The pension plan, called the Artist Pension Trust, is a barter-based program where the income for the pension payments will come from the future sales of artworks, according to a Crain Communications report.
During the next two years, MutualArt plans to establish around 10 trusts, each comprising 250 artists, all of whom have to be chosen by a committee. The first trust will be made up of New York artists, Crain reported.
The selection committee for the New York fund includes gallery owner Jeffrey Deitch and David Ross, former director of the Whitney Museum of American Art and the San Francisco Museum of Modern Art. So far, 19 artists have been selected.