Since the 1990s, artist-endowed foundations in the U.S. have seen a dramatic expansion, now controlling an impressive $9 billion in assets, according to research by the Aspen Institute’s Artist-Endowed Foundation Initiative (AEFI). A handful of these foundations, including those led by Cy Twombly and Alexander Calder, hold over 50% of this total amount.

The data reveals that while most of these artist-foundations are American, with artists born before 1931 predominantly based in the East Coast, some have become international players. For instance, the Helen Frankenthaler Foundation has increased its spending on emergency funds for artists hit by the pandemic to over $70 million.

Elizabeth Smith, executive director of the Frankenthaler Foundation, notes that their primary mission remains supporting artists, even as they grow richer. This comes at a time when 48% of American families with net worths between £5 million and £20 million report plans to establish their own funding organizations by 2029.

The research also highlights the uneven distribution within this philanthropic field, with AEFI working to include more under-resourced artists in its studies. Despite these large endowments, much of the assets are tied up in physical works of art, making them largely illiquid.