The work.
The diptych as sovereign instrument and three temporal realities.
The Syndicate
(Master Protocol No. X / 12), 2026
Diptych. Blind-embossed master agreement on twin sheets of cotton vellum 600gsm, graphite, Optium Museum Acrylic, white-washed European oak frames. Two panels, each 70 × 100 × 5 cm. Edition of 12 unique diptych instruments. 10 public allocations. Artist proofs No. 11/12 and No. 12/12 held by Leroy Brothers.
The work establishes a hierarchy of law. The blind-embossed agreement on the wall is the sovereign instrument. The corporate filings are its administrative consequence.
The Syndicate is not a financial product with art attached. It is an artwork that generates yield. That distinction determines how it is acquired, how it is held, and how it functions over time in a collection.
The embossed text on each panel constitutes a complete legal agreement between Artist and Collector. The OCA contract, the equity deed, the shareholder register: these exist because the regulatory world requires them to. They do not supersede the work. The work supersedes them.
The physical work belongs to the Collector in perpetuity regardless of all financial outcomes. It enters the collection on the day of acquisition. Its status as an artwork is independent of whether the hotel opens, succeeds, or is eventually sold.
Duration: PermanentThe OCA pays 20 000 EUR per year across a 6-year term: one renovation year and five operational years. From the end of Year 3, Leroy Brothers hold the Termination Protocol, the right to repay at par with 90 days notice. The Collector receives their capital back.
6-year term · Early repayment from Year 3The 1% equity keeps the Collector tethered to the institution's metabolism in perpetuity. Annual dividends grow as the hotel stabilises. From Year 5, Leroy Brothers hold a Call Option at a formula price. The Collector holds the right of refusal and can hold indefinitely.
Duration: Perpetual