A new trading platform, My Art Invest, is offering clients a chance to be part of the art market without spending their life savings
By Melanie Gerlis. Web only
Published online: 10 April 2014
(via The Art Newspaper)
Banksy’s spray-painting on canvas, Heavy Weaponry is available for £120 a share
Attempts to divide works of art into equal shares, emulating companies that trade on a stock exchange, have proved problematic, at best. This hasn’t stopped Tom-David Bastok, a French collector who gave up his financial studies to develop My Art Invest, a trading platform for art that launches in London today.
“We are different from other [art share schemes] because our aim is simply to be more democratic. We are making the art market more affordable and accessible,” Bastok says. Potential investors need only part with a minimum £5 to own a share of around 100 works available by artists including Basquiat and Banksy. The value of works available ranges from £500 to £100,000, but the “sweet spot” says Bastok is around the £25,000 level. On average, 100 shares are available in each work (though pricier works have more shares available in order to keep their cost down).