Swizz Beatz & Alicia Keys join forces with Bonhams to support artists in getting compensated for resold work.

In the past, artists have often been left out when the value of their art increases in the secondary market. However, there are some who are trying to change this trend, and among them are the famous musicians and art enthusiasts Kasseem "Swizz Beatz" Dean and Alicia Keys. Their recent collaboration with Bonhams aims to launch a voluntary resale royalty initiative that will benefit artists financially when their work is resold.

This program, known as the Deans' Choice, is set to be introduced before Bonhams' November sales in New York, as reported by The Art Newspaper. Under this initiative, consignors can choose to contribute a minimum of 1% of the artwork's hammer price or $500, whichever is higher, to the artist. Bonhams has even promised to match this contribution.

This model reflects a concern that has long been on the minds of the Deans, who have not only built an impressive collection of contemporary art but also advocated for artists to receive financial benefits as their work gains value. According to Seth Johnson, the chief executive of Bonhams, this is something that artists have been asking for from the market for a long time. Moreover, this initiative also brings the economics of visual art closer to that of the music industry, where artists receive royalties for their copyrighted work when it is streamed, performed, or used in other ways.

In contrast, visual artists have had to navigate a more fragmented landscape. While more than 90 countries have established resale royalties, also known as droit de suite, efforts to create similar federal protections in the United States have not made much progress. Therefore, the voluntary model proposed by the Deans offers a way to experiment with a more artist-centric secondary market without having to wait for legislation.

Johnson clarifies that their approach to this initiative is not to make a profit, but rather to have a visible measure of its success. The more it costs Bonhams, the more successful the initiative will be, and that is the whole point of doing it. He also adds that collectors have responded positively to this initiative, and if others follow suit, it will be a win for artists and the market as a whole.

The Deans' influence in the art world continues to grow as they expand their collection. Their art collection, known as "Giants: Art from the Dean Collection of Swizz Beatz and Alicia Keys," will soon begin its fifth leg of a traveling exhibition at Newfields in Indianapolis starting September 19. This exhibition, which will run until February 28, 2027, features works by renowned artists such as Nina Chanel Abney, Arthur Jafa, Gordon Parks, Amy Sherald, Jean-Michel Basquiat, Mickalene Thomas, Barkley Hendricks, Ernie Barnes, and Kehinde Wiley.

In a recent interview, Swizz Beatz shared his thoughts on the beauty of investing in art, highlighting the importance of supporting and uplifting artists. With initiatives like the Deans' Choice and their traveling art exhibition, it is clear that the Deans are not only passionate about collecting art but also about creating a more equitable and supportive environment for artists.