invoices i've sent in 2018 still unpaid in 2019 current total: $8,754.56. average payment delay: 28 days. a big part of the art economy is based on interest-free loans from artists.
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that's the best case scenario. but even when it happens, it's common for the transfer to come through only after the event. the most common model is: submit invoice immediately after event, wait 1-2 months for transfer.
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the deeper I get into the ArtWorld™ the more I've realized it exist primarily as a space for bored rich people who don't depend on the invoices/income and have other means of support (trust funds, parents, well employed partners etc) to cover their expenses
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(I've had so much trouble with reimbursement at academic institutions I now typically ask if they can pay upfront, before I agree to speak. They often grumble, but rarely decline, and it's made my life much easier. No more interest-free loans to billion-dollar megacorps...)
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academic and corporate payment is often more flexible than arts organizations and festivals. many arts orgs & festivals are so small they have to optimize their accounting process in a way that is not open to this sort of variability.
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I have one client that pays within a couple of hours. Which means they’re actually paying 30 days early. Everyone else? I think the average lag is 30 days late on a 30 day invoice.
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