Tuesday, August 01, 2006
Artist Pension Trust Interview
I recently asked the new CEO of Artist Pension Trust (APT), Bijan Khezri a few questions about the organization and how it could benefit artists.
1. Could you explain what the Artist Pension Trust does and how it would benefit artists?
APT is a barter-based program in which artists are selected to contribute 20 works of art over 20 years. Operating on the financial principle of mutual assurance, artists benefit from the sale of their own works in addition to sales from other artists whose work is invested within their Trust.
2. What criteria do you use when accepting or selecting artists?
There is no specific criteria. Artists are approached by a Trust-specific Selection Committee consisting of artists, curators and other experts from the art world. Each Trust has its own curatorial committee. Artists may also apply themselves; applications are available for download at www.artistpensiontrust.org.
3. Will the works be exhibited or leased while held by Artist Pension Trust?
Any work that is deposited with the Trust will be available for loan to museums and curatorial projects making every effort to support the artists’ career development.
4. Is it possible for an artist to decide to leave or can an artist be forced to leave the trust?
Artists may chose to leave the APT program, but can not be forced to leave other than for non-performance of their contractual obligations. Artist Pension Trust designed a program that rewards loyalty to the plan and the artists who participate. Artists who withdraw from the program before fulfilling the required contribution of 20 works over a 20 year period will receive appropriate benefits, based on the length of their participation and the value of the works they contributed.
5. Are there plans to open more trusts in new regions around the world?
At this stage, we have a very good coverage of the world’s leading art metro-poles. Are we open to considering additional centers? Absolutely. But for now, our focus is on growth and fine-tuning our existing operations.
6. Why are you qualified to lead APT, Bijan? And what plans do you have for the future of the company?
Whilst my professional background is in finance, I have been running publicly listed companies with significant multinational operations. I have also been collecting young emerging art for many years. Indeed, APT is right at the junction of three of my most passionate interests: finance, art and globalization.
In terms of plans, I believe, there are short, medium and long-term objectives:
a. In the short-term, I would certainly not want to miss the opportunity to fine-tune and improve what we have. Any business, but a start-up one, in particular, should constantly ask: what can we learn to do things better? And then we have to implement changes effectively.
b. In the medium term, I want this Company to be globally integrated. To date, we are a sum of Trusts. The arts market is increasingly global, and we need to be a gateway to any art center in the world for every single artist participating in any one of our Trusts. We are the world’s only financial services organization that can add value to the artist, globally.
c. In the long-term, I want this Company to be the world’s leader in a whole range of financial products focusing on the needs of the artist. To date, artists have very limited access to financial products such as mortgages, for example. The banking sectors’ innovation and willingness to step into this market have been compromised for obvious reasons: lack of liquidity, lack of market intelligence and risk averseness. Our model of pooling the interests of artists will prove to be the key to launching a whole range of financial products. Our global reach together with an unparalleled access to location-specific intelligence on the arts markets, will make us a natural force in a growing segment of the banking sector. The Trust is our first product.
Thanks Bijan
For more information on the Artist Pension Trust (APT), see there website here.
>> Art Interviews, Being an Artist ¶ 1:34 AM
I recently asked the new CEO of Artist Pension Trust (APT), Bijan Khezri a few questions about the organization and how it could benefit artists.1. Could you explain what the Artist Pension Trust does and how it would benefit artists?
APT is a barter-based program in which artists are selected to contribute 20 works of art over 20 years. Operating on the financial principle of mutual assurance, artists benefit from the sale of their own works in addition to sales from other artists whose work is invested within their Trust.
2. What criteria do you use when accepting or selecting artists?
There is no specific criteria. Artists are approached by a Trust-specific Selection Committee consisting of artists, curators and other experts from the art world. Each Trust has its own curatorial committee. Artists may also apply themselves; applications are available for download at www.artistpensiontrust.org.
3. Will the works be exhibited or leased while held by Artist Pension Trust?
Any work that is deposited with the Trust will be available for loan to museums and curatorial projects making every effort to support the artists’ career development.
