Skip to content
Society, Politics & Law

The Colours of Money

Updated Friday 10th October 2008

An innovative way of funding new artists - or a risky investment? Can you bank on artmoney?

 ‘Where any view of money exists’, wrote William Blake, ‘art cannot be carried on’, giving lie to this claim is Danish artist Lars Kraemmer who founded the Bank of International Artmoney (BIAM) in 1997. Situated in the Copenhagen suburb of Frederiksberg, the ‘Bank’ is both gallery and clearing house for the production and circulation of ‘artmoney’, an alternative currency now traded by around 1000 artists, buyers and businesses around the globe.

Struck by the recognition that everyone is trying to ‘make money’, but no-one literally does, Kraemmer saw the production of artmoney as a practical means of stimulating trade amongst struggling artists who couldn’t otherwise afford to pay their rent or buy art materials – a modern revival of traditional bartering.  But also critical of the cold and objective nature of conventional transactions, Kraemmer devised artmoney as a means to a more humanised and ‘expressive’ type of monetary exchange. Not only was each artmoney to be designed as a unique work of art, but was intended to bring people together in affective, rather than impersonal, forms of trade.

Artmoney can be produced by anyone registered with BIAM and, like conventional currencies, has some standard rules of design. Artmoney must measure 12x18 cm (in order that it resembles a banknote) and only durable materials may be used. Each piece of artmoney must show a serial number, the year of production, the url for BIAM and the name, signature and nationality of the artist. The only other proviso is that artmoney must be an original work of art. Like conventional currency, artmoney has a market price. Each piece of artmoney is purchased for 200 Danish Kroner (about £20 or 26 Euro) and increases in value by 5 Euro per year for 7 years, with the increase in value being redeemable only when purchasing art from artmoney artists. When spending artmoney in other places, each piece retains its original value, regardless of the year of production – inflation being accounted for by periodic revaluations (when launched ten years ago each piece was worth 100 Kroner).

Front of Artmoney example Copyright free image Icon Copyright free: Mark Banks
Art Money No 177 (front image)
by Birthe Lindhart

Copyright free image Icon Copyright free: Mark Banks
Art Money No 177 (back image)
by Birthe Lindhart

 

Once produced, artmoney can then be used like standard currencies. It can be used in exchange for goods and services (Kraemmer claims to have bought his stereo, computer and fridge with artmoney and used it to finance a trip around America).  Currently around 50 registered businesses (including cafés and bars, galleries, various retailers, even a psychotherapist) also accept artmoney as part payment for goods and services, at a rate determined by the individual business. There is also a host and guest programme where artmoney can be used to pay for travel accommodation.

But why would conventional businesses accept non-legal tender? According to Kraemmer, traders may be motivated by the opportunity to own a piece of original art,  touched by a desire for more meaningful exchange relations or simply amused by the quirkiness of the concept. As the BIAM website idealistically claims, using artmoney to pay for goods and services ‘will help bring people together in an intimate private situation’, offering ‘the chance for new friendships among strangers from all over the world’. And while it might be some time before we see Asda and B&Q accepting artmoney, the number of firms buying into this sentiment is steadily rising. 

the purpose of artmoney is to make art accessible and money meaningful

But is artmoney art? There is no denying the beauty and craft of artmoney (and that exhibitions of artmoney have proved popular with the critics and attracted collectors) – but since anyone can produce it (providing they stick to the given rules) there is plenty of artmoney in circulation in which even the most generous of critics would struggle to identify any artistic merit. For BIAM, such concerns are beside the point – the purpose of artmoney is to make art accessible and money meaningful. Bringing art into the hitherto mundane world of exchange helps overcome the modern separation of ‘art’ and ‘everyday life’ and also restores a sense of creativity, uniqueness and humanity in the exchange relationship. Stimulated into conversation by simple acts of ‘natural’ exchange, people become part of something communitarian and internationalist in focus – in this respect individual artistic ability is less important than using art to enhance sociability and communication.

