2009 Report—Artist Pension Trust ®

1 TOC

Table of Contents—

2009 To Our Stakeholders....................................................................................... 4

2009 New Artist Signings............................................................................... 6
APT Beijing Kyongfa Che........................................................................................................10
Interview with Lee Kit..................................................................................14
Sunyoung Oh...................................................................................................... 18
APT Berlin Selected Images................................................................................................28
APT Dubai November Paynter...........................................................................................39
Interview with Miha Štrukelj..................................................................44
APT London Gerrie van Noord.............................................................................................52
Kirsty Ogg...........................................................................................................57
APT Los Angeles Irene Tsatsos.....................................................................................................60
APT Mexico City Pilar Tompkins................................................................................................. 66
APT Mumbai Selected Images................................................................................................78
APT New York Pamela Auchincloss/Lissette Garcia..................................................... 86
Interview with Carrie Moyer.................................................................... 92

Data ................................................................................................................................. 98
Credits ................................................................................................................................ 110
 3 2009

2009
2009 4

Dear APT stakeholders—

It is with great excitement and pride that I invite you to

review our 2009 Report.
As you will evidence, APT is a truly unique company, not only
for its partnership based approach, its patented business model,
its unparalleled growth, or its all-weather business soundness. It
is unique primarily because it is a true “social business,” solving
a real need for emerging artists globally, whilst simultaneously
creating tangible value for its investors and the art world at large.
In the following pages you will discover how our com-
pany has grown over the past year, working with over 1000
artists around the world, in more than 50 countries, building
what is undoubtedly the fastest growing, and perhaps already
the largest, contemporary art collection in the world!
With over 4500 works and counting, APT is certainly one of the
most important cultural initiatives of our era. A warehouse of talent
and creative innovation, the collection constitutes a cross-section
of the best contemporary thinking from around the world.
In 2009, our growth has allowed us to backward integrate into
owning our first proprietary storage facility in Brooklyn, NY, where we
also initiated a studio program for our artists. In the coming years we
intend to develop this service in additional proprietary locations around
the world. The vision is to create APT communities where artists can
meet, exchange ideas, and prosper from cross-cultivating experiences.
I hope you find the pages ahead inspiring and look forward to
receiving your thoughts, comments, and feedback via our website.

Best wishes,
Serge Tiroche—Chairman of the Board
 5 2009

Dear APT stakeholders—

I am very pleased to offer for your information and enjoyment the 2009
Report. Now approaching our 7th year of operations, we have eight trusts
fully operational around the world: Beijing, Berlin, Dubai, London, Los
Angeles, Mexico City, Mumbai, and New York. In the spring of 2009,
APT New York achieved a full roster of artists with Berlin, London, and
Los Angeles expected to follow by the 3rd quarter of 2010. A second
generation of trusts will launch by year-end, driving forward the APT
model as a securely established financial services company created to
meet the unique needs of artists.
Other achievements that marked the year include our new APT
website design creating a resource for more information dissemina-
tion about our artists and our curators. The home page now includes
featured articles, exhibitions, new artwork investments, and com-
mentaries, updated on a daily basis. The weekly APT Newsletter is
posted to over 1,600 artists, art professionals, and curators around
the world. The APT Blog is drawing a growing audience interested in
our conversations around current issues and our APT exhibitions and
program. APT Curatorial is now fully operational and posted on the
site. APT Studios launched late this fall with our first resident artist
from APT Dubai and already looks to be nearly full for spring 2010.
We have asked each director to share some of their highlights from
this year and, without exception, there are extraordinary achieve-
ments around the globe. An APT London artist, Richard Wright,
was awarded the Turner Prize. More than 27 APT artists were on
exhibit in Pavilions, the Arsenale, and ancillary venues around Venice
over the summer. Mark Bradford, APT Los Angeles, was awarded
the MacArthur Award, 2009, one of 25 individuals from around
the world who are recognized for their outstanding acheivements
and contributions. These are only a few notable mentions out of
the nearly 1,200 artists currently participating in our program.
Looking forward to 2010, APT will begin implementa-
tion of our selling and marketing practices, launch a second
generation of trusts, and forge new partnerships with art
presenting organizations and service agencies globally.

With best wishes for 2010,

Pamela Auchincloss—CEO
2009 6

2009 New Artist Signings—

APT Beijing APT Berlin APT Dubai APT London

Yoko ASAKAI Ulf Aminde Halil Altindere Hany Armanious

Are You Meaning Company Peter Böhnisch Shai Azoulay Eric Bainbridge
CHEN Quilin Mike Bouchet Faycal Baghriche Davide Balula
CHEN Wei Lutz Braun Mahmoud Bakhshi Margrét H. Blöndal
Wong Hoy CHEONG Stefan Burger Taha Belal Agnieszka Brzezanska
Eunji CHO Mariana Castillo Deball Osman Bozkurt Roderick Buchanan
Satoshi HASHIMOTO Paolo Chiasera Yane Calovski Matthew Darbyshire
Tetsushi HIGASHINO Vaast Colson Asli Cavusoglu Mikala Dwyer
Joonho JEON Daniel Gustav Cramer Shezad Dawood Ruth Ewan
Sojung JUN Natalie Czech Inci Furni Matias Faldbakken
Seok Ho KANG Oskar Dawicki Babak Ghazi Luke Fowler
Chosil KIL Stefaan Dheedene Ibro Hasanovic Kendell Geers
Hyeran KIM Famed Albert Heta Des Hughes
Fumiko KOBAYASHI Jaroslaw Flicinski Katia Kameli Sven ‘t Jolle
Masakatsu KONDO Peggy Franck Vikenti Komitski Alan Kane
Takuro KOTAKA Ulrich Gebert Ivan Moudov Laurence Kavanagh
KUO I-Chen Göran Gnaudschun Ciprian Muresan Leopold Kessler
Dongi LEE Jan Hammer Nira Pereg Phillip Lai
Jooyoung LEE Lone Haugaard Madsen Renata Poljak Torsten Lauschmann
LEE Kit Stef Heidhues Tomo Savic-Gecan Benoît Maire
Yongbaek LEE Alexandra Hopf Mamali Shafahi Haroon Mirza
LI Shurui Karolina Kowalska Miha Strukelj Adrien Missika
MA Yongfeng Tomasz Kowalski Kosta Tonev Heather & Ivan Morison
Kyung Won MOON Matts Leiderstam Stefanos Tsivopoulos Mariele Neudecker
Jaye MOON Deborah Ligorio Alexander Ugay Mark Neville
Hiroaki MORITA Ursula Mayer Sislej Xhafa Navid Nuur
Daewoong NAM Miguel Palma Djordje Ozbolt
Matthew NGUI Steve Van den Bosch Margaret Salmon
NIE Mu Ming Wong Daniel Silver
Jaye RHEE Suzanne Treister
Kazz SASAGUCHI Clare Woods
Kanako SASAKI
SHEN Yi Elsie
Meekyoung SHIN
Yuk King TAN
Motohiro TOMII
Yasuko TOYOSHIMA
WANG Jianwei
 7 2009

2009 New Artist Signings—

APT Los Angeles APT Mexico City APT Mumbai APT New York *

Kelly Barrie Alejandro Almanza Pereda Sheba Chhachhi Jose Alvarez

Dawoud Bey Francisca Aninat Tatheer Daryani Radcliffe Bailey
Brian Bress Alexandre Arrechea Debraj Goswami Noah Davis
Margarita Cabrera Magdalena Atria Probir Gupta Jeremiah Day
Monica Canilao Luz Maria Bedoya George Martin Frohawk Two Feathers
Juan Capistran Sandra Bermudez Monali Meher Tommy Hartung
Carolyn Castaño Monika Bravo Pranati Panda Ellen Harvey
Neha Choksi Rogério Canella Birendra Pani Nadia Hironaka
Sandra de la Loza Nayari Castillo Jayanta Roy Katrina Moorhead
Alejandro Diaz Anibal Catalan Bharat Sikka Ben Peterson
Dino Dinco Emilio Chapela Mayura Subheder Matt Sheridan Smith
Tim Ebner Marcos Chaves Mark Shetabi
Bart Exposito Eduardo Consuegra Matthew Suib
Erik Frydenborg Matias Duville Lisa Tan
Hugo Hopping Cristian Franco Hank Willis Thomas
Salomon Huerta Nancy Friedemann Carrie Mae Weems
Charles Irvin Marcius Galan
Dawn Kasper Adriana Garcia Galán
D’nell Larson Bia Gayotto
Laura Letinsky Jaime Gili
Renée Lotenero Charles Glaubitz
Allison Miller Josefina Guilisasti
Florian Morlat Ignacio Gumucio
Amitis Motevalli Cynthia Gutiérrez
Vincent Ramos Tamara Kostianovsky
David Rathman Adriana Lara
Arturo Romo Miguel Luciano
Fernando Sanchez Jose Carlos Martinat
Melanie Schiff Rebeca Méndez
Carrie Schneider Begoña Morales
George Stoll Julio Cesear Morales
Haruko Tanaka Carlos Motta
Jeffrey Vallance Camilo Ontiveros
Gastón Pérsico
Wilfredo Prieto
Ana Roldán
Francisca Sanchez
Joaquin Segura
Javier Tapia
Laureana Toledo
* Reached full participation in May 2009
 9 BEIJING

