Artist Pension Trust to Sell 5,000 Works
The Artist Pension Trust is seeking to sell off an estimated half of its collection. With approximately 10,000 works of art under its wing, it is the largest collection anywhere on Earth. It is the first time since the Trust began ten years ago that anything is being sold. The Trust looks to sell an initial 5,000 works.
The Trust began in 2003 and was formed as a pension plan for artists. Over 1,600 artists from all over the world donated works as a hedge against their retirements. The estimated value of the Trust currently stands at around $100 million. The artists, from 75 countries, will receive forty percent of what the work sells for with thirty two percent of the sale going back into the fund. The remaining revenue will be used by the Trust for maintenance, investment and administration.
While the Trust has announced that it is only choosing certain works, this does seem an opportune time as the art world continues to show strong growth. While individual buyers and collectors may purchase certain works, the Trust hopes to sell the bulk of the art to institutions. Those pieces for sale are listed at the Trust’s website. The Trust has also announced that they will use their share of the profits from this sale to support a new artist’s trust. The Global Art Trust supports over 600 additional artists from around the world.
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