Investing in Art (the way it should be)

Edvard Munch’s “the Scream” sold recently at auction for $120 million. To most of us, this amount of money is incomprehensible. We have a hard time wrapping our brains around that amount of cash. I was simply amazed. I am not a “1% hater”. I do not begrudge the super-rich or uber-rich their stockpiles of cash and real estate and investments. More power to them I say. I love the rich. Hell, I hope very much to be one of them. I do not ascribe to the “money is the root of all evil” mentality. I think it is a wonderful thing and can do so much. Heck, if you want to invest multiple millions in a painting, have at it, with my blessing. I am an artist. The only way I survive is on the purchasing power of the rich. Thank God for them. My only criticism would be that I think there is perhaps a better way. The idea is not a new one, in fact it used to be common, and for some reason just doesn’t seem to happen much any more. Simply put, rather than invest in works of art, invest in the artist. If that fortunate soul who purchased that Munch for $120 Million had invested just $1 Million directly in artists, he could have supported the careers of 10 artists for 10-20 years, arranged to have a stake in their future earnings, and could have most likely written off the investment. In these times where funding for the arts is a tiny fraction of what it needs to be, when artists cannot get unemployment or even food stamps, individual artist backing is what is needed. From the artist point of view (from this artist anyway) THIS is the kind of art investing that is needed most. What we (the artists) need is the space and means to create. This takes cash, plain and simple. A place to live and work, and enough to cover cost of living, so we can put all our energy into creating art. I know that my productivity and ability would increase greatly if I had this sort of support. If the constant strain of making ends meet was met, the task of simply being a great artist has full reign. I am not suggesting another grant or handout here, this would be an investment. Example: An investor, or group of investors, find a promising talent they want to back, and would supply the artist with $50,000 a year for a ten year period. A contract would be drawn up, stipulating what is expected from the artist during this period, what career goals will need to be met during the term, and would grant the investor(s) a set percentage of future art sales for say, an additional ten year period beyond the contract term. Insurance policies could be put in place to assure both parties interests would be protected, periodic studio visits and conferences would be arranged for the investors, etc. etc. Investing in the arts in this manor would not only be a smart investment, but would, I have no doubt, create some of the greatest artists of this century. Investors would have a hand in creating great genius and master works of art. Would you rather own a Mark Rothko, or help create the next Mark Rothko? Would you rather see a Warhol in a museum, or know you provided the means to make the creation of that work possible? If you are a true supporter of the arts, I challenge you to put your money where your mouth is, and help living artists create, now. If you’d like to invest with me, let’s talk.