Pension trust for artists kicks off in city

MUMBAI: “I didn’t receive a single penny when some of my paintings fetched crores,” says renowned painter Tyeb Mehta. His painting ‘Mahishasura’ was auctioned for Rs6.9 crore at Christie’s last year while ‘Kali’ fetched Rs1 crore at Saffronart’s sale. In 2002, ‘Celebration’ was auctioned for Rs1.5 crore at Christie’s.

 

“If an artist puts a painting owned by him directly into auction, he receives the entire proceeds from the sale. If, however, the painting is put into auction by a collector who had bought the work from either the artist or an intermediary gallery, then the artist does not benefit from the onward sale,” says Mallika Advani, former representative of Christie’s in India and now an independent art consultant.”

 

The fact that artists have no financial security initiated a group of people in New York into action. And, the Artist Pension Trust (APT) came into existence in 2002. A barter-based investment programme, APT aims to provide emerging and mid-career artists with long-term financial security. After setting trusts in New York, Berlin, London, Los Angeles, Mexico City and Beijing, the India chapter was launched in Mumbai on Friday.

 

Twenty-five Indian artists, including Sudarshan Shetty, Sheetal Gattani and Hema Upadhyay, will deposit their works with the trust for the next 20 years. Once the artist starts commanding a price in the market, APT will sell the works. “Forty per cent of the proceeds will go to the artist, 28 per cent will be retained by us, while 32 per cent will go towards the collective benefit of all participants,” says Bijan Khezri, CEO of APT.