APT BEIJING
BEIJING 10
APT BEIJING
KYONGFA CHE
Tokyo has been my base for three years now and I
am well into the second year of my commitment as
co-director of APT Beijing. Working together with
APT artists and continuously meeting new artists
has been an excellent and fulfilling opportunity. It
has allowed me to acquire an exceedingly deep level
of understanding of not only the kind of artistic
production currently being made and collected in
Japan, but the sense of urgency shared among artists
in responding to effects of the now-long economic
crisis. Artists here also share a growing interest in ex-
panding the realm of their activities beyond Japan’s
borders, something APT is well positioned to offer.
Galleries that are largely owned by a younger
generation of art professionals, such as Mujinto
Production and AOYAMA|MEGURO, are sup-
portive of APT and hence excellent collaborations
and relationships have been formed and cultivated.
Much of the reason for this is that both APT Beijing
and the galleries find common ground supporting
emerging artists, do not necessarily follow the trends
of the current art market, and see the potential for
their artists to be connected and involved within the
network of APT artist and curators.
Overall I have seen a better understanding and
a great deal of interest emerge in the mission of
APT. An ongoing challenge remains—the degree
of independence that artists enjoy alongside their
galleries’ interests. Those who work with larger
galleries that manage artist’s activities and distribu-
tion of artworks do not, in some cases, allow their
artists to join APT. To address this problematic
issue, I am trying to raise more awareness about
APT through my engagement with the artists I
meet and invite to take part in our program as
well as artists in the broader art community. Over
time, my hope is to create more of a dialogue and
thoughtful reflection on the heavily exclusive
system within the commercial art market in Japan. 
Similarly to many of the other APT Directors,
I am also an independent curator. This gives me
rewarding opportunities to work with many of our
APT artists. This past year one such curatorial project
was presented at the Stedelijk Museum Bureau in
Amsterdam titled “The Demon of Comparisons,”
curated in partnership with Binna Choi and Cosmin
Costinas. Of the ten artists included in this exhibi-
tion two are APT Beijing participating artists, Heman
Chong and Jeuno Kim along with Hafiz, Tibor
Hajas, Beom Kim, Sung Hwan Kim, Wendelien van
Oldenborgh, Philippe Rekacewicz, Grace Samboh,
and Tadasu Takamine.
 11 BEIJING

Splash and Flake (Pipeline) #4

TEPPEI KANEUJI

2009, DIMENSIONS VARIABLE, WOOD, PLASTIC AND METAL OBJECTS

BEIJING 12

“The Demon of Comparisons” grew out of
exchanges and discussions during “Open Circuit
#1: Yogyakarta,” organized by Electric Palm Tree
(comprised of Kyongfa Che, Binna Choi, and
Cosmin Costinas), in September 2008 in Indonesia.
During the week-long workshop, participants shared
and negotiated their experiences and vocabularies
of social transformation from their respective
backgrounds. This exhibition presents an association
of subjective positions relating in various ways to
larger social and political frameworks, to power and
cultural constructions. Pursuing on the issue of
individual agency in a landscape defined by ques-
tions of national and cultural identities, “The Demon
of Comparisons” questioned the kind of collectivity
these subjects form.
The title is a translation of a phrase from Jose
Rizal’s novel Noli Me Tangere, “el demonio de las
comparaciones,” used by Benedict Anderson as the
title of his book, under the rendering of The Specter
of Comparisons. An original and insightful thinker,
Benedict Anderson questioned the patterns and
the meeting points that are to be found throughout
concerns and interests cultivated and transformed
through negotiations with diverse social systems,
political power, and cultural values.    
The exhibition gathered more than 100 new
and already existent works of art, with media that
encompassed painting, video, site-specific instal-
lation, animation, photography, and sculpture. By
articulating an array of perspectives, this exhibition
aimed to portray not only how traveling and living in
between cultures influences the constitution of self,
but also the state of its negotiation and complexity
of a subject, which cannot be embraced by a single
national identity.
Also included in the exhibition were Sunah Choi,
Hongseon Jang, Hyojin Jeong, Donghoon Jun,
Taebum Ha, Eunok Hwang, Eemyun Kang, Chosil
Kil, Songhe Kim, Daehun Kwon, Changwon Lee,
Kakyoung Lee, Sekyung Lee, Sunhwa Lee, Wonho
Lee, Youngmi Lee, Hyojun Nam, Asa Oh, Eva
Sshin, Jieun Yoon, and Sun You. This exhibition was
curated by myself, Minseok Seo, and JW Stella.
KYONGFA CHE IS CO-DIRECTOR OF APT BEIJING

geographies, times, and power structures that lead

to formations of identities and various senses of
belonging. The translation remains anchored in this
area of interest, but wishes to add the potential of the
polisemy, indeed the spectres, of the original Spanish
word “demonio,” in dealing with the subjectivity of
one’s experience of culture and power.

Artists here also share a growing

interest in expanding the
realm of their activities beyond
Japan’s borders, something
APT is well positioned to offer.

A second exhibition project at the Hangaram Art

Museum in Seoul, Korea also included Jeuno Kim
(APT Beijing) in addition to Jaye Rhee (APT Beijing)
and Haeri Yoo (APT New York). “U·S·B: Emerging
Korean Artists in the World 2009” featured 24
emerging Korean artists based in Europe, across the
Americas, and throughout Asia, who work actively
within the international art scene, but have not been
exhibited publicly in Korea. The exhibition provided
a platform upon which artists could express their
 13 BEIJING

Back Home with Baudelaire No 5—MAP OFFICE—2004, C-PRINT ON METALLIC PAPER, 120 X 240 CM
BEIJING 14
APT Artist Interview—
What is the project you enjoyed
working on most this past year?
I will pick two as they are somewhat related—the
solo exhibition I’m missing someone but I don’t know
who’s that someone in Seoul, and the karaoke solo
Someone Singing and calling your name in Osage.
For I’m missing someone but I don’t know who’s that
someone, it was the first time I really worked without
a plan and in a rush. But I was calm and confident
during the process and just carried out the works
without much consideration and hesitation. To me
the essence of every performance is articulating
several sentences that I really want to say, using the
right rhythm and voice. I feel that the spontaneity
helps me achieve my optimal work. As an artist that
is the best moment I think.
Someone Singing and calling your name is a kind
of an extension of I’m missing someone but I don’t
know who’s that someone about the sense I wanted to
capture but instead the setting is a pseudo-karaoke
lounge that allows me to include personal and social
commentary in the work. (That’s karaoke, a mixture
of complicated personal and social issues.) Formally
the work includes video, paintings, ready-mades, and
sculptures. I just feel free to handle everything so I’d
say it builds on the previous show in atmosphere and
various layers of references and contexts.
How do you see the next phase in the
progression of your work in 2010?
I just started a new series of works in 2009 that are
similar to the works I mention above. Though the
ways I am executing these new works seem to be
Lee Kit—
quite different, they act as conclusions of some of
my previous art practice on hand-painted cloth and
have opened up my artistic perspective. I feel like I’m
more confident about making artworks, regarding
everything as ready-made and combining them
within different contexts. Conceptually I’m now
melding personal, social-political, and behavioral
dimensions together in certain settings to create a
particular atmosphere. In 2010 I will present both
the hand-painted cloth series in various contexts and
expand the karaoke projects. I think it is a very good
moment for making art, at least for me.
Which issue or idea interests you
most in the art world today?
Politics is what really interests me. Like for instance
how aesthetics is politically relevant in distancing an
individual from the structure and economy of cities.
This is a contradiction as art is related to daily life,
but also not all.
Where is your studio based? Do you
consider your work cross-cultural?
My studio is based in Hong Kong. Yes, my works
are cross-cultural because I was brought up in Hong
Kong, a city that was once culturally colonized and
now is incredibly globalized (with regards to capital-
ism and consumerism). I think almost all artists now
are cross-cultural.
LEE KIT (APT BEIJING) LIVES AND WORKS IN HONG KONG
 15 BEIJING

