Artist As An Entrepreneur Photographer: Tom Mangelsen’s Images of Nature (Part 6)

SM: So your father was not necessarily supportive of your photography endeavor?

TM: It’s more like he did not necessarily understand my choices. I left the family business when all three brothers stayed in it in one form or another. One went off to Hong Kong and started an offshoot of the business. They are celebrating their 50th year of family retail business this year.

SM: How do they view your retail business?

TM: My older brother passed away last year. My two younger brothers are very supportive. They are my advisors and my biggest supporters. They are on our weekly conference calls with managers and senior staff.

SM: You have been able to create a lifestyle that allows you to travel to faraway places while the galleries run on autopilot.

TM: Pretty much. The past two years I have had to spend more and more time than I did before focusing on the galleries. I hired numerous employees who have been with me for 15 to 20 years. I have really great employees and talented people. I have a lot of salt of the earth employees who are reliable and trustworthy.

SM: Is Dan a big part of running the business?

TM: He is part of the management team and is responsible for the Jackson gallery. It is one of our top galleries.

SM: How profitable is the business? It is your own merchandise, so I am guessing that you have strong gross margins.

TM: Margins are good overall. The recession has certainly taken its toll. Art is a luxury good.

SM: In the pre-recession years when the market was stronger, what kind of margins were you experiencing?

TM: Anywhere from 53% to 64% operating margins.

SM: That is wonderful. What has the recession brought it down to?

TM: Breakeven.

SM: It has been a tough two years. I think this is a wonderful story. We keep hearing of struggling artists, and you are an artist who has been successful as an entrepreneur. What is your message for artists out there who are trying to find a stride?

TM: I would wait a while for one thing. Have a good strong body of work. A lot of people see what I do and want to go from A to Z without paying their dues. The first thing you have to do is spend a lot time perfecting imagery. You cannot settle for better than average. You need to be great.

The market has dried up because of advertising dollars and the recession. Big stock agencies are accumulating all of the micro-stock agencies, and the pricing has dropped significantly. It is a very competitive business. New cameras have opened the doors to a lot of new photographers who would otherwise not have the skill.

This segment is part 6 in the series : Artist As An Entrepreneur Photographer: Tom Mangelsen's Images of Nature
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