She will spend most of the proceeds from the sale of Roy Lichtenstein's painting on creating the Art for Justice Fund.
American philanthropist and art collector Agnes Gund has sold Roy Lichtenstein’s painting at an impressive price of $165 million. The painting becomes one of the most expensive 15 artworks ever sold. The art patron plans to donate $100 million from the proceeds on advancing the criminal justice reform in the US.
Gund has founded the Art For Justice Fund for this purpose. The organisation, which will be managed by the Ford Foundation, plans to raise $100 million more in the next five years, partly from art sales.
Agnes Gund challenges other art collectors to follow her example and sell some of their art pieces to donate proceeds from sales to social justice issues.
The Art For Justice Fund will give grants to organisations and individuals who are doing impactful and cutting-edge work to reform the criminal justice system. The first grantees will be announced by the end of the year.
“The criminal justice system in its current state—particularly in its treatment of people of color—is unfair and unjust. It is my hope that by supporting organizations working on criminal justice reform with proven track records, the Art for Justice Fund can inspire change and help pave the way for a better, safer future for our communities and the millions of people whose lives are devastated by mass incarceration,” Agnes Gund said as she announced the fund.
The art market is booming, with artworks becoming the most expensive items sold at auctions. It inspires many collectors sell their art and donate proceeds to charities.
Criminal justice is an acute problem in the US. Though only five percent of the world’s population lives in the country, the US has 25 percent of the world's total prison population. More than $80 million is spent annually on prisons. African Americans are imprisoned at a rate 10 times higher than that for whites.
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