Last week, Art Vectors Investment Partnership, an initiative by investment banker Sergey Skaterschikov, made some of their first purchases at Viennafair The New Contemporary 2012.
Skaterschikov, who with Dmitry Aksenov bought 70% of the fair last spring, created a one million Euro fund, Art Vectors Investment Partnership, to acquire work exhibited at the fair.
The international board, consisting of Joseph Backstein, director of the Institute of Contemporary Art Moscow, Levent Çalıkoğlu, chief curator of the Istanbul Museum of Modern Art, Nicolaus Schafhausen, designated artistic director of Kunsthalle wien, and Rainald Schumacher, freelance curator and author, Office for Art, Berlin, viewed the fair multiple times during the opening day on September 19. With the more than 50 artworks that the jury has thus far selected a large part of the budget of one million Euros has already been invested.
With a new look, the upgraded Viennafair was run by two young new directors, Vita Zaman and Christina Steinbrecher. “We are happy that we could make an added contribution to the success of Viennafair The New Contemporary with the first purchases. And we are looking forward to the further development of this new initiative,” says Friedrich Kiradi, economic director of the Art Vectors Investment Partnership. In the coming five years, a minimum of one million Euros will be available annually.