I’m missing someone but I don’t know who’s that someone—LEE KIT—2009, SITE SPECIFIC INSTALLATION, HANOK IN SEOUL
BEIJING 16

Steam Paper 01—MASAKATSU KONDO—2004, C-PRINT ON METALLIC PAPER, 120 X 240 CM

 17 BEIJING

Steam Paper 02—MASAKATSU KONDO—2009, INKJET PRINT, 97 X 145 CM

BEIJING 18
APT BEIJING
SUNYOUNG OH
APT Beijing has grown quickly over the past
three years and currently includes more than 120
participating artists. I spend much of my time
working with emerging artists along with those who
are more established. When selecting art for APT, I
first and foremost concentrate on the quality of the
art as this will, in time, ensure its commercial appeal
and benefit the trust’s objectives.
As co-director of APT Beijing, a primary
objective is to establish APT’s presence in the local
Korean art scene. The challenge is to make APT
Beijing, which is a long-term trust, relevant in the
current art environment. Some artists can become
frustrated by the realization that the trust’s goals and
returns require significant foresight and patience
to achieve. To help mitigate this, I would like to
explore the idea of exhibiting APT works more
frequently and establishing a greater presence in the
local scene—something that could bring greater
visibility to APT, its artists, and its directors.
In 2009, I focused on several exhibitions with APT
Beijing artists including: Jungju An’s solo exhibi-
tion “Harmony Lip-Sync Project II” in Sungkyun
Gallery; Sojung Jun’s solo exhibition “One Man
Theater” in Sungkyun Gallery; and a group
exhibition “Suddenly Everything has Changed”
in KIMUSA at Platform 2009, a curatorial project
comprised of a diverse range of exhibitions with
globally pertinent themes.
Under the theme “Void of Memory,” Platform in
KIMUSA was an exhibition that attempted to redis-
cover spaces that have been unused or forgotten for
a period of time. Collaborating with Kyongfa Che,
co-director of APT Beijing, who acted as an associate
curator, we selected four artists from APT Beijing:
Sojung Jun, Teppei Kaneuji, Lee Kit, and Jina Park.
As an independent curator, I was thrilled to have
an opportunity to devote a large exhibition to APT
Beijing artists at Platform as this provided me with
my first opportunity to assemble the work of APT
artists together towards achieving the goal I set forth
above. Throughout the process, and the eventual
critical acclaim that arose from the exhibition, I
realized just how many more ways there are to create
new opportunities in Korea, Japan, and China for our
artists and am confident that as we do so the trust
will only gain strength, momentum, and presence.
 19 BEIJING

Their War 3 (Pakistan)

JUNGJU AN

2005, SINGLE-CHANNEL VIDEO, TWO-CHANNEL SOUND, 05:55

BEIJING 20
 21 BEIJING

Suddenly Everything has Changed

LEE KIT

2009, PLATFORM SEOUL, INSTALLATION VIEWS

BEIJING 22

Night Tree—JINA PARK—2008, OIL ON CANVAS, 109 X 145 CM

 23 BEIJING

Suddenly Everything has Changed

Platform Seoul 2009 at KIMUSA

Organizer and Curator: Sunyoung Oh
Associate Curator: Kyongfa Che

Recreating Everyday Life

Suddenly Everything has Changed is an

exhibition about storytelling within everyday life
and was the starting point of Platform 2009 which
took place in a space previously used as the old
Defense Security Command. In this exhibition,
four artists Lee Kit (Hong King), Jina Park (Seoul),
Teppei Kaneuji (Tokyo) and Sojung Jun (Seoul)
investigated objects in their daily life and modified
their form or made a story out of them. They took
interest in the facts, objects, and spaces they encoun-
tered in their daily lives and also in the stories about
those around them, who viewed their own daily life
and interpreted them accordingly. The familiar and
mundane is viewed through their lens and expressed
in their own language through their works which are
connected and displayed in an organic structure in
the exhibition. Their works seem to have a single plot
in their structure, but the plot of this exhibition is
not singular but open-ended. Observers engage with
the artwork and make their own story by connecting
the stories in the works. In other words, it is the
observers and not the artists nor curators that are the
storytellers of the exhibition.
The space for this exhibition has a very unique
structure: four rooms are connected in a straight
line and each room is connected to another room
through a gate. Once you enter the first room, Lee
Kit’s daily space unfolds and the observers’ traffic
line is connected to Jina Park’s stories. The reality
within the memories existing in the two-dimen-
sional plane felt in Jina Park’s space is connected
to Teppei Kaneuji’s another modified reality that is
three-dimensional. And in the innermost side of the
exhibition space uncovers Sojung Jun’s story of her
dream. As such, the stories that unravel in various
manners interact with one another in the exhibition
hall in an organically connected structure.
As mentioned earlier, this exhibition imagines our
daily life, that is, the environment that surrounds
us, and makes stories out of it. The works express
the relationship between daily life and art in each
of its language, which are linked to one another in
nexus efficiens. The works that use the same and yet
different languages are placed in one space, covering
the time and space in which we live. These are our
humdrum daily aspects we currently feel, think,
relate ourselves with and be concerned about. The
BEIJING 24

artists connect these in artworks, and create various

stories. In addition, instead of listening to a fixed
story of a single view set by curators or of indirectly
listening to the accurate meaning or content of an
artwork by curators, observers take the infinite
stories inherent in artworks and interpret them into
their own story.
Observers imagine various stories through
artworks. Stories are again, relayed on to become
new ones. These stories to some could serve as a déjà
vu that one might have encountered somewhere in
time, or as images that have appeared in dreams.
This exhibition “Suddenly Everything has Changed”
offers a discovery and an experience into how banal
aspects in our daily life are transformed by the four
artists in various ways, while tapping into a different
view towards our daily life and its whole new world.

SUNYOUNG OH IS CO-DIRECTOR OF APT BEIJING

 25 BEIJING

Suddenly Everything has Changed—LEE KIT—2009, INSTALLATION VIEW

 27 BERLIN

APT BERLIN
BERLIN 28

Inseln II
GÖRAN GNAUDSCHUN

2005, ANALOG COLOR PHOTOGRAPH ON ALUMINUM, 108 X 143 CM

 29 BERLIN

Inseln I
GÖRAN GNAUDSCHUN

2005, ANALOG COLOR PHOTOGRAPH ON ALUMINUM, 108 X 143 CM

BERLIN 30

Plastics for China

PEGGY FRANCK

2006, PHOTO-OBJECT, INKJET PRINT ON ALUMINUM, 90 X 125 CM

 31 BERLIN

He and She
MATTS LEIDERSTAM

2001, 2 CIBACHROME PRINTS, 140 X 106 CM

BERLIN 32

80.0—SUNAH CHOI—2008, 80 SLIDES, ONE PROJECTOR WITH ROTATING DEVICE, DIMENSIONS VARIABLE
33 BERLIN
BERLIN 34

Cave—SALLA TYKKÄ—2003, 35MM FILM/VIDEO, DOLBY SURROUND SOUND

 35 BERLIN

Cave—SALLA TYKKÄ—2003, 35MM FILM/VIDEO, DOLBY SURROUND SOUND

 37 Dubai

APT DUBAI
DUBAI 38

Untitled—CIPRIAN MURESAN—2009, STILL FROM SINGLE-CHANNEL VIDEO

’

