The Swedish car manufacturer Polestar is known for doing things in new ways and is now introducing a completely new way of buying the electric hybrid Polestar 1, before production is discontinued later this year. Potential buyers will be offered the opportunity to buy the car by exchanging artwork they already own to a value of 155,000 euros.
"I love the idea of buying a Polestar 1 with art. The car is special, and we wanted to find a unique way to celebrate it before production ends. It is handmade, unique and tangible, much like a work of art", says Thomas Ingenlath, CEO of Polestar.
Polestar's initiative comes in the midst of a new art boom, where new ways of shopping for art have emerged. From non-fungible tokens to a pair of Kanye West-designed shoes that sell for $ 1.8 million at auction.
"Historically, many significant art transactions have taken place outside what we today associate with the art market. Hundreds of years ago, the art trade took place mainly between artists and patrons. Painters like Picasso were known for exchanging sketches for restaurant meals. Polestar's initiative is actually a very natural extension of the tradition, where art is used as payment for precious goods", says Theodor Dalenson, Polestar's art advisor on this initiative.
Polestar will evaluate all forms of art, including paintings, sculptures, photographs, installations etc. Incoming proposals will be considered by Theodor Dalenson. If the work is considered relevant, it will receive a valuation estimate of the two largest auction houses Sotheby's and Philips. After a period of ownership, it is Polestar's intention to sell the art through the above auction houses or through the dealers representing the artists.
The strategy was launched on June 10, 2021, and will last until August 15, 2021. It is valid for Europe and North America. Submissions can be made via polestar.com.
