30 June 2021|Investing, Latest Posts, Lifestyle
Artists and art collectors are now able to buy a Polestar 1 with art. Swedish automaker Polestar is known for exploring new ways of operating in the car industry. The brand now introduces an additional way of buying its halo electric performance hybrid before it reaches end of production later this year. Prospective buyers will be offered the opportunity to pay for the EUR 155,000 vehicle by trading art they already own.
Thomas Ingenlath, CEO of Polestar, says: “I love the idea of letting artists and collectors buy a Polestar 1 with art – it is such a special car and we wanted to find a unique way of celebrating it before its production reaches an end. It is hand-made, precious and tangible, much like a piece of art.”
Polestar’s initiative comes amidst a recent art boom with new ways of trading art emerging, from non-fungible tokens (NFTs) to a pair of Kanye West-designed shoes selling for $1.8 million at a recent auction – as well as auction prices for classic and contemporary art recently soaring.
“Historically, many significant art transactions have taken place outside of what we today associate with the art market,” says Theodor Dalenson, a leading private art advisor who serves as Polestar’s advisor on this initiative.
“Going back several hundred years in time, art trading mainly took place between artists and patrons. Painters like Picasso were known to trade sketches for restaurant meals. Polestar’s initiative is essentially a very natural extension of the tradition of art being used as payment for precious goods.”
Dalenson has been involved in the art world as a benefactor and has been a board member of institutions such as Moderna Museet in Stockholm, Perez Miami Art Museum, Guggenheim Museum and Foundation, Aspen Art Museum and Americans for the Arts.
Polestar will consider all forms of art, including paintings, sculptures, photography, installations and more. Incoming proposals will be reviewed by Dalenson, and if deemed relevant, receive a valuation estimate by the two largest auction houses: Sotheby’s and Philips. It is Polestar’s intention to, after a period of ownership, sell the art, either via the above auction houses or through the dealers that represent the artists.
The scheme began on 10 June 2021 and will run until 15 August 2021 in Europe and North America, and submissions can be made at https://www.polestar.com/uk/art/
In April 2021, a special edition Polestar 1 was revealed at the Shanghai auto show, featuring a bespoke matte gold exterior paint job with matching brake callipers and black wheels. Inside, colour-matched gold stitching gives the interior an even more unique feel. A maximum of 25 will be built and a handful will be eligible for the initiative.