While I am not really plugged into the visual arts gallery/museum world, one topic I have seen come up repeatedly is the sense that the creator of a piece should realize some benefit when the price of their work skyrockets during resale. Apparently there has been some specific concern about buyers targeting the work of contemporary black artists with an intent to quickly flip works for significantly higher prices.
According to Artnet, Christie’s Auction House worked with curator Destinee Ross-Sutton to create a type of covenant placing conditions on the resale of art works in their “Say It Loud (I’m Black and Proud)” show.
Each artist will receive 100 percent of the proceeds from the sale of their work. All buyers must also sign a contract with extensive conditions. They must agree not to resell the work at auction for at least five years; if they do want to sell, they must give the artist right of first refusal; and, if they sell to someone else, they have to give 15 percent of the upside back to the artists.
I was initially skeptical about how effectively this type of agreement could be enforced. Though if Christie’s had the will to enforce it, they certainly have the clout and capacity to penalize bad faith purchasers. According to the article, the conditions didn’t seem to dampen the enthusiasm of buyers and most of the pieces have already sold.
According to the specialist at Christie’s coordinating the show with Ross-Sutton, the buyer covenant will benefit the auction house by providing them with insight into sincere collectors of works by artists of color.
The project also has the benefit of giving Christie’s access to collectors it might not have met otherwise, and insight into their preferences and holdings. “We’re excited to cater to this emerging clientele as well as develop programs that specifically cater to collectors of color,” Cunha adds.
Curator Ross-Sutton sees the success of a purchase agreement backed by an organization like Christie’s as an important message to artists not to underestimate their ability to insist on similar conditions.
Ross-Sutton hopes the experience will empower artists to take charge of their careers, including by pushing their gallery representatives to implement similar sales restrictions. “Many artists do not realize the power they have,” she says. “We cannot only put the blame on these so-called ‘flippers’—artists have to be more discerning and so do galleries.
I was trying to think of a parallel situation in the performing arts. Even though the value of a performance is more variable and transitory, I am sure there is some corresponding situation, perhaps with playwrights, choreographers, designers, etc, with which this situation might have relevance, (other than the lack of representation of people of color in many of these roles), but I feel like I am suffering from a momentary lack of imagination.