Spotlight | The Exchange: Supporting Sarasota’s Arts Community Through Philanthropy and Consignment

By Joshua Thomas Bray | September 2024

The Exchange, formerly known as the Sarasota Women’s Exchange, has been a cornerstone of Sarasota’s artistic and philanthropic landscape since its founding in 1962. Established by three visionary women, The Exchange was created as a self-sustaining business to support the arts without the need for constant fundraising efforts. Over six decades later, this nonprofit consignment store has become one of Sarasota’s most beloved institutions, providing vital support to the local arts community through scholarships and grants.

The Exchange began as a modest initiative with a clear purpose: to fund the Florida West Coast Symphony (now the Sarasota Orchestra). As the organization grew, so did its mission. Today, The Exchange is not only one of the largest and oldest consignment shops in the region but also a significant benefactor to a wide array of local arts organizations. According to Karen Koblenz, CEO of The Exchange, “Our mission has remained true to the original vision of supporting the arts, but we’ve expanded to meet the evolving needs of our community.” 

The organization’s history is marked by resilience and adaptation. In its early years, The Exchange faced a few relocations before settling into its current home, the historic Sarasota Herald-Tribune building, in 1967. This building has since been expanded and renovated, allowing The Exchange to grow its operations and maintain its mission of supporting the arts. “We’ve been here for a very long time,” says Koblenz, “this is home. It’s a testament to our stability and commitment to the community.”

One of The Exchange’s most impactful programs is its scholarship initiative, which supports local high school and college students pursuing higher education in the visual and performing arts. This highly competitive and merit-based program focuses on students who have demonstrated a strong commitment to the arts. 

Scholarships from The Exchange are not just about financial support; they are about creating a deep connection between young artists and the community. This interconnectedness is a hallmark of the organization’s approach to philanthropy. “One of the prerequisites is that they do have to live locally, and they have to be pursuing a higher education in the arts,” Koblenz notes, emphasizing the importance of community ties.

In the 2023-2024 fiscal year alone, The Exchange awarded nearly $500,000 in scholarships and grants, making a significant impact on the local arts scene. These funds are carefully distributed, with a focus on accountability and effectiveness. “We pay after the fact,” Koblenz says, “to ensure that the funds are used as intended and to maintain the trust of our consignors, volunteers, and the community.”

The strong support from the Sarasota community has been a vital source of strength for The Exchange. “We’ve always been blessed with being busy and receiving great support from our community as far as shoppers and consignors,” Koblenz notes. This unwavering support has enabled The Exchange to continue its mission, even in the face of economic adversity. The organization’s commitment to accountability and transparency, particularly in its financial dealings, has helped maintain the trust and loyalty of its community.

The Exchange’s impact extends beyond individual scholarships. The organization also plays a crucial role in supporting local arts organizations through grants. These grants are awarded to both established institutions and emerging organizations, reflecting The Exchange’s commitment to encouraging a varied and lively arts community in Sarasota. “We look at not only the large organizations, but we also choose to support startups,” Koblenz says. This inclusive approach ensures that The Exchange’s support reaches a broad spectrum of the arts community, nurturing new talent and helping fledgling organizations establish themselves.

The process for awarding grants is rigorous, with a strong emphasis on fiscal responsibility and accountability. “We handle our grant process differently than others,” Koblenz explains. “For students, the money directly goes to the university. As far as the grant program, when they ask for money, once they finish the program, they have to submit a report to us showing the attendance, showing the success of it.” This process ensures that the funds are used effectively and that the organizations receiving grants are making a tangible impact on the community. 

Community feedback plays an essential role in this process, with The Exchange taking into account the success and impact of the organizations they support. This careful maintenance of resources has allowed The Exchange to make a significant and lasting contribution to Sarasota’s cultural scene, ensuring that the arts continue to thrive even in challenging times.

As The Exchange looks toward the future, its goals remain focused on growth, sustainability, and deeper community engagement. Koblenz emphasizes that while the organization’s core mission has remained consistent, there is a continuous push to expand its impact, particularly in the realm of scholarships and grants. “Our long-term plan isn’t different; we just want to maintain and grow our business,” Koblenz explains. This growth is not just about increasing sales or expanding their consignment operations, but also about amplifying their support for the local arts community.

One of the key strategies for future growth involves enhancing the visibility and reach of The Exchange within Sarasota and beyond. With the ongoing economic challenges, The Exchange recognizes the increasing importance of supporting the arts, especially as funding sources become more competitive. “Organizations like this are going to prove to be more critical,” Koblenz notes, reflecting on the broader role The Exchange plays in sustaining the vitality of the region. This includes not only financial support but also creating a sense of community and shared responsibility for the arts.

Koblenz also highlights the importance of the organization’s legacy. The Exchange has been a part of Sarasota for over 60 years, and maintaining this legacy is a key priority. “Longevity—it matters. It says that you’re committed to it,” Koblenz says, underscoring the organization’s deep-rooted connection to the community. This commitment is reflected in the careful stewardship of resources, ensuring that The Exchange can continue to support the arts for many years to come.

The Exchange’s commitment to the arts is not just about preserving the past; it’s about investing in the future. This includes supporting the next generation of artists by providing opportunities for new arts organizations to thrive, and ensuring that the arts remain accessible to all members of the community. As Koblenz eloquently says, “Through our young people, we are able to expand beyond our borders. Some of them even impact the world, and that is a greater mission than ourselves.”

The Exchange stands as a shining example of the power of community-driven philanthropy in Sarasota. From its humble beginnings in 1962 to its current status as a key supporter of the arts in Sarasota, The Exchange has remained true to its founding principles while adapting to the changing needs of the community. Under the leadership of Koblenz, The Exchange continues to thrive, navigating challenges with resilience and a steadfast commitment to its mission.

As Sarasota evolves, The Exchange’s role will undoubtedly continue to grow, ensuring that the arts remain an integral part of the community. With its strong foundation, clear vision for the future, and unwavering community support, The Exchange is poised to remain a pillar of Sarasota’s local arts organizations for many years to come. Whether through scholarships that help young artists achieve their dreams or grants that support local arts organizations, The Exchange’s impact is deep and far-reaching, touching the lives of countless individuals both within and beyond the Sarasota community.

To learn more about The Exchange, visit its website at www.sarasotawex.com.