Germany’s National Art Acquisition Budget

In August 2020, the German government announced a six-fold addition to the Federal Art Collection’s acquisition budget as part of a new cultural initiative to help artists, galleries, and dealers impacted by the pandemic, which increased the ministry’s funds from USD 590,000 to $3.5 million. The Federal Art Collection was founded in 1970 and holds about 1,700 works of art, which are loaned out to national museums. This pandemic-response initiative is a supplement to Germany’s USD 1.17 billion New Start initiative, which was launched as a bailout for the cultural sector in June.

Under the initiative, 150 works are to be purchased from art fairs, from small galleries, and directly from artists’ studios, with the stipulations that individuals and organizations may not apply to be considered and that no acquisition is to be valued above USD 24,000. All decisions are to be based on recommendations from five jurors, who serve for a period of five years.

See (Germany Increases National Art Acquisition Budget by 600 Percent)