Model Mad, Masterpiece

Roy Lichtenstein’s “Masterpiece” (1962). Credit Estate of Roy Lichtenstein.

This isn’t the first time our Model Mad series has intersected with the Art World, but it may be the first for leveraging Art into action for social justice.  Channeling Pop Art speech bubbles we have to say, “You Go, Girl!”

Agnes Gund Sells a Lichtenstein to Start Criminal Justice Fund

In January, rumors swirled that the art collector and patron Agnes Gund had sold her prized 1962 Roy Lichtenstein “Masterpiece” for a whopping $150 million, placing it among the 15 highest known prices ever paid for an artwork.

Ms. Gund is confirming that sale now, revealing that she parted with the painting (for what was actually $165 million, including fees) for a specific purpose: to create a fund that supports criminal justice reform and seeks to reduce mass incarceration in the United States.

This new Art for Justice Fund — to be announced Monday at the Museum of Modern Art, where Ms. Gund is president emerita — will start with $100 million of the proceeds from the Lichtenstein (which was sold to the collector Steven A. Cohen through Acquavella Gallery).

“This is one thing I can do before I die,” Ms. Gund, 78, said in an interview at her Upper East Side apartment, where the Lichtenstein used to hang over the mantel, along with works by Jasper Johns and Mark Rothko. “This is what I need to do.”

Ms. Gund, together with the Ford Foundation, which will administer the fund, has asked other collectors to do the same, in the hopes of raising an additional $100 million over the next five years.

The effort is noteworthy, not only for the amount of money involved — rarely do charitable undertakings start at $100 million — but because Ms. Gund is essentially challenging fellow collectors to use their artworks to champion social causes at a time when the market has made their holdings more valuable than ever.

“The larger idea is to raise awareness among a community of art collectors that they can use their influence and their collections to advance social justice,” said Darren Walker, the Ford Foundation’s president. “Art has meaning on a wall, but it also has meaning when it is monetized.”

Read the entire article here.

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