Volta art Fair founders Bring Finance Industry’s Fast-Cash Option to Galleries

20130314 162931 Volta art Fair founders Bring Finance Industrys Fast Cash Option to Galleries
Photo by Steve Shane Foundation’s gallery and collector liaison Amanda Coulson and managing partner Uli Voges

Basically Ulrich Voges has launched a factoring company for galleries i.e You can turn your invoices into cast a.s.a.p minus a commission (see below for details).

“It’s an incubator for a certain kind of gallery,” said Foundation co-founder Ulrich Voges, who also launched Volta in 2005 with Amanda Coulson. Big galleries don’t need extra capital, and private lenders already exist to serve the blue-chip secondary market. But, to date, no entrepreneur has risked advancing cash to the lower-end galleries on the primary market.

“What’s important to these galleries is cash flow, the liquidity,” Voges said. “What you really need on your daily basis is always something you have to fight for.”

So far, Foundation, which Voges founded alongside Coulson, Karl Rheinberger, Tobias Kirchhofer, and Philipp von Ilberg, has raised €800,000, and plans to be operational with that budget in time for Art Cologne in April. At that point, any of its 100 member galleries can approach Foundation on a deal-by-deal basis and, if it approves the sale, the gallery will receive a 90-percent advance within 48 hours. Foundation keeps 3.8 percent for itself — slightly more than what a credit card company typically charges merchants. More info at artinfo.com

www.foundationtm.net

About Mark Westall

Mark Westall is the founder and editor of FAD Website, a curation of the world’s most interesting culture, and Creative Director of FAD Agency, a strategy & creative agency working with brands to solve business problems using cultural tools. In 2008 following his passion for art he founded what has grown to become FADwebsite. FADwebsite is internationally recognized as a key figure within the emerging and contemporary art world, and has been selected as official partner by organizations as diverse as Moving Image, Volta and Christie’s. In addition Mark is a columnist for City and Canary Wharf Magazines and expert advisor to art fair Strarta.

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