Saturday, September 25, 2010

Here’s an idea. If you want the art you should pay for it. Promptly | The Art Newspaper

Here’s an idea. If you want the art you should pay for it. Promptly | The Art Newspaper

Late payments from collectors have an unfortunate domino effect...

"Here’s an unhappy scenario: a young gallery, with nearly empty coffers, hasn’t collected payment on six of the seven sales the dealer closed at a June satellite art fair in Basel. The dealer—who paid all fair-related expenses months ago—needs to cover his rent and overheads. He can’t pay the artist, who needs money for his own bills plus materials for an autumn show. To make matters worse, the dealer must remain calm and detached, while trying to extract payment. “It’s this old-school gentleman thing,” the dealer told me. “You don’t want to appear desperate.”"
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