Another will following in the coming days...
Statement – 6th November 2016
In reference to the recent article in the Sunday Times newspaper regarding Blood Swept Lands and Seas of Red at the Tower of London 2014, please find a statement below on behalf of Paul Cummins Ceramics:
Profit by Paul Cummins:
* Paul Cummins Ceramics Ltd and Paul Cummins absolutely did not profit from the installation. The accounts on Companies House in fact show the artist made a modest loss.
Estimated costs into manufacture and production of 888,246 ceramic poppies:
* The costs estimated by The Sunday Times, significantly undervalues the actual costs to create, manufacture, produce and market these unique ceramic poppies. The costs assumed by The Sunday Times misrepresents the process of which this installation was created, which required, to mention just a few elements, staffing, set up costs, finance, insurance and transportation, which all needed to be accounted and paid for.
The poppies being promoted as raising ‘in excess of £15m':
* Historic Royal Palaces and Paul Cummins Ceramics estimated net profits of up to £9.8m in the documents setting up the Community Interest Company filed at Companies House in July 2014, this is publicly available. The project achieved £9.5m, a great success.
• all sums received were fully accounted for.
* To set up the project, the artist entered into a commercial loan through a reputable brokerage firm, in line with what would be expected from any high risk, large-scale project, the likes of which had never been seen or attempted before. This was very significantly below the amount raised for charities. The project would never have been possible without the financial backing of the artist’s investor.
* It was made clear at point of sale that the poppies were being sold by Paul Cummins Ceramics Blood Swept Lands and Seas of Red CIC with the support of Historic Royal Palaces. It was also always clear that 10% from the sale of each poppy would go to the charities and, once all costs are recovered, all remaining income would go to the charities. This was promise was kept.
Statement from Paul Cummins:
“Blood Swept Lands and Seas of Red was conceived as an art installation, but also to provide a fitting national commemoration for the centenary of the First World War. I was delighted and surprised as to the incredible reaction and support of the public across the world, and am thankful to each and every person that made this installation a reality. The sale of the poppies has raised £9.5m for six service charities, an achievement I will forever be proud to have been able to contribute to.”