APT DUBAI
NOVEMBER PAYNTER
As the trust is also creating the
first major collection of work
from this region, it is proving
to be an invaluable reference
point for curators, galleries,
and institutions around the
world who may not be familiar
with the region’s artists.
APT Dubai was launched during the 10th
International Istanbul Biennial in September
2007. Like the other trusts, it is structured around
a regional market, both linked to geographical
proximity and potential shared market presence. The
curatorial committee, which comprises Vasif Kortun,
Mai Abu ElDahab, Tirdad Zolghadr, and Natasa
Petresin-Bachelez along with myself, decided early
on to expand the initial focus of the trust. We wished
to move beyond those art scenes of the Middle East
to both avoid such a specific regional construct and
to incorporate what we believe are complementary
art contexts from Turkey, the Balkans, Caucasus,
Pakistan, and North Africa. The aim is to develop the
first major, albeit temporary, collection of contem-
porary art works from this broad region and to help
create a network between artists who live interna-
tionally, and in APT Dubai’s case, sometimes in cities
that despite being geographically close are difficult
to travel between due to funding constraints, and, on
occasion, political tensions.
APT Dubai differs somewhat to the other trusts
as many of the artists invited to participate do not
have gallery representation and the opportunity
to be part of international art networks is often
limited. Funding for contemporary culture is sparse
39 DUBAI
and even the largest cities have few arts institutions
or an established structure of cultural support. In
this context, APT Dubai can offer its participating
artists the opportunity to initiate some control over
the future development of their exhibition options
and market potential. As the trust is also creating
the first major collection of work from this region,
it is proving to be an invaluable reference point for
curators, galleries, and institutions around the world
who may not be familiar with the region’s artists. 
In the last three years an appreciation for con-
temporary art, and hence a regional art market, has
really begun to escalate throughout our focus area.
Art fairs such as Art Dubai, which launched in 2007,
and its partner project the Abraaj Prize, started in
2008, have encouraged commercial galleries to move
beyond presenting conventional modern art prac-
tices to include more diverse contemporary art works
that until recently were overlooked often due to their
conceptual and, in this region, political nature.
Collectively the United Arab Emirates hosted
their first Venice Pavilion, curated by APT Dubai’s
Curatorial Committee member Tirdad Zolghadr,
to international acclaim. 2009 also saw the first Abu
Dhabi art fair in the United Arab Emirate’s capital,
a clear stepping stone toward both creating a local
DUBAI 40

market and to building understanding and enjoy-

ment of contemporary art for those anticipating the
Guggenheim and Louvre museums currently being
built on the city’s Saadiyat Island. Other museums
have noted these developments, and in the UK the
British Museum and Tate have just inaugurated a
Middle East North Africa Acquisitions Committee.
Supporting and engaging artists from a non-com-
mercial position are a number of important biennials
such as those in Istanbul (which in 2009 was curated
by the Zurich based collective WHW who chose to
include the majority of artists from East Europe, the
Middle East, and South East Asia), Athens, Sharjah,
and the newly launched Riwaq Biennale in Palestine.
Of course there are many galleries and initiatives
doing incredible work with limited budgets and
support—to name just a few of note that launched
in 2009: The Brush factory in Cluj, Romania where
a group of artists and art spaces came together to
establish their own studio and gallery complex; the
Institute of Contemporary Art in Sofia, Bulgaria;
The Beirut Art Center in Lebanon and a new venue
for the Al Riwaq Gallery, Bahrain. Another worthy
initiation was the Accented Residency, which offers
residency opportunities in Istanbul, Beirut, Cairo,
Ias, Bristol, and London for artists from countries in
South East Europe, the East Mediterranean, North
Africa, the Gulf countries, and the United Kingdom.
Working within such an enormously diverse,
complex, compelling, and accelerating art scene,
we foresee APT Dubai playing a key role in col-
laboratively identifying emerging artists and helping
to nurture their practices and careers, as well as
participating in exhibitions and loaning work.
While APT Dubai—as with all APT
programs­—cannot ensure how much income
will eventually be generated for its participants,
its efforts are taking place in a region where the
art market is developing extremely rapidly and
beyond all expectations, making APT Dubai a trust
that promises much in terms of growth potential,
hedging, and most importantly, as one APT Dubai
artist put it, “across-the-board bonding.”

NOVEMBER PAYNTER IS DIRECTOR OF APT DUBAI

 41 DUBAI

(Re)construction #2—Mokattam—HALA ELKOUSSY—2003, C-PRINT, 70 X 100 CM

DUBAI 42
 43 DUBAI

Model—BABAK GHAZI—2008, 12 DIGITAL PRINTS ON CANVAS, 126.4 X 172.4 CM

DUBAI 44
APT Artist Interview—
What is the project you enjoyed
working on most this past year?
Certainly worth mentioning is the project I made
at the Slovenian Pavilion for the Venice Biennial.
That was by far the most complicated and time-
consuming project I have made so far. It was great
because it was so complex and I had all the resources
to do that. What made it more difficult was the time
we had to prepare it because of the long selection
process carried out by the Ministry of Culture,
which is the main organizer and sponsor at the same
time. I did the project in collaboration with Škuc
Gallery from Ljubljana, which I work with in my
home country, so at least that part was a bit easier,
because I already knew the whole team. The other
problem, or maybe advantage, was that I was at that
time at ISCP Residency Program in New York City,
so basically I did the whole project there. The good
part was certainly the fact that I was away from a
local scene, the difficult part was communication,
because you had to have in mind the delay because of
the time difference, so if there is not much time every
day counts.
So, to get it short, I think it was a big test for me,
personally and professionally, and I think I have
passed it.
How do you see the next phase in the
progression of your work in 2010?
I already have new ideas, and can’t wait to try to
express them in my work. It is mostly site-specific
orientated. I think it went in a new direction at the
Biennial, and it will develop further with the next
projects. I am so far discussing two projects, which
Miha Štrukelj—
will be mainly site-specific. But all of my work is
complex, so it always means development in every
medium I work. I intend to add more layers to a wall
drawing, and make it more complex, maybe three-
dimensional, yet more recognizable at some level, I
always like to play with the viewers’ perception and
leave them to have their own interpretation.
Which issue or idea interests you
most in the art world today?
As it has been for the past few years, my prime
interest is urban planning, architecture, and what
relationship people establish with the environment
they live and move in and how it influences them.
But I enjoy different kinds of art. I know this is very
general, but I like art which surprises me, which is
innovative and does not just push an agenda, or is
blinded by it.
Where is your studio based? Do you
consider your work cross-cultural?
My studio is based in my hometown and is actually
provided by my parents. Studios are hard to come
by in Slovenia—all property is either commercial
(used for offices and similar) or apartments and the
rents have sky-rocketed. However, I spent 9 months
abroad in 2009 on residencies and I plan to take
advantage of that in the future as well. Yes, I do
think my work is cross-cultural, my issues are global,
they can be located basically in every mayor city
across the world.
MIHA STRUKELJ (APT DUBAI) LIVES AND WORKS IN LJUBLJANA, SLOVENIA
 45 DUBAI

Untitled—MIHA ŠTRUKELJ—2001, OIL ON CANVAS, 140 X 170 CM

DUBAI 46
 47 DUBAI

Miha Štrukelj at work in the APT Studios, New York—2009

 49 LONDON

APT LONDON
LONDON 50
51 LONDON
LONDON 52
APT LONDON
GERRIE VAN NOORD
PREVIOUS PAGES
Annie and Snowy
MARK NEVILLE
(FROM THE EXHIBITION “FANCY PICTURES”, COMMISSIONED
BY MOUNT STUART, BUTE, SCOTLAND)
2008, ED. OF 5, C-PRINT
© MARK NEVILLE
Having joined Artist Pension Trust® (APT) as a
co-director with Kirsty Ogg four years after the
inception of APT London, I had the great pleasure
of inheriting a growing collective of internation-
ally recognized curators and artists. With over
20 years of experience working in the UK and
Europe, I found I knew many of the participating
artists, and in some cases it was like stumbling
upon old acquaintances I’d lost touch with ages
ago. This, coupled with introducing new and
emerging talent I have come across in recent years,
has provided me with a rich engagement with
this exciting new company that provides artists
with a long-term financial planning program.
The basis APT rests upon—the setting aside of
a small collection of each artist’s work towards
financial security in the future—provides directors
with the enviable task of working alongside the
artists to curate an outstanding global collection that
represents their generational contribution to art and
culture. Each individual collection might encompass
an interesting overview of an entire practice, or
sometimes an in-depth foray into a single strand
within an artist’s body of work.
This year, Claire Barclay added a major new work,
Subject to Habit (2009), to her collection of APT
investments. It was one of the main installations in
her solo exhibition at the Fruitmarket Gallery in
Edinburgh in the spring of 2009. Often Claire’s work
consists of larger configurations of pieces, made out
of different materials, ranging from wood, alumi-
num, fabric, and leather to straw, clay, and engine
grease. The individual elements of such large works
are—after they’re de-installed—almost always
recycled and reused and find their way into other,
smaller configurations and installations, or end up
as individual pieces. The possibility for Claire to
invest Subject to Habit has allowed her to safeguard
the installation as a whole—and as part of the APT
collection—for the future when it may be exhibited
again and acquired by a major collection.
Similarly, Jane and Louise Wilson, who in 2009
were in the position to access and reconsider the
future of a significant part of their back catalogue,
decided to invest two major works, which otherwise
might have vanished for good. The two pieces are
Reconstruction of Double Doors: Hohenhausen Prison,
Stasi City (1997), which was made around the time
of their seminal film Stasi City and Normapaths
(1995), which was conceived of as a stand-alone film
piece but APT secured both the film and the set in
which the footage was originally shot, making it a

