Emerging Artist Derivative Contract, 2010

The Emerging Artist Derivative Contract, or EADC, is both an artwork and a functioning contract. The contract stipulates that, in exchange for an amount of money which represents current market value of a work by Tom Saunders, the buyer will receive an artwork in 10 years time. 

The contract was featured in various UK and international newspapers, starting with coverage in The Times and expanding to Frankfurter Allgemeine and Il Sole 24 Ore. It was also the subject of an academic essay by Dr Nico Kos, in his 2011 book 'Betriebswirtschaftliche Kunstberwertung'.

Thus, the contract acts as a bet on the artist's future success. Ten years after the contract is exchanged, the buyer is offered a portfolio of current works (which must be examples of the artist's recognised work), from which they are allowed to choose one.