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The above building, formerly an abandoned bank on the South side of Chicago, cost $1 to purchase from the city.
It used to look like this inside:
Now it looks like this:
Installation artist Theaster Gates bought the Stony Island Trust & Savings bank, which was built in 1923, from the city for $1.
The only issue was that he was required to raise the $3.7 million needed to refurbish it.
He did so by pulling pieces of marble from the structure, cutting them into bond certificates and stamping them with his signature and the motto, “In ART we trust”.
He told the New York Times in 2013 that he’d sold 100 for $5,000, with some larger versions going for $50,000.
The newly reopened bank now functions as its own art installation and social space, and will also house other exhibitions in the future.
The Rebuild Foundation, which was founded by Gates, now reports that the bank will be:
>a platform for site-specific commissions and exhibitions, a venue for artist and scholar residencies, and a home for Rebuild's archives and collections.
The now-named Stony Island Arts Bank is open to the public Tuesday through Saturday from 11am to 6pm.
All pictures Rebuild Foundation
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