Tuesday, November 25, 2008

Art Dealer Emmanuel Perrotin to Start a Fund to Help Finance Artists’ More Expensive Pieces

"Emmanuel Perrotin, owner of the Paris and Miami based Galerie Emmanuel Perrotin, has announced the formation of Artists’ Dreams, a vehicle which will allow investors to finance expensive pieces by leading artists. Perrotin has syndicated investments in several artistic pieces, reaching out to his wide network in the collecting community to fund works such as Piotr Uklanski’s Untitled (Floor Dance) piece, which was exhibited at the Guggenheim in 2007. As competition intensifies among artists, this new venture tries to fill a gap by allowing emerging artists to compete more effectively with brand name artists such as Damien Hirst and Jeff Koons, who often use very expensive materials and processes in their productions. Works financed through Artists’ Dreams will be sold exclusively through Perrotin’s two galleries, and investors will see returns on their investments out of the dealer’s cut once the work is sold. Perrotin has raised €2 million, and is also planning similar vehicles in conjunction with museums and other dealers, under similar terms. Perrotin has been building on his success recently, having regained the right to represent Damien Hirst as his client, and presenting two shows curated by Pharrell Williams (of N.E.R.D and The Neptunes) at his Miami and Paris galleries."

via artobserved.

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