Monday, August 02, 2021

Artist Pension Trust Update

From Robin Pogrebin and Siddhartha Mitter in the New York Times:

"[D]ozens of the artists now say they have deep concerns about the company. It sold very little of their art, they say, made only two rounds of small payouts several years ago and sought to change the contract to make them responsible for storage costs. Artists say that after they objected, the company all but disappeared and they lost track of where their art was being held, something they had expected to be kept abreast of, even though such notifications were not required under the contract."

One artist has sued, "citing breach of contract. Another group of 30 artists in 2018 filed a complaint with a British regulatory agency, which declined to comment."

I was an early skeptic.