Art-Money (AM) works much like a national currency that represents a gold reserve. Will it make for a more colorful world?
Remember the Art*o*Mat concept we highlighted? Well, thanks to Mads Bab, we spotted a new art initiative called Art Money. A Danish idea, it’s basically a currency made by artists worldwide. In principle, Art-Money (AM) works much like a national currency that represents a gold reserve, only AM represents an art reserve distributed among the participating producers. AM can be exchanged for art at any time from any artist in the Bank of International Art Money (BIAM). AM measures 12×18 cm. Each note or bill displays a serial number, year of creation, BIAM home page address, optional logo, the artist’s name and the artist’s original signature. When an artist deals in AM, the new keeper is registered by the serial number on the note. This way, the artist compiles a network of art collectors for his or her own use and BIAM is secured against forgery. All artists are listed in the BIAM index, and anyone can ensure the genuineness of the note by searching for the artist’s name on the homepage. The value of AM follows the rate of the euro. AM is a world currency and its value is not affected by the artist’s name or where in the world it is produced or used. The purchasing power of AM equals 20 euro in the year of production, and each year the value increases by 5 euro, until the 7th year, when it settles at 50 euro. The value of AM is therefore determined from the production year. With most participating artists originating from Denmark, the founders are actively looking to sign up as many artists from other nations as possible. An interesting concept, especially with the current enthusiasm for bartering, alternative market places and peer-to-peer transactions.