Misshapen Pearl
TORSTEN LAUSCHMANN
2003, ED. 1 OF 3, SINGLE-CHANNEL FILM
truly unique investment. The Calouste Gulbenkian
Foundation in Lisbon is currently showing the most
comprehensive survey of their work to date, curated
by Isabel Carlos.
Shortlisted alongside two other APT London
artists—Roger Hiorns and Lucy Skaer—Richard
Wright’s ephemeral works earned him the coveted
Turner Prize this year. Wright’s large-scale and
subtle wall paintings often are erased from their
supports at the closing of his exhibitions. However,
in another instance of thinking towards the future,
APT has selected a few smaller works by Richard
Wright that honor his practice more broadly.
The process of pondering the selection of work–
whether it’s the first couple of works from an artist
who has just joined or adding another work after
several years of membership, is a subtle part of our
contact with the artists, but a most rewarding one.
Conversations regarding selections for investment
can take a wide range of courses: considering what
would and what wouldn’t work in relation to an
53 LONDON
Documenta Y
KEREN CYTTER
2003, COLOR DVD
artist’s practice; thinking about other options and
opportunities when people don’t simply “make”
objects or works that have tangible components;
how more mature artists look back upon their large
oeuvre and have the opportunity to select from that;
how some younger ones may still be trying to work
out which direction to commit themselves long-term
and to try and help them look at APT in unexpected
ways. All these conversations are on the one hand
practical, but on the other hand also about more than
just a single decision at a certain moment in time.
Having visited many existing members—David
Shrigley, Claire Barclay, Martin Boyce, Scott Myles,
Hanneline Visnes, and Michael Fullerton, to name
but a few—and newly signed Torsten Lauschmann
and Mark Neville in Scotland, is like visiting old
friends. On the other hand, a recent trip to Berlin al-
lowed me to meet a whole range of members, includ-
ing Saâdane Afif, Armando Andrade Tudela, Marc
Bauer, Jakob Kolding, Shahryar Nashat, and Gitte
Villesen for the very first time. Each conversation has
LONDON 54

Unrecorded Future Tell Us What Broods There—RUTH EWAN—2008, SERIES OF 20 WOODBLOCK LETTER-PRESS POSTERS, PUBLIC PERFORMANCE
 55 LONDON

The basis APT rests upon—

the setting aside of a small
collection of each artist’s work
towards financial security in
the future—provides directors
with the enviable task of working
alongside the artists to curate
an outstanding global collection
that represents their generational
contribution to art and culture.

brought with it a deepened understanding, or new

perspectives, on their work, on their practice as a
whole, and, often, on what makes them tick.
I have found that my work with APT London is
distinctly different from working with an artist on a
solo show or group project. Monographic exhibitions
allow for intense contact at a distinct moment in an
artist’s career. However, within the context of APT
London, there is the opportunity to engage over
a much longer period in time, and, therefore, the
conversations have the potential to start, stop, be
picked up again, hesitate, and suddenly accelerate;
not once, but invaluably, many times over.

GERRIE VAN NOORD IS CO-DIRECTOR OF APT LONDON

LONDON 56

The Deluge—RICHARD WRIGHT—2004, GOUACHE, TEMPERA & ENAMEL ON PRINTED PAGE ON PAPER, 20.25 X 18.25 IN
 57 LONDON

APT LONDON
KIRSTY OGG

It is a coherent collection that

not only provides a reflection of
an artist’s practice over time,
but also presents a cogent
overview of the very best
contemporary art practices
operating in Europe today.

As co-director of APT London, the past 18 months
have been a time of exciting growth and develop-
ment. I have seen the number of artists participating
in the trust almost double from just over 100 at
the beginning of 2008, to nearly 200 at the close
of 2009. The body of works that APT London has
stewardship of over the life of the trust is beginning
to take shape. It is a coherent collection that not
only provides a reflection of an artist’s practice over
time, but also presents a cogent overview of the very
best contemporary art practices operating in Europe
today. In the coming years we will work towards
finding pertinent exhibition loan opportunities
As the trust edges towards closing during 2010, we
see that it is our responsibility to bring on board the
next generation of artists that will be of significance
within the art world in the next decades and beyond.  
The decisions that APT London’s Curatorial
Committee have made have a proven track record
of backing winners; most recently this has been
evidenced by Richard Wright being awarded the
2009 Turner Prize. A member of the trust from
its earliest day, we would all like to congratulate
Richard for this highly esteemed recognition.
KIRSTY OGG IS CO-DIRECTOR OF APT LONDON

and carefully considered involvement in curated

projects for this incredible grouping of works.
Gerrie, who joined me as co-director in May 2009,
and I are both delighted that in addition to high
profile figures such as Fiona Banner, Liam Gillick,
Douglas Gordon, Runa Islam, Mike Nelson, Philippe
Parreno, SUPERFLEX, and Jane and Louise Wilson,
the trust has expanded to encompass a younger
generation of artists who are increasingly gaining
international attention. These newer APT artists
include Karla Black, Keren Cytter, Aleana Egan,
Ruth Ewan, Matias Faldbakken, Lara Favaretto,
Piero Golia, and Benoît Maire, to name but a few.
 59 LOS ANGELES

APT LOS ANGELES

LOS ANGELES 60

APT LOS ANGELES

IRENE TSATSOS

The 20th anniversary exhibition

of the California Community
Foundation featured the work
of 32 of the approximately 160
artists funded over the past
20 years; of those 32, nearly
one quarter are participating
artists in APT Los Angeles.

Last year brought numerous highlights and
accomplishments to APT Los Angeles. Artists
invested significant works, such as the large-scale
sculpture Safe (2009) by Mike Arcega, which was
featured in the 2008 California Biennial. Trust
members were represented in major international
exhibitions such as “Prospect 1 New Orleans,” the
biennial exhibition launched by curator and APT
New York Curatorial Committee member Dan
Cameron. This city-wide initiative, which captured
the attention of the international art world, featured
Mithra, (2008), a three-story ark by Mark Bradford; it
was fabricated of plywood and bricolage and situated
in the city’s Lower Ninth Ward, simultaneously
a poignant monument and an urgent call from
within an area wiped out by Hurricane Katrina.
Here in Los Angeles, APT shared in the California
Community Foundation’s celebration of its 20th
anniversary of awarding grants of between $15,000
and $20,000 to artists that live and work in the city.
These artists’ accomplishments were acknowledged
featured the work of 32 of the approximately 160
artists funded over the past 20 years; of those 32,
nearly one quarter are participating artists in APT
Los Angeles. In addition, the California Community
Foundation published a full-color, 160-page book
documenting its most recent years of visual arts
fellowships, those awarded from 2004 through 2008.
The book, which I authored, includes six contextual-
izing essays and profiles of each of the 61 artists of
that group; again, impressively, one quarter of the
artists featured are members of APT Los Angeles.  
The integration and representation of artists from
APT Los Angeles in local, regional, national, and
international exhibitions and initiatives provides
an endorsement of the hard work performed by the
Los Angeles Curatorial Committee, whose members
have brought a discerning eye, intellectual rigor, and
dedicated commitment toward building APT Los
Angeles to its widely recognized level of excellence.
IRENE TSATSOS IS DIRECTOR OF APT LOS ANGELES

in an exhibition co-organized by curator and APT

Los Angeles Curatorial Committee member Kris
Kuramitsu, along with Los Angeles County Museum
of Art curator Rita Gonzalez, at the Japanese
American National Museum. The exhibition
 61 LOS ANGELES

