More than 40 British artists, including Turner Prize winners, have filed a complaint against the Artist Pension Trust (APT), accusing the collapsed fund of running an unlawful collective investment scheme. They demand the return of their works after APT announced in May that it would shut the London pool and offered a termination deal returning 70% of each artist’s contributed value.

At its height APT held almost 10,000 artworks from 1,300 creators, with 200 artists in the London pool. Under the 2006 contract, artists received 40% of net sales, 32% went to a pooled fund and 28% to APT. Lawyers for the artists argue the scheme promised long‑term financial security, yet none have received payouts, and the FCA has not intervened.

APT’s winding‑up, overseen by Brons & Salas, has left the London entity dissolved and ownership dispersed among undisclosed shareholders. The artists’ letter rejects the 70/30 split, claiming the original agreements are void and demanding full restitution plus damages. By listing works on the Art Loss Register, they aim to block any resale, signalling a rare legal showdown that could reshape art‑collective investment models.