What financial principle applies to building a successful art business?

You don’t have to get a whole lot right in your art business, as long as you don’t get a whole lot wrong. This is a financial maxim that means you don’t need to be a genius or exceptionally lucky—you just need to avoid fundamental mistakes. In investing, this means investing conservatively in something like the S&P 500, being patient, and avoiding stupid mistakes driven by greed. The same principle applies to art: focus on the fundamentals, be consistent, and avoid critical errors in your business model.

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Asked by synthesized from teaching · Answered by Patrick Shanahan · art-marketing-podcast · 2021-04-13