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I got stuck in the US, so I decided, hey, I might as well sign up for an Alvaro Castagnet watercolor workshop in Miami. He's teaching 2 classes! /SadTrombone He's in Spain right now, and the EU block means he can't come to Miami. Thinking about that, he lost a ton of money:
An artist can do a workshop and charge anywhere from $500-$1200 depending on the medium and location. A destination workshop can sometimes run $2000-$3000. It looks like he had about 10 workshops planned in the US for April and May, with 10-12 students each paying $600.
Assuming about 10 students per on average attend (he is popular though) that's $60,000 lost just on classes in 2 months. Oh, but the losses could be *worse*. While he's teaching he'll many times stay extra and film a video in that location. I know he picked New Orleans.
So he loses $60k on classes, then loses the potential revenue from a video in say, Now Orleans and Chicago (both great locations), which I estimate could be another continued revenue of...$5k to $10k per month. Let's say the videos from two locations maybe bring in $40k more.
This gets worse though. Alvaro Castagnet is an artist that does sell, which is difficult for watercolor but he's Australia based and Australia has good business in watercolor sales. Many of the top WC artists are there, and they've said they make about $3k-$6k per painting.
When he goes out to teach, he actually goes out and makes a painting that he could potentially sell. He also makes *copies* of the more popular ones. If he's doing 3 days per class, 2 days of those painting, and had 10 classes, plus extra days, he could do about 20-30 painting
Let's say only 15 of those can be sold (although I think his hit rate is much higher), but he can do 3 more paintings off 10 of those. So that's maybe 45 paintings at an average of $3000 each? That's $135k. In total, I'm estimating he lost $60k+$40k+$135k=$235,000 in 2 months.
THAT has totally got to suck. Also, the nature of Watercolor classes is you could maybe do them online, but really people would just buy a video instead. The point of a workshop is the artist is there helping in person and critiquing. In person is how a lot make base money.
But, imagine you could pull this off year round, and turn every class into an instructional video after plus paintings to sell. If you're making $250k/quarter doing that, then that's a $1million a year: Teaching watercolor 3 days every two weeks. Amazing.
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