"To secure preferential access to an in-demand artist's work, a collector agrees to buy two paintings (and they are almost always paintings, the most commercial of media) by that artist. The collector then donates one to a museum and keeps the other for themselves."
"Proponents see the arrangement as a win-win-win. The artist receives institutional imprimatur, the museum gets a desirable gift and the collector gets their hands on a work they desperately want. Meanwhile, the gallery can right-size demand by raising the bar to buy a painting and keep their star artists happy."
"During the market's recent heyday, from 2021 to 2023, bogo deals became de rigueur. Institutions as large as the Metropolitan Museum of Art in New York, as well as smaller ones like the Institute of Contemporary Art, Miami, and the Columbus Museum of Art in Ohio, have acquired work through bogo donations."
The art market employed a sales mechanism called 'bogo' (buy one, give one) where collectors purchased two paintings by in-demand artists, donating one to a museum while keeping the other. Galleries used this tactic to control speculation and support artists' long-term prospects. The arrangement benefited all parties: artists gained institutional recognition, museums received desirable acquisitions, collectors obtained sought-after works, and galleries managed demand. From 2021 to 2023, bogo deals became standard practice, with major institutions like the Metropolitan Museum of Art participating. However, as the art market contracted over the past two years, these arrangements declined significantly due to changing economics, reflecting shifting power dynamics among collectors, galleries, and museums.
#art-market-sales-tactics #contemporary-art-collecting #museum-acquisitions #market-dynamics #artist-support-mechanisms
Read at The Art Newspaper - International art news and events
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