Proventus’ mindset provides the creative freedom that makes new approaches to culture possible, and allows audiences to experience challenging new work in ways that cannot be done elsewhere. David Neuman, the internationally respected curator, first proposed a new model for a visual arts institution to Robert Weil more than 30 years ago. Neither a museum nor a conventional gallery, the plan was to operate as a kind of arts laboratory, commissioning artists to create special pieces for exhibition, and then to acquire a selection of them.
For 3o years under Neuman’s leadership, Proventus has maintained Magasin III: a unique space in a repurposed warehouse in Stockholm’s harbour neighborhood. It’s a handsome, unpretentious, and robust space that has hosted many of the world’s leading contemporary artists, from James Turrell, to Mona Hatoum. It has created an important node in an international network of art spaces that are at the leading edge of contemporary art practice. The programme has been the basis for the formation of an art collection which now includes more than 800 artworks, supported by a rigorous cataloguing and publishing system. These are not trophy pieces or the starting point for a monumental museum, but rather represent a genuine engagement between curators, artists, and Proventus as a company that offers artists a rare chance to undertake original research.
In 2014, Magasin 3 became the Magasin III Museum and Foundation for Contemporary Art. The new name and visual identity reflects their evolving role as a 21st century institution, with a modern typeface and numeral ‘III’ that first appeared on the signage for the harbour warehouse. Acne Advertising collaborated on the design.
While their title has changed, their mission has not. Magasin III remains committed to supporting artists, engaging audiences, and sharing contemporary works with leading institutions around the world. Proventus sees the Magasin III programme as a chance to learn from the creativity of art in the broadest sense. It stands for values that last longer than short-term revenues. By involving itself with challenging definitions of art, Proventus acknowledges that, as an investment organisation, it cannot operate in a cultural vacuum.