Creative force
For decades, foundations endowed by well-known artists have quietly operated exhibition programs, awarded grants to artists, and offered artwork to museums. Now, a major study is calling attention to their efforts. The recent report by the Aspen Institute’s Program on Philanthropy and Social Innovation identified some 300 such foundations holding close to $3 billion in assets, half of them created in the past 15 years. Artist-endowed foundations are a burgeoning force influencing the global art world, says Christine J. Vincent, who authored the study. They not only award grants to nonprofits, artists, and scholars and provide stewardship for art collections and archives, but also manage artist residencies and art and cultural programs. “This is a terrifically dynamic field,” said Vincent. “More and more of these foundations were being created and it became useful to have a body of knowledge that will help the next generation make the most of its donors’ generosity.” The study...