The Sales Process
With 72 percent of the net proceeds from the sale going back to the artists, funds from each sale are scheduled to be distributed following usually during the second quarter of each year following the sale, after all of the sales during the preceding year are finalized. Each artist commits to depositing one work of art on the average every year for 20 years creating a representative in-depth collection of that artist's career. 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 32 percent of the net proceeds from any sale of artworks.
All accepted and deposited artworks, collected by December 31 of the respective year will qualify for the purpose of the issuance of “pool units” to be included in the pro rata distribution of the funds of the collective pool as shown in the table below. Therefore, all artists who have artworks deposited into APT have accumulated pool units that allow them to benefit from the funds distributed from the sale of any artwork sold during that year from their trust. All net proceeds from the sale of the artist’s own artwork will also be annually distributed in the second quarter, following valuation day.
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