What should I do if a gallery owes me money but can't pay due to pandemic impacts?

This is a very risky position to be in. When galleries extend payment terms to 90, 120, or even 240 days, they’re essentially using your money to prop up their cash flow and pay their own expenses. If the gallery goes bankrupt, you’ll likely never see that money—you’re just another creditor. Unfortunately, there’s not much you can do except learn the lesson: never let yourself get into a position where you’re owed significant money by struggling galleries. This situation highlights exactly why the indirect strategy of relying on third parties is so risky. You need to shift to a direct sales model where you control the revenue and don’t have this kind of exposure.

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Asked by artist owed money by galleries · Answered by Patrick Shanahan · art-marketing-podcast · 2020-06-27