The artist remains the sole owner of his/her artworks until APT decides to sell the work.
Artists are expected to invest artworks according to the following schedule: two works a year for the first five years; one work a year for the following five years, and one work every two years for the remaining ten years; for a total of twenty works.
Upon acceptance of a work, APT will issue to each artist an Acceptance Receipt representing the right to forty (40) percent of the net proceeds derived from such artwork and a Participating Interest represented by Pool Units. The Pool Units represent the right to a pro rata interest along with the other artists in the thirty-two (32) percent of the net proceeds from any sale of artworks.
|
Accepted Artwork |
Number of
Pool Units |
|
Accepted Artwork |
Number of
Pool Units |
|
First |
1 |
|
Eleventh |
6 |
|
Second |
1 |
|
Twelfth |
6 |
|
Third |
2 |
|
Thirteenth |
6 |
|
Fourth |
2 |
|
Fourteenth |
6 |
|
Fifth |
3 |
|
Fifteenth |
6 |
|
Sixth |
3 |
|
Sixteenth |
8 |
|
Seventh |
4 |
|
Seventeenth |
8 |
|
Eight |
4 |
|
Eighteenth |
8 |
|
Ninth |
5 |
|
Nineteenth |
8 |
|
Tenth |
5 |
|
Twentieth |
8 |
|
|
Maximum for Each Artist |
100 |
The sale of artworks will be carefully managed by an independent selling committee in order to maximize the monetary value from each sale and to ensure that the sale is in the best long-term interest of the artist. The circumstances of a sale will be carefully considered to avoid any adverse market impact.
Whenever possible, APT will work with each artist's primary gallery when offering the works for sale. APT will also sell the works through the selective use of private treaty sales, auctions and secondary market dealers when appropriate.
APT is designed to work in tandem with the existing art market structure and dynamics. Its success will be driven by a confluence of interests among the participating artists, dealers and the APT management to generate maximum returns. |