Art Buying Syndicates: ๐Ÿš€ or ๐Ÿ›‘?

+ Tom White: Portrait Genius + Is Frieze Still the Art Elite's Fave? + Troy Carter's Artistic Gambits

HEY Yโ€™ALL! ๐Ÿ”ฅ

Welcome to the 983 new art lovers who joined last week.

Art in a Flash is a series from Frame&Flame that offers a concise roundup of the week's standout artists, pivotal collections, and key market shifts.

This weekโ€™s Art in a Flash includes:

  • ๐ŸŒŸ Rising Artists: Dive into the worlds of Tom White, Clare Rojas, and Eddie Martinez.

  • ๐Ÿ‘€ Collector's Corner: Troy Carter, ex-Spotify head and Atom Factory founder, passionately curates a collection featuring leading African-American artists.

  • ๐Ÿ’ญ Your Questions Answered: Art buying syndicates offer affordability and networking for collectors, but clear rules and leadership are crucial.

  • ๐Ÿ”— Market Stories: Frieze London celebrates its 20th year last week; Sotheby's saw a 43% dip; Yuga Labs is cutting its crew, and more.

Read Time 05 minutes

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๐ŸŒŸ Rising Artists

Tom White, An archive of longings (2023)

๐Ÿค” What you need to know:ย Tom White, a UK artist born in 1995, graduated from Camberwell College of Arts in 2021 and lives in London. His work is less about creating a picture-perfect portrait and more about capturing the soul of his subject. Using oil paint as his medium, White scales his figures larger than life, choreographing each brushstroke to communicate character and mood. With recent solo exhibitions like "Between the Shadow and the Soul" at Kristin Hjellegjerde Gallery, he's an artist on the rise. His pieces have also found homes in prestigious collections, such as the Yageo Foundation and the Gnyp/Springmeier Collection in Berlin.

โœ… Recent career milestone: Solo exhibitions are a major play in an artist's career, and Tom White has recently added two notable ones to his rรฉsumรฉ in 2023: "Between the Shadow and the Soul" at Kristin Hjellegjerde Gallery and "The Odd Uneven Time" at Grove Collection, both in London. Plus, he's showcased his talent in various group exhibitions across Europe.

๐Ÿ˜ Why I Like It: White's work digs deeper than surface-level aesthetics. The essence he captures in his figures transcends the basic appearance, offering a visceral experience that engages viewers. It's about the tension between the painted figure and the person it represents, about the very air around them. He's not just slapping paint on a canvas; he's carving out a narrative and inviting you into it. His mastery of oil paint allows him to balance nuanced details with bold strokes, making each piece a dynamic field of emotion and light. Trust me, this guy gets it.

Upgrade for the full batch of artists for this week, including works by Clare Rojas and Eddie Martinezโ€ฆ14-day trial available.

๐Ÿง Collector's Corner

Troy Carter, Founder at Atom Factory and Q&A

๐Ÿ” Collector Close-Up: Let's talk Troy Carter: a name you can't ignore if you're tuned into the L.A. art scene. Known for his past roles as global head of Spotify and founder of Atom Factory, Carter's transition into the art world has been nothing short of holistic. He serves as a trustee at the Los Angeles County Museum of Art and sits on the board at the California Institute of the Arts (CalArts). He also supports Mark Bradford's Art + Practice initiative in Leimert Park, a haven for emerging artists.

What drives him? "I became fascinated with the entire art ecosystem," Carter once said. "I go so deep that I go all in." His portfolio took off in 2018 when he snagged an oversized Rashid Johnson canvas for $730,000. This purchase wasn't an isolated event; it was part of a growing collection that features leading African-American artists. Carter likes to keep it personal, often closing deals in the artists' own studios.

๐Ÿ’ŽKey Artists in the Collection:

  • Rashid Johnson: Known for exploring African-American identity, Johnson's "Untitled Escape Collage" was the painting that put Carter on the map as a serious collector.

  • Glenn Ligon: Another heavy-hitter, Ligon's text-based works also delve into race and identity.

  • Sam Gilliam: An abstract expressionist who pushes the boundaries of painting.

  • Charles Gaines: Brings a mathematical approach to representation and language.

  • Lorna Simpson: Known for her large-scale photo-text pieces.

  • Theaster Gates: Focuses on space theory and land development, a personal friend of Carter.

  • Lauren Halsey: A rising star who merges architecture and fine art, also close to Carter.

โ

โ€œComing from music, I understand artists. Visiting their studios, I get to know their intent, just like understanding the lyrics of a songwriter. You want to stay connected to what got you there.โ€

Shared by Carter in an interview

๐Ÿ’ญย Your Questions Answered

Pooling resources to buy artโ€”sound like an insider hack or a bubble about to burst? This week's question is:

What's the real deal behind art buying syndicates? Are they a smart move for new collectors?

Rashid Johnson, Untitled Escape Collage (2018)

The Basics

An art buying syndicate is a group of people pooling their money to buy art. It's that simple. You and your art-loving friends get together, decide on what kind of art you want to focus onโ€”say, modern art or sculpturesโ€”and start buying.

The Perks

  • Affordability: By pooling funds, you and your group can buy art that might be out of reach individually.

  • Shared Knowledge: Two heads are better than one, right? You can leverage the group's collective art wisdom.

  • Networking: These syndicates are more than just transactional; they're social. You can make friends who share your interests.

  • Access to Better Art: A bigger budget from combined funds means you can aim higher in terms of quality and significance.

What to Watch For

  • Clear Rules: Make sure everyone is on the same page about what types of art you're buying and how much everyone should contribute.

  • Leadership: Choose a committee or leader to make the final call on purchases, so decisions don't get stuck in endless debates.

  • Rotational Plan (optional): Decide how the art circulates among members, so everyone gets to enjoy the collection.

  • Exit Strategy: What happens if someone wants out or if the group decides to disband? Make sure there are clear rules.

The Verdict

So, are art buying syndicates a solid strategy? The answer is yes, they can be incredibly useful, offering a balanced mix of social and financial benefits. If you're looking to get more serious about your art collection while spreading out the risks and costs, a syndicate could be your next best move.

Would you consider collecting in this way?

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๐Ÿ”— Market Stories

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