Our attention was drawn to the recent Guardian article "'My work sells for millions but only a fraction of that came to me,’ says Scottish painter". Sadly, an all too familiar headline sharing accomplished artist Peter Doig's critique of the art market.

In response to the challenges highlighted in the article - particularly regarding the secondary market and the lack of transparency - LettsArt presents a potential solution. Doig’s concerns focus on how artists, especially emerging ones, are often cut off from the profits made through resales of their work, with transactions being kept secret from them. He criticises the “clandestine” nature of these dealings, where artists neither know who owns their work nor receive any financial benefit from future sales.

LettsArt has always championed the empowering of artists, particularly emerging ones, in getting their work into the world by creating a more transparent and artist-centred approach. With LettsArt, artists are in control of the initial art sale, setting fair prices and taking a much greater share of profits. And important, and critical, first step. And over the course of this year new features are being released for artists to retain more control and visibility over their work post-sale. This is crucial in tackling the opacity of the traditional art market, where collectors and galleries often exclude artists from secondary market profits. With a roll-out of blockchain technology, LettsArt will ensure that every sale will be tracked, and artists are aware of who owns their pieces and when they are resold.

LettsArt promotes a fairer revenue-sharing model, unlike the current market structure, where artists typically do not see returns from the inflated prices their works fetch on the secondary market. Through smart contracts, artists can receive a percentage of resale profits, thus fostering a more equitable system that contrasts with the one Doig criticised.

In essence, LettsArt offers an option that empowers artists with more transparency, control, and a fairer share of the profits, directly addressing the major pain points identified by Doig in the traditional art market.

Get on board with LettsArt! Over 600 artists are now building galleries using Lettsart, gaining back control of their careers and challenging the status quo. Sign up today!

Post image: “Parkour Picasso” by Softwasp, https://softwasp.lettsart.com/social/artwork/artwork_GLbVTnY0f5heMiiTGTFr