Victoria Helena has carved out an impressive career that many artists aspire to achieve. With the launch of Artist Money Matters, a financial consultancy tailored for artists, she combines her extensive experience in finance and studio management with her passion for sculpture. This unique blend allows her to navigate the complexities of both financial statements and the emotional landscape of artistic creation.
In our conversation, Helena shared insights on why artists often shy away from discussing finances, the common pitfalls they encounter in contracts, and the significance of financial literacy as a matter of economic justice in the arts.
How did you transition from being an artist to a financial expert?
My journey has always intertwined these two realms. Growing up in a household where my single mother managed finances practically, I developed an early understanding of money. My academic background in accounting also fueled my interest, providing a sense of order and calm.
While pursuing my MFA at the Royal College of Art, I noticed that many artists turned to me for guidance on financial matters. They sought answers not just about taxes, but about whether they could afford opportunities or if certain contracts were standard. This realization sparked the idea for Artist Money Matters.
Why do many artists hesitate to engage in financial discussions?
There's a profound psychological aspect at play. Money often carries connotations of shame, fear, and personal identity, particularly within the artistic community. The narrative of the "starving artist" perpetuates the idea that financial concerns detract from authenticity, creating a paradox where artists feel compelled to remain silent about their financial struggles.
When I begin working with artists, we often explore their personal relationship with money first. Understanding their background and community attitudes towards finances simplifies subsequent practical discussions.
What common mistakes do you observe as artists advance in their careers?
Many artists are unaware of their negotiating power. This lack of awareness manifests in contracts, budgets, and institutional invitations. Opportunities often appear prestigious, yet the financial terms can be vague or unrealistic. Without a clear understanding of production costs, artists risk agreeing to terms that may lead to financial strain.
It's crucial for artists to prioritize payment terms and intellectual property in every agreement. Clear, documented payment terms eliminate uncertainty about when compensation will occur, while ambiguous terms can signal potential issues.
How does your approach differ when working with emerging versus established artists?
The core principles remain consistent, but the scale varies. I assist both nascent artists and well-established studios. Emerging creators often need foundational support, while mid-career artists may require restructuring as their operations expand. Established studios typically seek my expertise after encountering challenges.
Why do you consider your work a form of economic justice?
Financial illiteracy is not a coincidence; it fosters vulnerability to exploitation. Artists are often expected to bear risks while others reap the rewards. Artist Money Matters operates as an independent consultancy, free from commission-based incentives, ensuring that artists receive unbiased support.
By enhancing their financial understanding, artists can better safeguard their work, negotiate effectively, and build sustainable careers. This knowledge should not be a privilege but a fundamental resource.
What role does your upcoming book play in this initiative?
The book reflects my approach. It begins with the psychology of money, progresses to accounting basics, and concludes with practical applications in real-world scenarios such as contracts and long-term planning.
Recognizing that not all artists can afford consultancy, the book aims to provide accessible tools for immediate use, empowering them without feeling overwhelmed.
If artists take away one key lesson from your work, what would you want it to be?
The understanding that clarity enhances creativity. Establishing a solid foundation allows artists to pursue their passions over the long term, ensuring that their ambitions are supported rather than hindered.