As I sit studying: Art is getting its own “stock exchange”
December 15, 2010
For those who have been in seclusion and oblivious, the art market rebounded and many new outlets have been springing about to help art dealers and collectors fund their expensive habits. That’s old news, what’s new is that there is now a stock exchange for art. A&F Markets will allow investors to buy and sell parts of important works, without cutting them up of course. The market is due to open shortly.
The Art Newspaper reported that “As the notion of art as an asset gains momentum again, the first stock exchange for art—on which clients can buy shares in works from galleries—is due to launch in Paris “in the next few days” according to its website. Based on a stock market model, Art Exchange will offer collectors the chance jointly to own works of art with shares available from between €10 and €100. Participating galleries are currently selling works valued at €100,000 or more, although the exchange intends to lower this figure once the company is established. “Given that we are doing something new, we had to create confidence and credibility in the investor and this is done through having high-class art works,” said Caroline Matthews, the director of operations at Art Exchange. Matthews also hopes the calibre [sic] of works available will encourage naysayers to invest through the exchange. “For some people, mixing fine art and finance goes against their principles, but perhaps they will see things differently in the future,” she said.”