Risk A Scheme for Starving Artists to Hatch a Nourishing Nest Egg

AT 28, ZAK SMITH IS A SUCCESSFUL ARTIST. His frenetic pieces go for
$8,000 a pop. But even if buyers suddenly go cold, art will sustain
him, thanks to a clever bit of risk-sharing that could have uses in
other fields. Smith is among what will eventually be 250 young New
York artists, chosen by an expert panel, who are pooling some of their
works in Artist Pension Trust. Created by an entrepreneur, an
economist, and a former museum director, the program banks on the fact
that some of the artists will hit it big, raising the value of the
trust. Each member contributes 20 works over two decades, mostly in
the early years. Half the payments, which start at retirement, come
from sales of the artist's own works; the rest come from the shared
sales of the other artists in the trust. That way superstars are
rewarded, and slow sellers aren't left out.

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Regards,
Sanjeev Narang

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