The Artist Pension Trust (APT), founded in 2004, promised artists financial security by pooling their artworks and selling them later for appreciation. The fund amassed over 13,000 artworks from 2,000 artists across 75 countries, with an insured value of at least $70 million by 2013, and a reported combined value of $500 million by 2017. However, many artists now express deep concerns, alleging the company sold very little of their art, made only two rounds of small payouts years ago, and neglected to inform them about its storage locations. Diana Shpungin, an artist, stated she found out her work was moved to a "secret upstate location" and still doesn't know its whereabouts.
Communication from APT dwindled significantly over time, with artists reporting a lack of responses to emails and inability to secure basic information about their works. The situation escalated when APT proposed a new rule requiring artists to pay a monthly storage fee of $6.50 per artwork, or retrieve their art at their own expense. This move caused significant backlash, leading to a temporary halt of the policy after legal intervention. Even if artists reclaimed their work and sold it, the original contract stipulated a three-way split, with only 40% going to the artist, 32% to the artist pool, and 28% to APT, according to a source.
Former APT officials have voiced "deep disappointment" in the company's direction, stating it deviated from the fund's original vision. Over 150 artists, with legal counsel from Laurence Eisenstein, demanded the return of their work, payment of shipping costs, and removal of their art from MutualArt.com (APT's parent company). They also sought to be released from contracts they believed APT had violated. Despite artists' concerns and demands, co-founder Moti Shniberg indicated that returning artworks would violate contractual obligations to other artists, instead stating he is exploring options to pass APT to a "credible institution" without seeking personal profit. As of 2021, only one part-time staffer responded to emails at APT, with MutualArt being registered in the British Virgin Islands, making it difficult to sue.
