Artists turn works into pensions

Damien Hirst's Shark is worth over 120 times more than in 1991

A pension scheme has been set up to help artists to save while in the early stages of their career.

The Artists Pension Trust enables artists to save works rather than money, in the hope they will increase in value.

Each artist will invest 20 works over a 20-year period, with net profits from future sales of the work directed straight back to the artist.

The works will still be available for viewing, lending and showing.

Strong collection

The trust will consist of 250 artists, selected at the rate of about 50 per year over five years.

Trust director Kay Pallister said: "The contemporary art world is a fast-paced field, exhibitions last a few weeks and the turnover of art works continues to accelerate, making it very difficult for artists to hold on to even one or two works per year.

"I know many artists who have sold every artwork, early on in their careers, for prices in the region of £1,000 to £5,000 and then their profile has grown. Those formative works are re-sold for fifty times that amount without the artist seeing a penny of that appreciation."

She added: "The trust seems like a long overdue idea. In the short term, emerging artists can benefit from being part of a strong collection, that will build over time to be of true significance in its own right.

"More importantly they can take some control over their work and make its market value appreciation benefit them, not just the canny speculative collectors."