Artists use Wall St tactics to fund art

washingtontimes.com

New York, NY, Jun. 30 (UPI) -- Some U.S. artists are borrowing Wall Street tactics, such as collateralizing, to fund projects in an effort to escape poverty and secure their futures.

Business strategies, such as selling shares of future art to raise seed money and establishing retirement funds, are becoming more commonplace among painters, sculptors and other fine artists, the Washington Post reported Wednesday.

New York artist Sharon Louden needed $20,000 to begin a large commissioned sculpture. Rather than charge the supplies to her credit card, she sold shares of the work, promising a profit for investors when she sold the work.

Investments ranged from $200 to several thousand dollars, and the minimum return anyone made was about $100.

In New York, MutualArt Inc. has established a first-of-its-kind pension fund for visual artists.

Participants must agree to contribute 20 works to the trust over 20 years. The works will eventually be sold, with half of the proceeds going to the artist's individual retirement account, and the other half going into a pool for all participating artists with a small cut for administrative fees.