Philanthropy reinvented for a new generation of collectors—now with financial perks
about 5 months ago (12/08/2023)
Philanthropy reinvented for a new generation of collectors—now with financial perks Art market Museums & heritage Exhibitions Books Podcasts Columns Technology Adventures with Van Gogh Search Search Art Basel in Miami Beach 2023 news Philanthropy reinvented for a new generation of collectors—now with financial perks New charitable schemes mirror shifts in attitudes to collecting and giving among younger art buyers Anny Shaw 8 December 2023 Share Mark Handworth’s Harlequin Star (2023) sold for $135,000 through Access by Art Basel with a $13,500 donation Photo: Liliana Mora The art market is not famed for its conscience, but new initiatives being launched at Art Basel in Miami Beach and beyond signal a shift in behaviour and attitudes towards philanthropic and socially-driven finance models, particularly among younger collectors. Chief among them is Access by Art Basel, an online selling platform for galleries with a philanthropic component baked into the technology. For every work sold, collectors are required to donate an extra 10% (or more) of the price of the work to either the International Committee of the Red Cross, which will provide humanitarian support for those affected by the Israel-Hamas war, or to the Miami Foundation’s Collective Impact Scheme.