This fall might be a great time for art collectors who are looking to fill their home or gallery with works completed by their favorite contemporary artists. The Artist Pension Trust has decided that it wants to sell some 5,000 items from their collection. While not every item will be for sale, and nothing will be auctioned, the sale presents great opportunities for some collectors and institutions hoping to add a greater aesthetic to their properties.
The Artist Pension Trust is the largest collection of work by contemporary artists in the world, and features thousands of unique pieces. In fact, it contains more than 10,000 works from over 1,600 different artists who come from 75 different countries. The collection is so unique and complete that its value is estimated at greater than $100 million. It contains works from both famous modern artists and ones whose names are not well known. As a result, it is not only the biggest, but also, one of the most eclectic, art collections.
Surprisingly, no items from the ten year old collection, that features traditional and abstract artists, have ever actually been sold. The fact that sales benefit both the artist and the trust itself make the lack of sales a bit more interesting. The agreement is that, when a sale is made, the artist will get 40%, a general pool for all artists will get 32%, and the remainder will go to managing the Trust and the artwork it cares for. As a result, the sales should benefit everyone who contributes to the organization.
Multiple factors contribute to the decision to make the sales, but the greatest might be expansion. According to Moti Schniberg, co founder of the Trust, funds will be used to develop a new Global Art Trust. That would add another 600 or so artists to the books of the Trust, helping to expand what is already an impressive collection. While the curators will work to sell to institutions, any collector can visit the website of the Trust and check out all of the available works.