Mithra—MARK BRADFORD—2008, MIXED MEDIA, 70 X 20 X 25 FT—COURTESY OF THE ARTIST AND SIKKEMA JENKINS & CO.
LOS ANGELES 62
63 LOS ANGELES
 65 MEXICO CITY

APT MEXICO CITY

MEXICO CITY 66
APT MEXICO CITY
PILAR TOMPKINS
As 2009 drew to a close, APT Mexico City found itself
at the mid-way point for achieving full participation
in the program. In keeping with our projected goals
for growth in the trust, at the start of 2010 APT
Mexico City includes 130 remarkable contemporary
artists from throughout Latin America. As the group
of artists is expanding, the overall trust value is also
rising and last year marked the investment of many
exciting artworks. In addition to these develop-
ments, I am particularly pleased about the global
outreach generated from exhibitions and projects
related to the artists and artworks in the collection.
The APT Mexico City curatorial committee is
comprised of a group of accomplished professionals
from three countries who are working around the
world. Notably, Patrick Charpenel, who is based in
Guadalajara, Mexico, curated Art Projects at Art
Basel Miami 2009; Colombian-based curator José
Roca is currently artistic director of the exciting
international project “Philigrafika,” which just
opened in Philadelphia; Colombian curator María
Inés Rodríguez, formerly based in Paris, has recently
been named head curator of the Museo de Arte
Contemporáneo de Castilla y León in León, Spain.
Additionally, in the fall we invited Chilean curator
Cecilia Brunson to contribute to the committee.
Cecilia, who has recently relocated to London,
was formerly curator of Latin American Art at
the Blanton Museum of Art in Austin, Texas and
directed the INCUBO residency program in Santiago.
Our meetings are not only a distinct opportunity
to exchange information and to engage in critical
discourse in the field of Latin American contempo-
rary art, but also the means by which we enhance the
prospects for our participating artists.
For the past three years, APT Mexico City has
selected a different region of Latin America to focus
on to create a diverse and comprehensive level of

Naufragio—MILER LAGOS—C-PRINT, 120 X 500 CM
representation for the trust. While the initial stages
of the program looked heavily at Mexico itself, the
areas of focus in 2007 were Colombia and Argentina,
and in 2008 they were Brazil and Guatemala. Last
year, the emphasis shifted to Peru and Chile. In
October I took a curatorial trip to get acquainted
with the art scenes in Lima and in Santiago. Working
with Cecilia Brunson and Josefina Guilisasti of the
INCUBO residency program in Santiago I visited a
select group of artists, interesting galleries and arts
institutions. My trip overlapped with the Trienal de
Chile in Santiago curated by Ticio Escobar, which
provided a relatively comprehensive look at the
national scene. Centro Abierto, a public arts project
in Lima, was a further indication that the cities in
Peru are investing in their contemporary artists.
An important aspect of APT is its global network.
This network presents unique curatorial opportuni-
ties and possibilities for international exchange.
67 MEXICO CITY
Though it may seem unconventional to direct a
Latin American-centered program from my home
base in Los Angeles, as a full-time curator it is a
great advantage for my practice, the institutions
I work with, and for artists from throughout the
various trusts whom we have been fortunate enough
to showcase. By providing an international link
between different regions, APT artists from across
the globe will be introduced to audiences that they
might not otherwise be exposed to.
An exhibition titled “Multiverse” that I curated
for the Claremont Museum of Art, in Claremont,
California just east of Los Angeles, examined
the hypothesis that there exist multiple, parallel
universes and how this has been explored artisti-
cally. This exhibition included seven APT artists
from four trusts alongside five other international
artists: Colombian artist Miler Lagos (APT Mexico
City); Emre Hüner from Istanbul (APT Dubai);
MEXICO CITY 68
Dutch artist Sebastiaan Bremer (APT New York);
Jedediah Cesar, Carter Mull, Emilie Halpern, and
Violet Hopkins (all from APT Los Angeles);
together with Fred Tomaselli, Diana Thater, Kerry
Tribe, and Nancy Macko.
In the summer I curated an exhibition at the 18th
Street Arts Center, which is one of Los Angeles’s
only international residency programs and has
previously hosted APT Mexico City artists Joaquin
Segura and Diego Teo. The exhibition “Post-
American L.A.,” which considered the city’s future
social, political, and economic concerns, featured
Carolina Caycedo (APT Mexico City), Vincent
Ramos, Hugo Hopping, and Sandra de la Loza
(all from APT Los Angeles), Adrian Paci (APT
London), Chen Shaoxiong (APT Beijing), as well as
Glenn Ligon, Ashley Hunt, and Vincent Johnson. In
conjunction with this show, “g727”—the exhibition
space in downtown Los Angeles that I am a partner
in, also hosted Carolina Caycedo (APT Mexico City)
for a five week residency where she implemented her
bartering and exchange program known as Daytoday.
This was followed by three weeks in Guadalajara,
Mexico mounting the exhibition “Vexing: Female
Voices from East L.A. Punk,” an historical overview
of Mexican-American women’s contributions
to Southern Californian musical and visual
culture. The exhibition represented the City of
Los Angeles at the Guadalajara International
Book Fair. It was a wonderful opportunity to
dialog with APT artists in the city, to become
more familiar with Guadalajara’s art spaces, and
to see APT artists’ exhibitions and studios.
As director of APT Mexico City, I am here not
only to help manage and build this important
collection of contemporary Latin American art, but
also to support and expand the visibility of artists we
are working with through curatorial projects and
utilizing our extensive global network. I look forward
to 2010 and the years ahead as we secure the future
prospects for APT artists through our dedicated
investment in their career.
PILAR TOMPKINS IS DIRECTOR OF APT MEXICO CITY
 69 MEXICO CITY

Francisca Sanchez, Lima, Peru

OCTOBER 2009

PHOTO BY PILAR TOMPKINS

OPPOSITE

Francisca Sanchez’s public artwork for

Centro Abierto in Lima, Peru
PHOTO BY PILAR TOMPKINS
MEXICO CITY 70

Magdalena Atria in her studio, Santiago, Chile

OCTOBER 2009

PHOTO BY PILAR TOMPKINS

 71 MEXICO CITY

Luz Maria Bedoya in her studio, Lima, Peru

OCTOBER 2009

PHOTO BY PILAR TOMPKINS

MEXICO CITY 72

Heritage—THIAGO ROCHA-PITTA—2008, 6 PHOTOGRAPHS, 50 X 75 CM

73 MEXICO CITY
MEXICO CITY 74

COMO UN JARDIN EN UN PAJAR—BETSABEE ROMERO—2008, PHOTOGRAPH, 120 X 55 CM

75 MEXICO CITY
 77 MUMBAI

APT MUMBAI
MUMBAI 78
 79 MUMBAI

Migrant—SABRINA—2005, PHOTOGRAPH ON HAHNEMUHLE, 65 X 51 CM

MUMBAI 80
 81 MUMBAI

OPPOSITE

Spirit Markers Fragrance of Earth

VINEET KACKER PRADEEP L. MISHRA

2007, HIGH FIRED CERAMIC WITH METAL BASE, 36 X 5 X 5 IN 2007, HAHNEMUHLE PHOTO RAG PRINT, 44 X 31 IN
MUMBAI 82

Untitled (from the Nizamuddin at Night series)—GAURI GILL—2007, GELATIN SILVER PRINT, 16 X 20 IN
83 MUMBAI
 85 NEW YORK

