The Art Reserve Bank comes to Eindhoven. The bank is currently located at the Zuidas in Amsterdam, the financial heart of the Netherlands.
The bank is coming to Eindhoven mid-September and will be located at the Van Abbe Museum or the Stationsplein. The Art Reserve Bank is an experiment initiated by a group of artists who want to test the real value of money. It should clarify the monetary system to the public. The group wants to issue a new reserve currency (reservemunt) of 100 Euros. The coins are based on the art’s value. Every month, a hundred coins are designed by top artists, such as Eindhoven designer John Korneling. In five years, you can either exchange the coin for the same value plus 10 per cent, or you can decide to keep the artwork. If all the buyers would exchange their coins for Euros the Art Reserve Bank will go bust. The founders are convinced this is not going to happen because the buyers will want to keep their artworks that they consider valuable. This proofs the possibility of Art as an intrinsic value of a reserve currency.The Art Reserve Bank needs 4,000 Euro to enable the Bank’s relocation to Eindhoven. This amount should be raised by crowd funding.