Pursuits
How the World of Fine Art Gets Financing
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Traffic on New York’s Park Avenue came to a standstill for two nights in March of last year while a construction crew unloaded seven massive metal sculptures by Alice Aycock.
“Park Avenue Paper Chase,” a four-month long installation displaying Aycock’s works, cost more than $1 million to produce, and it was up to Aycock’s gallery Thomas Schulte to foot most of the bill. Rather than come up with the funds itself, the gallery turned to Fine Art Partners, a Berlin firm that provides financial services to the art world, to pay for the show in return for a slice of the proceeds.