APT NEW YORK

NEW YORK 86
APT NEW YORK
PAMELA AUCHINCLOSS &
LISSETTE GARCIA
As the first trust to launch,
APT New York will also be the
first trust to establish and
prove the APT model with the
careful consideration entailed
in placing those works that have
attained the value growth that
APT has set forth to achieve.
As the debut trust in the Artist Pension Trust®
(APT) line up of eight global entities, New York car-
ries several unique distinctions. First and foremost,
it had the challenging task of demonstrating to the
world that a financial planning program centered on
artists could indeed succeed based on the collective
investment of a group of artists in their long-term
potential and commercial future. Now, just over
five years later, we have achieved a full roster of
250 artists from across the US with a weighted
representation here in the Northeast and New York
metropolitan area.
With the curatorial expertise and guidance of
New York Curatorial Committee members Dan
Cameron, Clarissa Dalrymple, Simon Watson,
directors Pamela Auchincloss and Lissette Garcia,
and a number of noteworthy guest curators, the
artists selected to participate in New York represent
some of the most enterprising talent coming out of
the art schools alongside many substantial, mid-
career artists exhibiting here and abroad. More than
70% of our artists have received recognition awards,
participated in national and international biennial
exhibitions, and have been invited to take part in se-
lective residency programs. In 2009 alone New York
artists Paul Ramirez Jonas, Ivan Navarro, and Y.Z.
Kami were included in the Arsenale and Pavillion ex-
hibitions during the 53rd Venice Biennale. Closer to
home, the upcoming 2010 Whitney Biennial curated
by Francesco Bonami and Gary Carrion-Murayari
will include Richard Aldrich, Huma Bhabha, Dawn
Clements, Kate Gilmore, and Aki Sasamoto of our
New York artists.
The New York collection now stands at 1,600
artworks of which a number merit placement
in public collections. Among these works are
room-sized installations and projects by Kirsten
Hassenfeld and two creative partnerships,
Bradley McCallum and Jacqueline Tarry and
Chris Hanson and Hendrika Sonnenberg. Each of
these works reflect an ambition and significance
that marks the overall practice of these artists.
Kirsten Hassenfeld invested her installation Dans
La Lune (2007) that was produced during a residency
at Rice University in Houston and most recently
exhibited at the David Winton Bell Gallery, Brown
University. Comprised of six unique elements made
from paper, foam core, and other paper-like materials
that are illuminated from within, the viewer wanders
in the midst of gem-like objects that conjure images
of Faberge eggs or onion-skin domes of Russian
architecture or Victorian pendants. Linked by a
 87 NEW YORK

Dans La Lune—KIRSTEN HASSENFELD—2007, MIXED MEDIA INSTALLATION, 74 X 48 X 48 IN

NEW YORK 88

daisy chain and suspended from the ceiling, this

elegant and fantastic installation creates an Alice-in-
Wonderland like setting.
Bradley McCallum and Jacqueline Tarry’s
politically and socially charged Endurance (2006), a
Seattle Arts Commission, Arts Up project, captures
26 Seattle homeless youths in a 2-channel video and
a series of portrait photographs. The performance
took place on a Seattle public sidewalk from 6:00pm
August 5th, 2002 until 6:59pm the following day.
Challenging Seattle’s vagrancy laws that make
standing or sitting motionless a crime, each youth
that participated in this collective action dedicated
their participation to the memory of friends who
died from life on the streets, and thus “stood for”
those individuals who were absent while engaging in
a quiet act of civil disobedience.
Chris Hanson and Hendrika Sonnenberg’s
Scoreboard (2003–2004), a work that is iconic and
representative of the couple’s commentary on
crowd-based social interactions, is a near-to-scale
replica of a scoreboard fabricated from blue-green
polystyrene. Having “crashed” to the floor, the
collapsed and destroyed emblem of sporting events
suggests something of the inherent hysteria (some
might say violence) that occurs when crowds collect
with opposing interests.
Finally, New York will also be the first trust
to establish and prove the model with the
careful consideration entailed in placing those
works that have attained the value growth that
has set forth to achieve. As New York City
remains the largest and most active market for
contemporary art, New York will become, in
many respects, the standard bearer for APT.
While the character of each trust is uniquely
defined by the curators that select the artists and the
artworks that constitute the collection, it could be
said that New York, more than the other trusts, must
look beyond the vicissitudes of taste, constituency
building, and favoritism in identifying the sustain-
ability of an artist’s career over the long term.

PAMELA AUCHINCLOSS IS DIRECTOR OF NEW YORK

AND CEO OF ARTIST PENSION TRUST

LISSETTE GARCIA IS REGIONAL DIRECTOR OF APT

 89 NEW YORK

Untitled Silence
MARLO PASCUAL ANTHONY CAMPUZANO

2007, BLACK AND WHITE PRINT, 40 X 30 IN 2007, INK, COLORED PENCIL AND GRAPHITE ON MATTE BOARD, 40 X 30 IN
NEW YORK 90

Della Pintura
SEBASTIAAN BREMER

2004, PHOTOGRAPHIC INK DRAWING, 40.5 X 47 IN

 91 NEW YORK

Home
NADIA HIRONAKA

2004, SINGLE-CHANNEL VIDEO W/SURROUND SOUND, 09:55

NEW YORK 92

APT Artist Interview— Carrie Moyer—

What is the project you enjoyed Where is your studio based?

working on most this past year?
I spent most of this past year preparing for “Arcana,”
my recent solo show at CANADA. Over a dozen new
canvases were exhibited.
I am based in Brooklyn, near the old Navy Yard.
Which issue or idea interests you
most in the art world today?

Do you consider your work influenced
by other artists or past movements?
Yes, my work is in constant dialogue with artists and
movements from the past. For me this dialogue is the
primary content of all painting. When I started my
current body of paintings in 2006, the iconic imagery
of ‘70s feminist art hovered around the edges of
my studio. I was looking for forms that were nearly
I am an avid follower/fan of painting and always on
the look out for new painters (old, young, dead, or
alive) to become acquainted with. I am also very
interested in the recent developments in public
art, much of which combines social activism with
the art practices from the 1960s and 1970s such as
performance and installation.
CARRIE MOYER (APT NEW YORK) LIVES AND WORKS IN BROOKLYN, NEW YORK

recognizable and that generated the preliterate

force of the Venus of Willendorf. I trolled the Web,
bookstores, and museums, looking for ritual vessels,
sculptural “prosthetics” (headdresses, masks, armor
and weapons) and ethnographic oddities that could
be morphed into fearsome and/or sexualized silhou-
ettes. More recently I find myself transfixed by the
Oceanic, Inuit and pre-Columbian objects, similar to
those collected by Andre Breton and the Surrealists.
I also use many material strategies of the Color
Field painters—they were the first artists to devote
themselves to the special properties of acrylic paint.

How do you see the next phase in the

progression of your work in 2010?

More experimentation with materials and following

where that leads me. I’m still interested in exploring
the “mind in the cave” and inventing my own
past-future hybrid. Paleo-futurism?
 93 NEW YORK

Coulee—CARRIE MOYER—2006, ACRYLIC ON CANVAS, 40 X 60 IN

NEW YORK 94

Barbute—CARRIE MOYER—2009, TAPED PAPER, 3 X 5 IN

 95 NEW YORK

Barbute—CARRIE MOYER—2009, ACRYLIC, GLITTER ON CANVAS, 90 X 6 IN

 97 DATA

DATA
DATA 98

Cumulative Value by Trust [$USD]—

LOS ANGELES

MEXICO CITY
NEW YORK

LONDON

MUMBAI
BEIJING

TOTALS
BERLIN

DUBAI
2004 331,500 331,500

2005 1,365,793 507,526 1,097,799 298,688 3,269,806

2006 3,669,261 1,086,676 2,552,408 1,053,372 8,361,717

2007 6,211,680 2,519,751 4,640,192 2,316,857 436,003 469,000 232,313 368,841 17,194,636

2008 10,204,155 5,353,970 7,899,600 4,215,985 1,584,198 2,009,306 1,045,297 1,177,894 33,490,405

2009 13,149,586 7,597,317 10,801,532 5,996,964 2,486,803 3,603,415 1,742,399 2,214,269 47,592,285
 99 DATA

Cumulative Value by Trust [$USD]—

BEIJING—LAUNCHED APRIL 2006

BERLIN—LAUNCHED NOVEMBER 2005

DUBAI—LAUNCHED SEPTEMBER 2007

MUMBAI—LAUNCHED OCTOBER 2006

MEXICO CITY—LAUNCHED APRIL 2006

LOS ANGELES—LAUNCHED OCTOBER 2004

LONDON—LAUNCHED APRIL 2005

NEW YORK—LAUNCHED MAY 2004

2004

2005

2006

2007

2008

2009

0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000

* Disclosure: Please note that these graphs are based on the most
recent available valuation of the artworks in the collection at this
time and that average values of works by trust may have been used
when a current valuation was not available.
DATA 100

