A Fictional Story of Vincent van Gogh
Vincent van Gogh was a prolific painter in the late 19th century who had a deep passion for his art, but unfortunately, he struggled with financial troubles for much of his life. One day, he had an idea to seek the support of his patrons to help him fund his upcoming paintings that were works in progress and due for auction in the coming Summer.
Vincent’s patrons, who were wealthy individuals interested in supporting the arts, were excited to invest in his vision. They each put in at least 100 francs, which represented their investment in Vincent’s upcoming paintings. The five paintings were all in progress, and Vincent presented his works to interested patrons. Each painting was pre-sold to patrons for 1,000 francs, and before putting in their investment, Vincent held ‘Ask-Vincent-Anything’ or ‘AVA’ sessions as he called them where the patrons had the opportunity to ask Vincent anything about him and his inspiration for each painting.
Investments were made based on a first-come, first-served basis, and once 1,000 francs were raised for a painting, no further investments were accepted. At the end of the process, each painting was co-owned ‘fractionally’ by a number of patrons. With the 5,000 francs successfully raised, Vincent could concentrate on putting his creativity and inspiration to canvas without being distracted by financial concerns.
In six months at the turn of Summer, Vincent revealed his five completed paintings at the La Maison de l’Enchère Royale. Each painting attracted different bids and interest, fetching prices of between 10,000 to 50,000 francs each. The auction house deducted its fees, and Vincent received a performance fee for his work and each patron was accorded their share of the proceeds from the sale of the paintings based on their proportioned interest in each painting. The patrons had a direct impact on the production of the artworks and shared in the financial success of the artist.
Vincent van Gogh’s innovative funding model for the arts proved to be a success. It provided patrons with an opportunity to invest in the creation of new artworks and share in the financial success of the artist. This funding model was a step towards revolutionizing a new funding model for the arts.
But What If The Story Comes True...
The above story is obviously fictional because Vincent van Gogh’s paintings only became extremely valuable in the late 20th century well after his death in 1890. Also, perhaps to some it is too vulgar to talk about art in such a commercial way. However if we swapped out the struggling artist for an aspiring venture capitalist, what we have may be a step towards revolutionizing venture capital.
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