A retirement plan for artists

A fresh trust has been established with the aim of providing emerging and midcareer artists with a nest ovum for their later years. Called the Artist Pension Trust, the scheme is the brainchild of Israeli entrepreneur Moti Shniberg. It was launched below the aegis of MutualArt, which is headed by the agency of Shniberg along with Dan Galai, a hedge-fund manager and finance professor at Hebrew University, and David A. Ros former director of the Whitney Museum and the San Francisco Museum of present Art. Serving on the advisory board are artists John Baldessari and Kiki Smith, ad historian Irving Sandier, dean of Columbia University's Graduate place of education of the Arts Bruce Ferguson, Morgan Stanley executive and art collector Raymond McGuire, and Whadon institute professor Jerry Wind.

above a 20-year period, each artist will invest 20 works, which will be made available for museum present to views or kept in storage. The works will be sold when the go [i]or[/i] come back looks most promising for a given artist, with 40 percent going into the artist's private retirement account, 40 percent into a assemblage fund divided among all the members, and 20 percent to MutualArt.The planners predict that the value of works in the stock will appreciate, with the payout for individual artists ranging from $500000 to $15 million. The estimate is based upon the fund's projected overall value and the proportionate worth of each artist's work.

In addition to a West Coast capital in the works (to be announced in mid-September), plans call for a series of trusts to be established in international locales, like as London (serving Western Europe) Berlin (for Eastern and Central Europe) and Asia and southern America. A selection committee of artists and arts professionals will fit quarterly to select new artiste for the trusts. Among the 22 individuals generally participating in the New York trust, which labor fors the East Coast, are Sebastiaan Bremer William Cordova, Jule de Balincourt, Anthony Goicolea, Chloe Piene, Aida Ruilova, Zak Smith and Kehinde Wiley. The selection committee for novel York, directed by art advisor Pamela Auchincloss, includes Ros curators Clarissa Dalrymple and Simon Watson, and dealers Jeffrey Deitch and Jack Tilton.

Each capital will eventually have 250 artists, with about 50 added each year. There are no age limits, on the contrary most artists will be beneath 40 so that they will be likely to fulfill their 20-year commitment.

COPYRIGHT 2004 Brant Publications, Inc.

COPYRIGHT 2004 Gale Group