Cumulative Artist Participation

[# of Artists]—

LOS ANGELES

MEXICO CITY
NEW YORK

LONDON

MUMBAI
BEIJING

TOTALS
BERLIN

DUBAI
2004 21 2 23

2005 68 41 34 37 180

2006 127 67 71 80 14 4 363

2007 174 115 114 127 50 21 27 20 648

2008 233 147 144 164 90 85 53 56 972

2009 250 179 175 193 130 121 64 82 1,193

 101 DATA

Cumulative Artist Participation

[# of Artists]—

BEIJING—LAUNCHED APRIL 2006

BERLIN—LAUNCHED NOVEMBER 2005

DUBAI—LAUNCHED SEPTEMBER 2007

MUMBAI—LAUNCHED OCTOBER 2006

MEXICO CITY—LAUNCHED APRIL 2006

LOS ANGELES—LAUNCHED OCTOBER 2004

LONDON—LAUNCHED APRIL 2005

NEW YORK—LAUNCHED MAY 2004

2004

2005

2006

2007

2008

2009

0 200 400 600 800 1000 1200

DATA 102
 103 DATA

Selected Awards/Grants—

Saâdane Afif (APT London)—Prix Marcel Duchamp 2009

Mark Bradford (APT Los Angeles)—2009 MacArthur Fellowship
Nina Canell (APT Berlin), Geert Goiris (APT London)—Baloise Art Prize prize, Art 40 Basel Art Statements
Nancy Davenport (APT New York)—Rome Prize for 2009–2010
Roger Hiorns (APT London), Lucy Skaer (APT London)—Shortlist for 2009 Turner Prize
Edgar Orlaineta (APT Mexico City)—Pollack-Krasner Grant
Tim Roda (APT Los Angeles)—2009 Fulbright Award
Ming Wong (APT Berlin)—Special Mention Award, 53rd Venice Biennale; Singapore Pavilion
Richard Wright (APT London)—Winner of 2009 Turner Prize

Selected Residencies—

Anthony Campuzano (APT New York)—Pew Fellowships in the Arts 2009

Stephen Dean (APT New York)—Villa Medici, Academie de France a Rome, April 2009–April 2010
Emre Hüner (APT Dubai)—Apex Art Residency, New York, October–November 2009
Alex Schweder (APT Los Angeles)—Chinati Foundation Artist-in-Residence, 2009
Shirley Tse (APT Los Angeles)—Guggenheim Fellowship 2009
DATA 104

APT Curatorial—

APT Curatorial is an artwork lending program and exhibition plan-

ning service that opens our extensive holdings of contemporary art to cu-
rators from around the world. The growing collection currently stands at
4,500 artworks and represents nearly 1,200 artists from over 50 countries. 
The benefits of working with APT Curatorial for exhibition
planning are extensive. Curators and museum professionals enjoy
the benefits of working with a collection assembled through the
uniquely diversified and international expertise of APT curators. The
service also offers the guidance of experienced Art Collection
Managers, who can assist in the logistics planning of international
transport and coordination services from any of our facilities.
 105 DATA

2009 Select Loans—

Franco Mondini-Ruiz (APT New York) Maria Laboda (APT Berlin)

Remix: New Modernities in a Post-Indian World Heaven
Art Gallery of Ontario 2nd Athens Biennale 2009
Toronto, Canada Athens, Greece
04/04/09–08/23/09 06/13/09–10/04/09

Jean Shin (APT New York) Karyn Olivier (APT New York)

Jean Shin: Common Threads 30 Seconds off an Inch
Smithsonian American Art Museum Studio Museum of Harlem
Washington, DC, USA New York, NY, USA
05/01/09–07/26/09 11/11/09–03/14/10

Hüseyin Bahri Alptekin, Ivan Moudov, Fahrettin Orenli, Gimhongsok (APT Beijing)
Mamali Shafahi, Sophia Tabatadze, Nasan Tur, Tarek Zaki Your Bright Future: 12 Contemporary Artists from Korea
(APT Dubai) Los Angeles County Museum of Art
Collection Dubai Los Angeles, CA, USA
SMART Project Space 06/28/09–09/20/09
Amsterdam, Netherlands
08/05/09–10/25/09

Teppei Kaneuji, Jina Park, Lee Kit (APT Beijing)

Platform in KIMUSA
KIMUSA / Artsonje Center
Seoul, South Korea
09/03/09–09/25/09
DATA 106
 107 DATA

APT Studios—

APT Studios offers APT artists exclusive access to the art

scene in New York City.  This is an opportunity to experi-
ence and benefit from living and working in New York for
anywhere from a few weeks to a few months.
Our seven studios are located in the Sunset Park area of
Brooklyn, New York. The industrial warehouse complex
is only two subway stops from lower Manhattan.
APT Studios provides artists with an individual, working
studio space that can be accessed at their convenience. Artists
also have the ability to store created artworks in the
adjacent facility for the duration of the program.
Artists will gain exposure to other artists, curators, and
collectors through APT open studio events. Artists will also
benefit from studio visits and dialogue with members of the
local and international cultural community in New York.

OPPOSITE

APT Studios—2009, BROOKLYN, NY—PHOTO BY ANDREW THOMPSON

 109 CREDITS

CREDITS
CREDITS 110

Contact— Online—

Artist Pension Trust Artist Pension Trust / http://aptglobal.org

153 W 27th St, Ste. 802 APT Intelligence / http://apt-intelligence.com
New York, NY 10001 APT Blog / http://blog.aptglobal.org
USA

Tel: +212 871 1011

Fax: +212 871 1015
info@aptglobal.org

Scan this code to access a digital

copy of this publication

© Copyright 2009–2010, APT Holding Worldwide Inc. (BVI).

 111 CREDITS

APT Staff— Trust Directors—

Pamela Auchincloss / Chief Executive Officer APT Beijing

Carolyn Yuen / Director of Operations
Peter Emerick / Director of Art Collections
Sarah Greenwalt / Art Collection Manager
Stephanie Adamowicz / Administrative Assistant
Damon Zucconi / Web/IT Manager
Andrew Thompson / New York Registrar
Kyongfa Che / Co-Director
Sunyoung Oh / Co-Director
Shi Li-Sanderson / Co-Director
APT Berlin
Susanne Prinz / Director

Sonia Dutton / Managing Editor APT Dubai

November Paynter / Director

APT London
Kirsty Ogg / Co-Director
Gerrie van Noord / Co-Director

APT LOS ANGELES

Irene Tsatsos / Director

APT MEXICO CITY

Pilar Tompkins / Director

APT MUMBAI
Pamela Auchincloss / Interim Director

APT New York

Pamela Auchincloss / Director
Lissette Garcia / Regional Director

< Cover image: Sara Greenberger Rafferty,

Madeline. 2009
About APT—

Artist Pension Trust® (APT) is the first investment program created

specifically to provide emerging and mid-career artists with long-term
financial planning opportunities. Designed by professionals in both the
art and financial industries, APT is a unique way for artists to embrace
long-term financial planning at an early stage of their careers by investing
their own artworks collectively with other artists.
All participating artists invest 20 of their own artworks over a period
of 10–20 years in individual and independent funds organized around
regional markets. Each artist continues creating, exhibiting, and selling
work through traditional outlets, while setting aside a few works in order
to benefit from the value of the artworks invested with APT as it increases
accordingly. At the appropriate moment in each artist’s career, invested
artworks are sold by APT and the net proceeds are divided between the
proprietary artist (40%) and the other artists in the fund (32%). APT
also receives a portion of the proceeds (28%) to cover the maintenance
costs incurred over time. Participating artists will benefit from the sales
of their own artworks supplemented by a pro-rated portion of the net
proceeds of all other sales within their trust.
These artworks also constitute the APT Collection, a world-class
contemporary art collection available for exhibition to international
institutions and curators. APT draws on the extensiveness of the APT
Collection and our international network of curators to generate expo-
sure for participating artists. Some of the world’s leading contemporary
art museums and venues borrow works from the APT Collection, visible
to curators and collectors on our website.
APT supports traditional art industry practices through the sales
process while providing additional opportunities for artists to benefit
from an increasingly globalized art market.
© 2010
IMAGE: SARA GREENBERGER RAFFERTY, MADELINE (DETAIL). 2009