Ed Fornieles

STUDIO CONTRACT, STYLE REF: EF003, 09/2018

PROD NO. = 05/30
TYPE = AP
GEN =1
Size: 31 x 41 CM

Exhibited at “Perfect and Priceless” show, Zürich, Kate Vass Galerie, 2018-2019

Description:

The Certificate Program has been created as a means to raise funds for the development and production of artwork. As an accessible model with a transparent structure, it allows for open participation in the studio ecosystem, rewarding investment in production with a share of future profits.

While the traditional financial model for artwork production relies on a small, centralized network of highrisk investors, the Certificate Program diffuses risk across a wider, de-centralized network of support. In doing so, it removes the pressure of artists and galleries to raise funds for production costs and allows them to develop artwork independently of market pressures. This leads to greater experimentation on the part of the artist and redirects the flow of capital towards the production, development and growth of future artworks.

The Certificate Program combines financial tools of the art world with the creativity of the financial sector. The Certificate Program employs ethereum blockchain technology to store and distribute value.

Each certificate contains a key embedded under a scratch panel, which entitles the holder to a percentage of an ethereum fund generated through the sale of certificates and artworks. As more sales occur, the ethereum fund grows. To gain access to the key and cash out on an investment, the holder must scratch the panel and damage the certificate.

A combination of an artist print and a financial product, the certificate contains twofold value: that of an art object and that of a crypto fund. The holder must decide between conserving the value of the certificate as an artwork and damaging it to access the funds it contains. The structure of the Certificate Program has been designed to encourage gradual growth and stability. As each new generation is produced, the certificates increase in size and market value. These features reward early supporters with a low buy-in point for a fixed percentage of the studio fund and allow them to benefit from the higher contributions of later investors. At the same time, new investors are attracted by the value of more substantial art objects.