If anyone has been obviously hurt by the recession, it's been Gen Art. When things got tough, sponsors became scarce, and as a nonprofit, Gen Art depends on them. This is perhaps why we've seen its diminished presence in Miami. Its local office was closed earlier this year, with business now being run out of its New York office. In fact, at June's Shop Miami, it was painfully obvious the organization was suffering.
But according to a Gawker tipster, the recession isn't the only reason the organization is in trouble; plenty of mismanagement from its executives is also to blame. The tipster calls the organization a "tax fraud," and despite the nonprofit's mission of supporting emerging artists, some winners haven't yet to be paid.
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But the biggest accusation is reserved for co-founder Stefan Gerard. The tipster tells Gawker: "Gen Art ran out of money long before the economic crisis. The return of
Stefan Gerard, brother of CEO Ian and cofounder, plunged the company
into mismanagement in 2007 and vendors stopped being paid in early 2008."
Riptide emailed Gen Art for comment and is awaiting a response.