One painter's story of going bankrupt — and how she found a path back to art after

Art, Death & Taxes unpacks the art world's greatest taboo: money. Nine acclaimed artists explore the economics of their practice, peeling back the curtain on all the work that goes into the work. Stream the full series now on CBC Gem.

Before she went bankrupt, things were looking pretty good for Meghan McKnight. Growing up in a creative family, she was felt supported in her path, although she had some anxiety about how art could become a financially viable career. When she had her first solo show at a gallery, it was a big moment.

"I felt elated when I was picked up by a commercial gallery," she says. "It gave me a legitimate context to show my work."

There was, however, a false security that came with it.

"I was also naive about what that meant because I think I excused myself from some of the worry that comes from having to do the business side."

Stream Meghan McKnight's episode of Art, Death & Taxes now on CBC Gem

"After the first initial high of having made my first show and having it sell really well and getting a taste of that, I guess I had the understanding that these sales would feed my next body of work and that I could roll in money I made from selling art into making more work — which was a little naive."

"I had accrued a fairly hefty debt funding my art practice. I had a base debt from getting a degree; I had taken out a line of credit to fund one show; I had a credit card that I was relying on really heavily to buy paint as well. And after about 40 grand I realized that there was absolutely no way out of the situation."

McKnight found herself in a situation where declaring bankruptcy was her most realistic option. "I think I had a lot of ideas about what bankruptcy is, what kind of person declares bankruptcy, and a lot of shame around my financial situation."

"I think on the official document it said, 'Reason for bankruptcy: inability to find good-paying work', which felt pretty sad to me because I had this work that I was doing that felt so meaningful and so important and it just wasn't financially sustaining."

After some time, McKnight has been able to rebuild a new art practice, in many ways starting from scratch. "It took a long time to kind of get back to a place after bankruptcy where I could create art again, but eventually when the dust settled I was able to start an art practice without the burden of the debt. And I was also able to make work without it being tainted by the idea of it being a tool to get out of debt, or a tool to make money."

Her new practice has now shifted — moving to collage and photography work — to become more financially practical. "I think right now my work is a little bit more accessible financially because i can create an edition. I feel like I have a bit more independence as an artist to get my work into people's hands because they're not $10,000 paintings or six foot paintings."

"The economic system is not perfect for anyone and I think I just have a more realistic understanding of how that works. I feel like I'm on the way to piecing it together — but still financially precarious, still working a restaurant, still trying to figure out some kind of system for myself."

Stream Art, Death & Taxes now on CBC Gem.