the right group of people. Vicari's work does not necessarily critique or reflect on culture like most contemporary artists, but the people who like his paintings are not looking for the next Fred Wilson or Barbara Kruger. All in all, cherish your rich friends.
2. Jasper Johns
Be at the right place at the right time.
Net worth: $210 Million
Nationality: American
Age: 83
Largest sum paid for his work: $80 Million for False Start
Jasper Johns, the oldest artist on this roster, has been around long enough to see his work's impact on art history. Johns was drafted into the Korean War and had to leave art school. His work only gained notoriety when he started dating Robert Rauschenberg. Leo Castelli, the famous art collector, was visiting Rauschenberg's studio, took notice of John's work, and gave him his first solo art show. In this case, timing and his romantic relationship played a part in John's triumph.
Good timing wasn't the only key to Johns' success. His neo-Dada pieces set the stage for artists who refer to popular iconography, like Warhol and Basquiat. Thus, contemporary art would not be what it is today if it weren't for this man. As a result, his work is highly desirable. In 1980 the Whitney Museum of American art bought Johns' Three Flags (1958) for $1 million, which was the highest price ever paid for the work of a living artist. He proceeded to sell another record winning piece for $7.05 million to Samuel I. Newhouse, Jr., the owner of Condé Nast publications, in 1988. Who wouldn't want to own an important piece of history?
1. Damien Hirst
Don't wait to be included in the art world—make it come to you.
Net worth: $350 Million
Nationality: English
Age: 48
Largest sum paid for his work: id="mce_marker"00 million for For the Love of God
Hirst's eccentricity was clear ever since his teens. He tells the Telegraph that he was repressed by his conservative mother who turned his Sex Pistols albums into fruit bowls and destroyed his bondage trousers whenever she had the chance. She did, however, support Hirst's interest in drawing. After being rejected from two other art schools, he proceeded to attend Goldsmith, University of London, whose star-studded alumni list includes the likes of James Blake, Damon Albarn (from Blur and Gorillaz), and Lucian Freud.
Although his work has always been unconventional, he consistently inserts himself in the art world, even if he had to bring the art institution to him. He organized several events during his college career—most of which took place in warehouses—and had notable people in the art industry checking out his work. Charles Saatchi, a sponsor of the Young British Artists and an avid art collector, fell in love with Hirst's A Thousand Years (1990) and featured it in his first major exhibition. Saatchi clearly wasn't the only person that felt a connection to Hirst's strange, existential pieces because Hirst is currently the wealthiest artist on the market.
On another note, Hirst, like Koons, has always been a businessman. He gets up at five in the morning just to get a head start on all his meetings for the day. This all goes to show that people do not necessarily react well to difference, but that uniqueness (and a sense of entrepreneurship) can lead to an artist's success in the industry. Accept your weirdness and garner the strength of your inner freak.