Feeding Starving Artists

January 12, 2011 at 6:50 PM

The Art Newspaper reports that foundations endowed by wealthy artists are growing in number and power, often directing their giving to helping the next generation of artists.

The report notes that artists’ foundations – whose endowment often consists of the artist’s work, which in turn generates much of their income in licensing and copyright fees – face their own unique complications:

If a foundation declares its art holdings as “charitable use assets”, it must put them to charitable use…this can expose them to the vagaries of the art market. If a foundation chooses to sell art to sustain a grant programme, it may have to liquidate art assets even in a bad market.

Interesting article.

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