Photography as a business

I was talking recently with my sister, who is also a seasoned photographer. Beyond the usual conversations, we had an in-depth discussion on how to make money with photography. Wow, we discussed a whirlwind of ideas, pitfalls, approaches. The bottom line, being a photographer in this time and era, well for one who wants to make money at it, is a challenge – only those who herd cats can appreciate this comment.

The long and short of it is three little words, words I heard when first learning economics – Supply and Demand. This law is pretty simple.

if supply goes up with no change in demand, prices inherently go down
if demand goes up with no change in supply, prices inherently go up
yadi, yadi, yadi

Ever consider why gasoline prices rise during summer? Wonder why refineries go “offline” for maintenance at the same time? Could someone be influencing prices?

When I look at photography in relation to the law of supply and demand, I find the financial window opportunity shrinking more and more. That doesn’t mean it doesn’t exist, only that a more refined approach may be needed.

Considering Supply
With the advent of the digital era and point-and-shoot cameras, the supply of photographs has grown considerably. Albeit most of these shots don’t really qualify as saleable art or images, there are a good handful of great images shot with point-and-shoot. Consider that Getty Images, who recently signed an agreement with Flickr, will now browse Flickr portfolios and sign unknown photographers. Introduce the DSLR, Photoshop, other software and the scores of great film photographers, and it’s obvious that the supply of quality images has grown exponentially. The law, tried and true will impact the photography market. I do though think images (aka supply) can be delineated to the point that some images higher in demand than others will inherently demand higher prices. The trick is how to differentiate yourself amongst a sea of budding photographers. My approach to differentiation is my Abstract Art.

Considering Demand
Who purchases photographs? In my own self-interest, I hope you purchase one or more of my pictures. But honestly, look at the market: magazines, tabloids ($$$), newspapers, families, art collectors (i.e. Ansel Adams quality images) and lovers of photography – the list goes on. Some buyers purchase directly, others may hire contract photographers – oh to be a National Geographic photographer. It now looks as though stock photography is a primary source. Nonetheless, there is demand for photographs. Considering my love for photography, the demand for my images is smaller than the demand for the latest celebrity photograph. I still believe there is a market for it – which products remain unclear. Alas, only time, and the law of supply and demand, will tell.

So why am I blogging about this. I guess being in the thick of creating demand for my product, my photography, my art, I find myself working hand-in-hand with this immutable law. Have you ever considered how this law affects your life? Everywhere I look, I see this law in action.

Bill Exley Photography