Exclusive Contracts: a New Model for Artists and Businesses

THE GUARDIAN
By Jo Caird

POLAND---Earning a living as a young artist is no mean feat. Earning a decent one is almost impossible. But what if someone came up with a scheme that offered artists financial security while giving them time to work and develop their practice? Abbey House, an auction house and gallery based in Warsaw, Poland, has done just that. Set up in 2010 by a young team with backgrounds in business and the luxury sector, the company has agreements with nine Polish artists – some established names, some emerging talent – paying them each a monthly stipend in exchange for an agreed number of works per month. But here's the catch. All proceeds go to Abbey House, which is also free to do what it likes with any works that go unsold. The other kicker? These contracts are exclusive and last five years. [link]