For Immediate Release
Contact: Joel Wachs (212) 387-7555 JANUARY 26, 2004 The Andy Warhol Foundation for the Visual Arts Announced a Ten-Year, $10 Million Grant to Creative Capital
In a major demonstration of its commitment to America’s artists, the Andy Warhol Foundation for the Visual Arts today announced a ten-year, $10 million grant to Creative Capital, a foundation providing grants and professional development support to individual artists. The gift will provide $1 million a year over the next nine years, and an additional $1 million for cash reserves.
Joel Wachs, president of the Warhol Foundation, said that in the few short years since its inception, Creative Capital has become one of the nation’s pre-eminent funders in its field. Conceived in response to the funding crisis brought on by the National Endowment of the Arts’ elimination of grants to individual artists, the Andy Warhol Foundation took the lead in launching a new organization to provide both grants and support services to worthy artists, bringing together over thirty private donors, individuals and foundations to fund Creative Capital for its first five years.
Since its launch in 1999, Creative Capital has funded 158 noteworthy projects in a variety of media, including film, photography, painting, sculpture and performance. In addition to cash grants, it also provides artists with counsel and assistance for everything from career development and audience building to financial planning, networking and promotional support.
Wachs said, “Creative Capital has shown tremendous creativity in the design of its program, and is also sharing its innovative funding model with other foundations and organizations nationwide. The new Warhol grant will ensure that Creative Capital continues its operations over the next decade, serving new generations of artists in all disciplines.”
In order to make the grant, the Warhol Foundation’s board voted to increase its grant budget by 20 %, despite the economic downturn of the past few years. Wachs and board chair, Werner Kramarsky, said “It is critically important for our nation to recognize its artists, to value the contributions they make to our society, and to give them the support they need to create their work. Creative Capital is an extraordinary example of an organization that truly understands artists and their needs, and works effectively with them to help achieve their goals. The Warhol Foundation is proud to support Creative Capital, and through it, American art and artists.”
Ruby Lerner, Creative Capital’s president, added “The paucity of support for individual artists in this country makes it all the more impressive that a major foundation like Warhol is willing to make such a big commitment. Creative Capital is honored to receive this gift, which is a bold and uplifting gesture and a major contribution to the effort to sustain and protect our nation’s artists.”