The Artist Pension Trust (APT), a financial services, art lending, and management company which aims to provide retirement security for artists, will begin the first-ever sales of its massive 10,000-work collection, starting in September. All of the art world will be closely watching to see whether this model — and its first major test of the art market — will work.
When artworks are sold, each artist receives 40 percent of the net proceeds of the sale of the work, 32 percent of net proceeds accrue to the collective benefit of all participating artists in the specific trust (each trust has 250 artists). “This allows each participating artist to collectively participate in the commercial success of the other 249 artists.” The remaining 28 percent of the net proceeds are retained by APT to cover all management and operating costs.
