Snark.Art shows how the art market can adapt to changes
Where artists make profit from every sale
It was no surprise that the art market was and is one of the hardest hit by the shut-down caused by the COVID-19 pandemic. But, as Art-Net reports, it seems that the setup named “In the Age of Quarantine” and devised by the Brooklyn art and technology studio Snark.art could show the way how to mitigate the problems.
Instead of taking the art industry (gallery) standard of 50 percent from any sale, Snark.art takes just 10 percent. The artist herself/himself gets 60 percent. So what happens with the remaining 30 percent? These are shared by the other artists on the platform, meaning that the artists can get some proceeds even if they don’t sell any of their art.
According to a statement by Misha Libman, who co-founded Snark.art with Andy Alekhin, “the last few months have shown us that we must find a way to change how our society functions. The art community is not an exception.”
Art-Net also notes that, “the platform largely caters to collectors with modest budgets, with most works on sale for less than $1,500, but a few outliers are priced at up to $33,000.”
Nadia Taiga, the project’s executive director, told Artnet that, “what we found was that most of the established artists were very interested in the initiative as a way to support younger and emerging artists and empower an artists’ community.”
To cut the costs, unlike a traditional gallery, the company doesn’t hold inventory, and instead puts collectors in touch with artists directly to arrange the delivery of artworks.
The platform launched in June of 2020, starting out with 30 artworks from 20 artists. In a month, it has grown to include 150 objects by 55 artists from 17 countries. New artists are added to the initiative by invitation from artists who are already participating.