Artist Pension Trust Begins to Sell From Contemporarry Art Trove
- July 17, 2014 23:16
Artists are invited into APT by a group of curators. Each artist then will donate 20 works over the course of 20 years to APT. When a sale transpires, forty percent goes to the artist, 28 percent to APT and 32 percent is distributed evenly among the other artists in the pool.
This new and untested business model cuts out the dealer. Now APT is faced with the task of selling the artworks, connecting with the right collectors, timing the sales, and marketing each piece. (MutualArt provided the online platform earlier in the summer for APT's selling exhibition of video art.)
The trust's current value is about $125 million, says Shniberg. It's on track to grow to about $500 million with future donations from artists.
