Secondly, this painting sketch was sold at the Mayne Island Agricultural Society art auction in a unique event where artists, or art collectors, could contribute a work with a commitment to donate 50% (or more if they wished) to raise funds for the society. This is the first really truly win-win for artists fundraising event put into practice I have ever seen. How it works is that, after a reserve bid is set by the contributor, the artwork is auctioned off. The purchaser pays the artist the auction price (plus any applicable sales taxes). Then the artist makes a donation of 50% of the auction price and receives the charity tax receipt for the amount donated. We share this process with you because it would be awesome if this became a standard practice when asking artists if they are interesting in contributing to a fundraising event. Basically, the organization is asking if they can sell the artist’s work for a similar percentage as a gallery would take if they were to sell the work. This leaves the artists, if they price their work and set the reserve bid appropriately, still getting paid for the creation of the art - which is extremely important if you want artists to be able to continue supporting fundraising events long-term.
Hats off and high five to the Mayne Island Agricultural Society for seeking out and implementing a win-win fundraising model with the support of artists and art collectors!
Also, thank you and congratulations to the new collector with the winning bid! I hope this small painting sketch brings you years of enjoyment. Here is the work as it was shown on the Ag Hall wall ahead of the art auction….