The art market has a problem it has refused to solve for decades. When a painting sells at auction for millions, the artist receives nothing. The collector profits. The auction house takes its commission. The person who made the work watches from the room.
In 2018, Kerry James Marshall's Past Times sold for $21 million at Sotheby's. Marshall — one of the most significant painters working today — did not see a cent of it.
Swizz Beatz and Alicia Keys have been thinking about this ever since. As musicians, they understand royalties. As collectors of Black art, they understand what the secondary market extracts and who it leaves behind. Their new initiative with Bonhams — The Deans' Choice — gives consignors the option to direct a percentage of the hammer price to the artist. Bonhams will match it.
It is not a complete solution. But in a market that has resisted change for fifty years, it is a beginning.