Sold for $5,355

Sold prices are inclusive of Buyer’s Premium

Lot Description

Theaster Gates

(American, b. 1973)

Bank Bond

, 2013

carved marble

incised Theaster Gates (lower left); signed and numbered 51/100 (verso)

6 x 8 x 1 inches.

Property from a Private Collection, Chicago, Illinois

Provenance:
Stony Group, LLC, Chicago

Literature:
Ben Austen, Chicago's Opportunity Artist, The New York Times, New York, December 22, 2013, pp. 26
Melissa Harris, First look inside Theaster Gates' new Stony Island Arts Bank, The Chicago Tribune, Chicago, September 4, 2015
Andrew M. Goldstein, Theaster Gates on Using Art (and the Art World) to Remake Chicago’s South Side, Artspace, New York, September 24, 2015
Kristin Hohenadel, A Dilapidated Bank Turned Stunning Cultural Center Opens in Chicago’s South Side, Slate, New York, October 6, 2015
Haley Weiss, An Island on the South Side, Interview Magazine, New York, October 6, 2015
Jonathan Griffin, On some level, I’m just looking for good problems to solve, Apollo Magazine, London, March 6, 2017, another impression illus.
Mark Rappolt, Theaster Gates: Relative Values, ArtReview, London, March 24, 2017
Theaster Gates, The Hope Machine, Harper's Bazaar, New York, May 4, 2022

Lot Note:
Bank Bond (2013) elegantly articulates the amalgamation of Theaster Gates’ (b. 1973) artistic and social practices, each intrinsically related to his career, community, and his native Chicago skyline. After purchasing the dilapidated Stony Island Bank from the city of Chicago for $1 on the guarantee that he would rebuild it, he funded the project with handmade currency -- “bank bonds” made from the old marble flooring. It was a risky bet, but not his first, as what would become the Stony Island Arts Bank was a project undertaken by Gates’ own Rebuild Foundation, with Gates at the helm as founder and artistic director. The Rebuild Foundation is a non-profit organization focused on redevelopment initiatives in under-resourced communities, managing projects that focus on converting vacant buildings into cultural institutions that preserve archival collections from the South Side. Originally built in 1923, the Stony Island Bank on 63rd and Stony Island Avenue was a busy, lively community savings and loan until systemic redlining slowly eroded much of the South Side, taking the bank down with it. The Stony Island Arts Bank now serves as the Rebuild Foundation’s headquarters, offering free arts and community programming. Gates’ remodel – for which he eventually raised $3.7 million – is a physical testimony to the power of art in the restoration and development of Chicago’s overlooked neighborhoods.

Condition Report

The physical condition of lots in our auctions can vary due to age, normal wear and tear, previous damage, and restoration/repair. All lots are sold "AS IS," in the condition they are in at the time of the auction, and we and the seller make no representation or warranty and assume no liability of any kind as to a lot's condition. Any reference to condition in a catalogue description or a condition report shall not amount to a full accounting of condition. Condition reports prepared by Hindman staff are provided as a convenience and may be requested from the Department prior to bidding.

The absence of a posted condition report on the Hindman website or in our catalogues should not be interpreted as commentary on an item's condition. Prospective buyers are responsible for inspecting a lot or sending their agent or conservator to inspect the lot on their behalf, and for ensuring that they have requested, received and understood any condition report provided by Hindman.

Please email fineart@hindmanauctions.com for any additional information or questions you may have regarding this lot.