Currently, however, it seems artmoney is in fiscal crisis. The project suffers from a surfeit in the ‘money supply’ but a shortage of ‘aggregate demand’ - indeed the project is in some danger of folding. Funds are also required since BIAM is currently embroiled in legal disputes with Danish authorities over the legitimacy of its use of the term ‘Bank’; a problem which highlights that the (now jail-threatened) Kraemmer has achieved at least one of his aims – to expose the politicised character of finance by challenging the state monopoly on the production of money.

So while in this time of credit crunch and impending recession, the idea of playing the currency markets might not appeal, people could speculate on a little artmoney. They would be helping artists and may well get themselves a mini-masterpiece - and if not they could always try and spend it on something else.

For further information see www.artmoney.org.

 

For further information, take a look at our frequently asked questions which may give you the support you need.

Have a question?

Other content you may like

Should I lock in my exchange rate when using cards and ATMs abroad? Creative commons image Icon Agastya Chandrakant under Creative Commons BY-SA 4.0 license article icon

Money & Business 

Should I lock in my exchange rate when using cards and ATMs abroad?

Nowadays, you might be offered the option of 'locking in' an exchange rate when shopping overseas - in effect, paying in your home currency rather than the local one. It can be an expensive mistake, warns Jay L Zagorsky.

Article
Money’s Second Life? Creative commons image Icon Anil Mohabir under CC-BY-SA licence under Creative-Commons license article icon

Society, Politics & Law 

Money’s Second Life?

Our increasingly virtualised world has seen music switch from physical formats to digital downloads. Should money also go digital - and if it does, would it necessarily be for the best?

Article
Discuss: Does work define your class position? Copyrighted image Icon Copyright: BBC activity icon

Society, Politics & Law 

Discuss: Does work define your class position?

What do you think about work and the working class? Fill in our short survey and share your thoughts and memories.

Activity
Joke Booth Jokes Copyrighted image Icon Copyright: Used with permission video icon

Society, Politics & Law 

Joke Booth Jokes

 Watch some of the jokes told for Lenny's Britain - and explore their more serious side.

Video
5 mins
Psychology in the 21st century Copyrighted image Icon Copyright: Used with permission free course icon Level 2 icon

Society, Politics & Law 

Psychology in the 21st century

Psychology is not a simple subject. This free course, Psychology in the 21st century, examines how different aspects of human behaviour provide the focus for different psychologists. Using learning as an example, you will discover how many different approaches can be adopted, thus illustrating that there is no single way of answering psychological questions.

Free course
12 hrs
The end of the line: Is fishing in crisis? Creative commons image Icon Rockyeda under CC-BY licence under Creative-Commons license article icon

Society, Politics & Law 

The end of the line: Is fishing in crisis?

The once-abundant oceans are running short of fish, while trawlers discard edible catch. Can the recent high profile political campaigns offer a solution to the crisis?

Article
Beyond the Babble: A conversation about the art of listening Creative commons image Icon The Open University under Creative Commons BY-NC-SA 4.0 license audio icon

Society, Politics & Law 

Beyond the Babble: A conversation about the art of listening

‘Beyond The Babble’ is an interactive and participatory audio focused installation. It explored questions of identity, belonging and the fragile nuance of power-shifts around the impact of voices may have --  beyond the noise which perhaps social media create.

Audio
5 mins
Who are otherkin - and how should we view them? Creative commons image Icon Wellcome Library, London under Creative Commons BY 4.0 license article icon

Society, Politics & Law 

Who are otherkin - and how should we view them?

People who choose to identify as something other than human can often be the subject of ridicule.  Pedro Feijó has researched how otherkin, and others, have been viewed through the centuries. 

Article
The Cycles of Neurosis Creative commons image Icon squacco under CC-BY-NC licence under Creative-Commons license article icon

Society, Politics & Law 

The Cycles of Neurosis

Engin Isin asks whether society is encouraged to overreact to certain events.

Article