There are several points which should be raised with artists. If we wish to lay out the position of the galley at the outset, the following is suggested.
First consideration: Gallery Renaissance is a radically new type of gallery based in Seven Sisters. It is a physical gallery as well as a space for dynamic (non-static) art shows. The gallery is not a space for hire unless the circumstances are extraordinary.
Second consideration: We are selective in whom we will show in gallery. The artist must have a coherent vision and must be able to explain it to collectors or lay people. The gallery, first and foremost, sells the artist and his or her work will be considered by-products of that artist. We are not specifically interested in pretty pictures but in a strong philosophy which must be convincing enough to the collector. Our aim is to create a community of collectors for each artist and so the artist will be expected to participate in creating a vibrant atmosphere for his or her art.
Ordinarily, the gallery will bear the initial costs which will be recovered from sales or through its shows. The artist will therefore be expected to reduce the gallery’s risk by his or her direct participation. This may involve the recording of a short video or to be present at a showing of his or her work.
The gallery will also consider representing artists in the conventional sense (as a manager) but its preferred model is to act as an intermediary to form collecting circles to support artists. It is of paramount importance to the gallery that a community be created and that the art it shows should not be treated as mere merchandise.
Third consideration: Gallery Renaissance is an innovative gallery and its business is based on blockchains. This means that the gallery, in its role as an intermediary, will facilitate the sale of art through tokenization (i.e. via a blockchain) and smart contracts.
One particular area which the gallery has been exploring is the possibility of options contracts (through a version of smart contracts) for the sale of art by new artists. In this, the artist is paid a fixed premium, say, 25% of the sale price, and the balance is paid after 12 months (for instance) at the discretion of the buyer. If the buyer does not want to exercise the option then the premium is retained by the artist.
The idea of the options contract is that it is tradable, in that, the buyer is free to sell the contract to a third party up to the time of expiration of the contract. This will allow the price of the artwork to fluctuate from its quoted value (without affecting the artist’s monetary expectations) and if the price increases, the marketability of the artist’s portfolio will usually increase correspondingly.
The really innovative part is that the options contract is tokenized (recorded on a blockchain) and traded through the gallery’s marketplace. Further developments are planned along these lines. The whole purpose is to break down the barrier between new artists and collectors who might be reluctant to engage with unfamiliar works.
As regards questions to the artists, the first few are obvious.
Q1. What is artistic background? Are you, for instance, a graduate of an art school? If so, which art school? If not a graduate then how did you get involved in art?
Q2. What was your motivation to take up art as a profession or potential profession? Were you inspired by anyone or did you have an inner drive?
Q3. Tell me something about the philosophy behind your art. It is self-contained in an aesthetic sense or are you reacting to the state of the world? Are you, perhaps, addressing issues which currently affect you?
Q4. What are the immediate problems you are attempting to resolve through your art? Are these introspective or have you identified more general concerns which affect larger groups of people?
Q5. Are there established artists, dead or alive, whom you admire? Do you have an opinion on the current trends in art? For instance, how do you view the dispute between the art establishment and Jack Vettriano?
Q6. Following on from the last question, can you see yourself engaging with digital art? Are you familiar with the field of digital art, say, at Art Basel Miami? It may be a long time before the art establishment accepts digital art and would that put you off the whole subject?
Q7. Apart from the question of the stability of cryptocurrencies which have affected the digital art market, do you see a future for digital art? Have you formed any opinion on the usefulness of the Metaverse to artists?
Q8. As you know, Gallery Renaissance is selective about which artist it shows. In particular, the gallery would want to see a strong artistic philosophy from the artist which must be communicate to collectors. Would you be willing to record a 5-minute video explaining your ideas? Would you also be willing to engage with potential collectors at the gallery’s non-static shows?
Q9. The gallery offers a wide variety of ways of setting art, from high tech concepts like tokenized options contracts to merchandising. Do you have any particular preference?
Q10. The gallery will normally act as an intermediary between the artist and the collector. So the artist and collector strike the deal through the gallery. Do you other formats in mind? For instance, would you want to engage the gallery as an agent or a conventional manager?