ARTvest
Supporting a new generation of collectors and artists
Andrea Sulzer
above and beyond
ink on paper
43" x 45"
unframed
2006
“ARTvest is committed to providing new collectors with a low cost and hassle free way of collecting and building high quality collections of contemporary art.”
how it works
ARTvest will have a maximum of 25 members. On joining the syndicate each member will be invited to pay £1,500 per annum (in two equal installments of £750) for a period of three years into the syndicate. All monies received will then be pooled into the syndicate's own bank account. All transactions through this account are subject to stringent safeguards to ensure that members' financial interests are protected at all times. (See Charter Document.)
The members of the syndicate will then meet every quarter with an expert panel of advisors to view a range of selected contemporary works and decide which works will be purchased by the syndicate. Members will also be encouraged to select and present work for purchase at each quarterly meeting. All works selected by members must first be approved by the expert panel before being purchased. This is to ensure only the highest quality work is purchased by the syndicate.
At the end of each meeting, each syndicate member will be invited to vote, on a majority basis, which works they wish to acquire. The selected works will then be purchased and will be available for rotation around the members’ homes.
At the end of the three years, the syndicate will be wound up (unless all the members vote otherwise) and the works will be redistributed from collective ownership to individual ownership. The syndicate is structured to ensure that every member will receive at least two pieces of contemporary work or the cash equivalent at the end of the three years.
The day to day management of the syndicate will be outsourced to the UBU gallery in Glasgow. (See Management for more details.) All management and advisory costs will be capped at 20% of total funds, leaving 80% of all funds for the purchase of art. This compares with commission costs of 40 to 50% that collectors would pay when purchasing works through the traditional gallery structure.
ARTvest will operate as an unincorporated association. All assets are 100% owned by the syndicate members.