Art-Switch
| website: | http://www.art-switch.com |
Company details
[Login to edit this information]What does it do?
Art-Switch is a fine art library-cum-marketplace. For £365 a year, institutions and individuals can borrow any artwork for up to 3 months, extend their hire for a fee, switch for free, or buy it.How is it social?
Art-Switch aims to:
1) Strengthen society through pro-social messages within creative artwork.
2) Extend art literacy to all levels of society.
3) Accurately evaluate artists' contribution to society.
4) Create royalties for artists.
5) Create a proper income for the artistic community.
What is its business model?
The Art-Switch library enables institutions to try out numerous artworks at their premises by borrowing before purchasing. This costs just £1/day. Employees vote for artwork they like, which fosters a greater understanding of art without intimidating people.
The company supports artist communities with a good commercial deal for the artist: 100% fees, 75% sales, exposure and royalties on re-sales. Institutions can thus use Art-Switch both to enhance their corporate image - clients' premises are transformed into a gallery through rotating exhibitions - and improve their social responsibility. All this generates exposure and transforms artwork into income-generating assets, as well as assets with potential for capital gain.
The popularity of artwork allows Art-Switch to publish objective demand-driven prices for artwork daily. The ensuing price confidence makes Art-Switch a transparent primary and secondary marketplace for art owners. This library-cum-market-making platform is an alternative open ‘free market’ serving as an incubator for emerging artists to launch their careers. The company makes it possible for a wall in a school or hospital to be sponsored by someone willing to pay the £1/day on behalf of the school/hospital. This enables low income groups to gain exposure to fine art and culture within these institutions.
Revenues accrue from charges for delivery, hanging, enabling client's staff to vote for artworks and other added value services. Art-Switch does not purchase artwork. It is contributed by artists free of charge, because the model ultimately benefits them socially and financially. Artwork can also be purchased outright by clients.
Its history
2004 - Market research and feasabililty studies during CEO's MBA.
2005 - Registered company, developed legal contracts for model & version 1.0 IT system.
Early 2006 - Pilot on private clients & customer focus/market-led IT changes.
2006-2007 - Pilot on corporate clients & customer focus/ market-led IT changes.
Late 2007 - Early stage investment round for increasing manpower for operations.
2008 - Marketing drive initiated with exposure in Reuters TV news, the Guardian, BBC radio 4 and the FT, plus invitations to speak at London chamber of commerce. It has now serviced hundreds of blank walls in London.
More information
| Current shareholders: | Parag Shah, Ronaldo de Andrade, Mark Randall, Ken Randall, Chris Mathias. |
| Chair: | Parag Shah |
| Year of incorporation: | 2005 |
Company snapshot
| Company type: | Ltd |
| Address: | 137 Gerry Raffles Square, Stratford, London, GB, E15 1BQ |
| Telephone: | 020 8555 0037 |
| Blog: | Art-Switch Blog |
| CEO: | Parag Shah |
| Industrial sector: | Business services |
| Social / Environmental benefit: | Awareness and advocacy; Community development; Poverty alleviation; Employment; |
| Certifications: | Not Applicable; |
| Social business sector: | Other; |
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