Alicia Keys and Swizz Beatz, both known for their shared prowess as art collectors, are hoping to change up the auction world with their Deans’ Choice initiative.
In a joint statement, the couple, founders of The Dean Collection, underscored the inspiration behind their partnership with Bonhams, emphasizing the repeated realization that living artists weren’t benefiting from the resale of their works, either at auctions or on the larger secondary market. To drive home their point, they compared the shortcomings of this model to how musicians receive royalties for their work.
“It lasts our whole life and it's even something we can leave to our children,” Swizz and Alicia said. “Bonhams immediately understood how important being a part of a vision like this would be and they were eager to partner with us on a game-changing idea.”
In short, Deans’ Choice, billed as “a new model for the secondary market,” participation in which is voluntary, provides living artists with the opportunity to participate in a royalty program connected to Bonhams auctions. Sellers can direct a percentage of proceeds to the artist, with Bonhams matching that rate.
For now, the program is only available in conjunction with U.S. auctions. Artists hoping to take part can dig into eligibility requirements, then register for participation, over at the official Bonhams site.
Seth Johnson, Bonhams CEO, sees this initiative as a harbinger for the shape the art market will take in the future.
“We believe this is where the market is heading, and we intend to help take it there,” Johnson said this week.
