Wednesday, November 26th, 2008
Emmanuel Perrotin Launches Investment Fund
These are exciting times for Emmanuel Perrotin. Just a few short weeks after reinstating his representation of Damien Hirst, the international gallery owner has announced the launch of Artists’ Dreams, an investment firm that will pool collectors’ funds to finance the production of major works of art. By removing financial barriers to otherwise cost prohibitive projects, the venture will allow emerging artists to compete with art titans such as Hirst and Koons, whose monumental success has risen with the production of large scale installation and museum-worthy works.
The arrangement will upset the traditional gallery – artist relationship, in which profits are typically split evenly. Works will be sold exclusively via Perrotin’s Miami and Paris galleries, and investors would share in the dealer’s profits, based on initial investment. This is not Perrotin’s first foray into this sort of investor relationship. He pooled collector funds for the production of Piotr Uklanski’s 1996, Untitled (Floor Dance), which went on to be exhibited at the Guggenheim in 2007.
The Art Collectors eagerly awaits to see which artists will be the lucky benefactors of these potentially career-shaping funds.
Source: Art Observed / The Art Newspaper
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