A piece of artwork represents a specific value, which can be applied in very different contexts. When the Foundation for Contemporary Arts Prague was putting together its art collection at the end of the 1990s, it was for a number of different reasons. Primarily, it needed to demonstrate to the court that the foundation has assets worth at least half a million Czech Crowns.
The willingness of many artists to donate their artwork to the foundation not only made it possible to fulfil this administrative requirement, it also provided the valuable proof of the artists friendly relations to this institutions.
Subsequently the art collection made it possible to implement two useful programs – firstly, the free of charge lending of the paintings to the walls of a hospital and, secondly, the financially contributive temporary placement of the artworks in various offices, including the presidential office.
Currently the art collection is once again rendering the foundation another very important service. The money gained from selling individual works is financing the reconstruction of the building in Prague's neighbourhood Letna, purchased by the foundation in 2014 for the implementation of programs of the Centre for Contemporary Art Prague.
When selling artwork, the Foundation takes that it goes to go to “good hands” and always obtains explicit agreement from the artist with conditions of sale. We believe that the selling of our collection will bring fruit in the form of alive artistic activity that will fill the space of the newly reconstructed building.