4. Is it possible for an artist to decide to leave or can an artist be forced to leave the trust?
Artists may chose to leave the APT program, but can not be forced to leave other than for non-performance of their contractual obligations. Artist Pension Trust designed a program that rewards loyalty to the plan and the artists who participate. Artists who withdraw from the program before fulfilling the required contribution of 20 works over a 20 year period will receive appropriate benefits, based on the length of their participation and the value of the works they contributed.
5. Are there plans to open more trusts in new regions around the world?
At this stage, we have a very good coverage of the world’s leading art metro-poles. Are we open to considering additional centers? Absolutely. But for now, our focus is on growth and fine-tuning our existing operations.
6. Why are you qualified to lead APT, Bijan? And what plans do you have for the future of the company?
Whilst my professional background is in finance, I have been running publicly listed companies with significant multinational operations. I have also been collecting young emerging art for many years. Indeed, APT is right at the junction of three of my most passionate interests: finance, art and globalization.
In terms of plans, I believe, there are short, medium and long-term objectives:
a. In the short-term, I would certainly not want to miss the opportunity to fine-tune and improve what we have. Any business, but a start-up one, in particular, should constantly ask: what can we learn to do things better? And then we have to implement changes effectively.
b. In the medium term, I want this Company to be globally integrated. To date, we are a sum of Trusts. The arts market is increasingly global, and we need to be a gateway to any art center in the world for every single artist participating in any one of our Trusts. We are the world’s only financial services organization that can add value to the artist, globally.
c. In the long-term, I want this Company to be the world’s leader in a whole range of financial products focusing on the needs of the artist. To date, artists have very limited access to financial products such as mortgages, for example. The banking sectors’ innovation and willingness to step into this market have been compromised for obvious reasons: lack of liquidity, lack of market intelligence and risk averseness. Our model of pooling the interests of artists will prove to be the key to launching a whole range of financial products. Our global reach together with an unparalleled access to location-specific intelligence on the arts markets, will make us a natural force in a growing segment of the banking sector. The Trust is our first product.
Thanks Bijan
For more information on the Artist Pension Trust (APT), see there website here.
>> Art Interviews, Being an Artist ¶ 1:34 AM
It's an interesting idea. But wouldnt the more successful artists lose out over time, while those that didnt pursue their career to the max (making their work less valuable) benefited the most?
If your work is selling well in 20 years time you wont need a pension, so I guess this could be an insurance plan. Like, break glass in case of failure as an artist type insurance.
If your work is selling well in 20 years time you wont need a pension, so I guess this could be an insurance plan. Like, break glass in case of failure as an artist type insurance.
# posted by 
: 5:53 PM
: 5:53 PM
Each artist gets a percentage of their own paintings, and a percentage of the group works. So it seems to reward individual success, but also group success.
But yeah, I would check out the Artist Pension Trust for more info, as I'm no expert on what they do.
I seriously think it's a great idea though. It's something that most artists never think about (our financial future).
Dion
But yeah, I would check out the Artist Pension Trust for more info, as I'm no expert on what they do.
I seriously think it's a great idea though. It's something that most artists never think about (our financial future).
Dion
Cool. I hadn't heard of such a thing. I wouldnt rely completely on such a system for my retirement, but it is a good idea for artists.
# posted by : 12:39 AM
: 12:39 AM
I think that's a good idea! Great thinking!
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# posted by : 12:24 AM
: 12:24 AM
Just think about guys...the premise here is that there only needs to be one artist out of a hundred to provide for the financial security of everyone in each pool. Does that make sense to you? Furthermore, this is not an open call for applications. These art-world experts pick and choose which artists are going to be offered the willy wonka golden ticket to participate which means that the very artists who could most benefit from this type of approach are not going to be invited to the party. The trust also takes 28% of the final sales price of the works in question which may seem like a super-duper bargain to some except when you realize that the faux-eleeomosynary premise set forth by these vampires has induced artists to contribute works whose primary market value is well below the secondary market prices said works would command at, say, auction. So, the APT gets 28% of the secondary market price which, in many instances, won't amount to much less, and in some cases will amount to much more, than the normal 50% split that the dealers take. Finally, the notion that artists cannot get their shit together enough to put one work aside each year (if they can't afford to do it themselves, they certainly can't afford to give it to APT), is infantilizing and insulting. 'Nuff Said....
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