Lizzie Conklin

The Yale School of Management offers “Entrepreneurship in the Art Market” in the first half of the Fall semester. Magnus Resch, author of “How to Be a Successful Artist,” “Management of Art Galleries,” “How To Collect Art” and “The Global Art Gallery Report,” lectures on the economic trends of the market, how to sniff out collectible art and a gallery’s role to support artists. It’s simple: business people use jargon, and artists teach SOM students about “emotions.” Magnus Resch joins the two, inviting guests like from CEO of PACE Gallery Marc Glimcher to world-renowned painter Derek Fordjour to talk with the class. After taking his class and reading “How to Be a Successful Artist,” I got the chance to ask Resch some questions about the art world.

In your book titled “How to Become a Successful Artist” you outline the three categories of — believe it or not — artistic success: economic, artistic and socio-ethical. What do you subjectively think makes a good artist? Who are you collecting?

I don’t think in terms of good or bad art — those categories simply don’t exist in a universal sense. What is considered good art today is defined by a small group of influential individuals. But for me, good art is what resonates personally. My [art] collecting philosophy is what I call responsible buying — I collect work from artists whose vision I appreciate and from galleries I want to support. It’s highly subjective, and I’m fully aware of that. For example, I recently acquired a piece from Sok Song, a student at the Yale School of Art. He’s still in school, but I genuinely believe his work is exceptional.

You write about having a “vision” for oneself as an artist, which you seem to have as an author. Did you ever consider becoming an artist? Why are you so interested in art?

I’ve never considered becoming an artist, but I’ve always been driven by the desire to make the art market more transparent. My aim is to create an environment where more artists and gallerists can make a sustainable living from their work. I’m deeply passionate about art because it reflects society’s values and opens up dialogue. My interest, however, is rooted in helping artists succeed through transparency, education, and data-driven insights. This belief in the power of education drives everything I do.

In your book, you quote artist Daan Roosegaarde, who says, “Never listen to people who give you advice.” This statement, in itself, is advice. When should you take advice? Whose advice should young artists take?

The art world is full of people offering advice, but much of it is subjective and anecdotal. That’s why I focus on data — it’s neutral and brings a wider perspective to the table. One key insight from our research on what drives an artist’s success is that while your art matters to some, your network plays the most critical role. Young artists should seek mentorship and build connections with those who have already walked the path they aspire to. Networking is a vital tool in growing their presence in the art world. However, it’s equally important for artists to recognize that they are, in essence, solo entrepreneurs. This means they must balance external advice with their own creative vision and trust their instincts to maintain authenticity in their work.

You interviewed Marilyn Minter for your book. As someone who has been iced out and let back into the New York scene, she has repeatedly defied the odds of success in the art market. How can an artist build resilience? When should they give up?

For “How to Become a Successful Artist,” I interviewed hundreds of artists and discovered one key takeaway: being an artist is incredibly challenging. Statistically, it’s one of the degrees most likely to lead to unemployment, and in Germany, for example, the average artist earns less than $10,000 annually. Many artists struggle not because of their talent but due to the lack of buyers. Marilyn Minter’s story is an example of resilience in an unforgiving industry. Building resilience means learning, adapting, and networking. Giving up isn’t necessarily a failure — it could mean shifting how or where you express your creativity.

You ran a gallery at 20. Why did you pursue a career in the gallery world? What did you learn from it?

I was surrounded by artist friends at a young age, and I wanted to help them succeed. Running a gallery at 20 was a formative experience. I pursued it because I saw how galleries play a critical role in an artist’s career, and I wanted to understand the market from the inside. What I learned is that success in the art world doesn’t only come from talent but also from how you present, promote, and sell that talent. It was eye-opening to see the business side of art — understanding how galleries balance commerce and curation.

How do you think your time in the German military has shaped you?

My time in the German Mountain Infantry Division was deeply transformative. The camaraderie, discipline, and humility I developed during that period have had a lasting impact on me. It was an environment that instilled resilience, focus, and teamwork — qualities that have proven invaluable in both business and life. Many of the friendships I built during that time are ones I still cherish today.

The “art world” is kept running — in part — by the intrigue, smoke and mirrors surrounding the nebulous idea of “canonical art.” You’ve tried to statistically analyze market trends and the traits of a successful artist. How long do you think your research will hold up? Won’t the market shift once someone understands it?

That’s a great point. The art market is constantly evolving, and trends can shift as soon as they’re understood. However, the core drivers — scarcity, demand and narrative — remain relatively stable. Artists and movements may come and go, but understanding these foundational elements can provide insight into long-term market behavior. 

The biggest challenge for many artists is that they’re not taught the business side of the art world. This gap in education is a major reason why so many artists struggle to succeed. Until this is addressed, my research and the principles I discuss will continue to be relevant. What truly needs to change is how both artists and collectors are educated about navigating the art market. Artists need to understand marketing and strategy, while collectors need guidance on making informed decisions within this complex market. This is what I focus on through my teaching at Yale, my book “How To Collect Art,” and my online courses — to equip both artists and collectors with the tools they need to thrive in the art world. By bridging this educational gap, I hope to create a more transparent and accessible art market for all.

When so few artists become successful, why do you think people continue to make art?

People make art because they’re driven by something deeper than commercial success. It’s a form of expression that taps into emotions, ideas, and perspectives that can’t be conveyed in other ways. Art is about contributing to culture, engaging with society and leaving a legacy. For many, it’s about fulfilling a personal need to create, whether or not it leads to market success.

Resch will be talking with CEO of PACE Gallery Marc Glimcher on Friday, Nov. 15, from 1:30-3:00. 

Magnus Resch is the world’s leading art market expert. He teaches art management at Yale School of Management. Magnus has written eight books, including “How To Collect Art” and “How To Become A Successful Artist.”