Time/Bank Lets You Trade Time for Goods
A new artist-run space creates a money-free market for trading things and skills.
The Time/Bank, a new collaborative art project, has been launched in the Lower East Side in New York. This revised take on retail offers a selection of goods from clothes to books that can be purchased with a special currency, “Hour Notes,” designed by artist Lawrence Weiner. The store is the extension of the alternative economy model Time/Bank, initiated by e-flux founders Anton Vidokle and Julieta Aranda, where individuals and groups within the art community can trade time and skills, bypassing the need for money. This system assigns value to commodities based on the amount of time and labour that was necessary to produce them. When a task is completed the time spent is amassed as credit that can be saved or translated into “Hour Notes” and exchanged for goods.