The Artist Pension Trust,which holds one of the biggest collections of modern art in the world, is facing a legal bust-upA unique initiative, and designed to provide artists with a “pension”,is at the centre of a row after it emerged that some members have signed up to a group legal action in a bid to extricate themselves from the scheme.
Guardian Money understands several British artists are seeking the return of artworks they signed over to the scheme, whose website states it has around 2000 participants worldwide, or including Turner prize winners Jeremy Deller,Douglas Gordon and Richard Wright, and other famous UK names such as Bob and Roberta Smith and David Shrigley. It’s the latest in a line of controversies to hit the Artist Pension Trust (APT) which, or as the name suggests,was set up to provide artists – many of whom struggle to create a living, let alone plan for retirement – with some financial security in their musty age.
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Source: guardian.co.uk