The Trojan Horse Theory of Art: A Conversation with L.S. Toy

"Advertise Here" (acrylic on vinyl) c. 2024 

L.S. Toy: American Express
Sept. 26 - Oct 10th, 2024
Location: New York (Base 36)

By JEFFREY GRUNTHANER, Oct. 2024

When discussing the work of L.S. Toy, it’s helpful to distinguish between authentically political art and art that only thematizes politics. The two are not as carefully separated as they should be. Whether one considers the state to "presuppose the concept of the political," or however one desires to redraw the boundary line between ally and enemy, art about politics, being aesthetic in nature, can only speak to its subject from a more or less great remove. The furthest one can place oneself, when making this sort of address, is inside a museum. And it's no surprise that there we find the Leon Golubs and the George Groszs of the world—protest painters whose work freezes in a framable amber the atrocities they represent. Opposed to this, the genuinely political art of L.S. Toy requires sprawling space uncluttered by dubious associations with art history. His recent exhibition with Base 36, American Express, took place in a former warehouse. The rooms here provided him with ample area to construct (rather than depict) a spatial semaphore that physically and psychically usurped the currency of economic hegemony. I spoke with Toy about his recent body of work, and about the role of the political artist.  

"Post No Bills" (spray paint and acrylic on canvases) c. 2024

Jeffrey Grunthaner: Hi Toy, thanks for doing this interview. Can you tell me a bit about your background? Are you a full-time artist? Why keep your identity hidden?

L.S.Toy: Thanks for having me.

I live and work in Hackney [London]. Grew up online, studied Economics at UoL [University of London] and LSE [London School of Economics and Political Science], then art at RCA [Royal College of Art]. I wouldn't call myself an economist or an artist, but I’m doing the work full-time now.

As for my identity, it's not hidden—I’m present, but I prefer to let the work speak for itself.

"Utopia is a State" (acrylic on canvas) c. 2024 

JG: Can you tell me a bit about how economics factors into your work?

LT: Economics is embedded everywhere in late capital, so it’s part of everything I do. My work focuses more on observing systems of power and how they shape lives, identity, value creation, foreign affairs, and other relationships. Aesthetically, it may feel political, but it’s not taking a defined stance—it’s more about reflection through selected observations.

"We All Die Alone" (spray paint and acrylic on canvas) c. 2024

"Untitled (Self-Portrait)" (spray paint on canvas) c. 2024 

JG: Would you say political art can only observe, rather than alter, the course of events?

LT: Observation is essential before action. Nothing is truly passive; we’re always participating. The world is complex, and to act requires a deeper understanding of the systems at play. To observe isn't to be passive—it's essential to any meaningful action. In a way, I’m questioning whether there’s anything left to disrupt in a meaningful sense. Everything has become capital—politics, media, even identity. Genuine disruption is nearly impossible now; even acts of terror become spectacles, feeding into the very media and capital systems they attempt to undermine. That’s just the way of it.

There’s this idea that if we communicate more or reveal the realities of production more clearly through art, activism, or literature, people will wake up. But the problem isn't that we don’t communicate enough—it’s that we communicate too much. Adding more signals just amplifies the noise.

Paradoxically, in reflecting these realities, I welcome the signaling into my practice. All my work is signaling and echoing in an attempt to mirror, scale, and embed itself within the conditions it observes. I hope my observations remain grounded in the contexts they engage with—sparking some exploration, but nothing more. If that leads to action or further observation on behalf of others, so it goes, then.

"Olympic" as featured in L.S. Toy ‘s exhibition “American Express”  

"Olympic" (detail) 

JG: You work across different media. What will you be showing at Base 36?

LT: The show is titled "American Express" and reflects life within the American world.

It's a collection of works—paintings, sculptures, installations, digital pieces, and interactive works. Each piece is media-driven, directing attention toward the abstract, the digital, or leaving traces of significant moments from the past. Some works examine America's global influence, others explore economic practices or power dynamics on the world stage. Some are more personal, reflecting the experience of living within these larger deterministic systems. While the digital elements may carry more weight in the long run, this exhibition provides a necessary foundation, presenting these starting points in a physical form.

EF-1 Bonds (£100,000 & £10,000 Variants) (Acrylic on canvas), c. 2024 

JG: Does your work present better in underused warehouse spaces, as opposed to polished white cubes?

LT: I’ve shown in both kinds of spaces.

The visible marks of labour you find in warehouses aren’t always necessary, especially when the labor behind the work itself has become so digital. But physical wear and tear can remind you of the presence of others, which can add depth to the work. I don’t mind that.

Overall, I think the work adapts. It could just as easily sit in a white cube, no fuss.

Left to right: Chair (Acrylic on canvas), c. 2024; Electric (Acrylic on canvas), c. 2024; Vacant (Acrylic on canvas), c. 2024   

JG: What about your written work? You've written a number of manifestos. How do they tie in with your art?

LT: I wouldn’t call them manifestos—maybe white papers at best. I write mainly to make sense of my work, both for myself and for those close to the projects. The writing isn’t essential to the work. The themes—power, identity, media, commodification—are present in both the writing and the art, but I believe the work can stand on its own, even without a specific interpretation. 

Chair (Acrylic on canvas), c. 2024 

Untitled (Liberty’s Price) (Acrylic on canvas), c. 2024 

JG: I'd also like to talk about your works that feature cryptocurrencies and bonds. How do investment practices relate to what you do as an artist?

LT: Yes, these works have a conceptual performance element, but for all intents and purposes, they’re artworks—not financial instruments. Like any works of art, people can engage with them however they choose.

The E-F1 Bonds series mimics corporate bond structures. They’re paintings but also create a simulation of financial investment through art acquisition, where I, as the artist, simulate the role of a corporation or venture. Buyers engage with the work as both collectors and participants in an investment-performance piece. These works are available through cryptocurrency, credit and debit payments, wire transfers, and other means. The piece acts as a simulacrum of the hyperreal nature of art as a commodified good—an object of exchange both in the world and on the secondary market. This work captures that aesthetic and concept while also serving as a critique, blurring the line between reality and performance in the commodification of art.

Similarly, Wishing Well blends physical and digital participation, simulating a traditional superstition practice recontextualized into the digital contemporary world. It’s a sculpture where people deposit coins or digital currency, mirroring a wishing well. But here, the act generates a pool of 'dead capital,' with no expectation of return. There’s a physical “well” with a Bitcoin address and a digital version for contributions. By recontextualizing an old-world ritual into modern financial systems through a mixed-media sculpture, the work explores the intersections of physical painting, contemporary technology, digital economies, simulation, and corporal tradition.

Together, these works challenge traditional notions of art by blending financial systems with artistic expression, inviting viewers to explore the blurred lines between value, belief, and the commodification of everything around us. WM