NEW YORK- Becoming an owner of a work of art is now a piece of cake.
2-year-old startup Masterworks buys art with a potential for profit and then sells shares to consumers using its online platform.
“Our fundamental belief is that this is a very interesting asset class, which historically has been traded by the ultra-wealthy for hundreds of years. But the only way to really invest in art has been to purchase a painting. Masterworks is the first platform that allows anyone to really invest in these great works of art.”
Scott Lynn, Founder and CEO, Masterworks
All customers have to do if interested is to sign up and pick an art piece and decide the number of shares they would like to purchase, starting at a minimum of $1000.
Lynn says that Monet’s “Coup de Vent”, which is currently valued at $7 million, has several thousand investors at the moment and more interest is expected when Masterworks decides to sell it to a collector, following sharing profits with clients.
New York-based Masterworks divides the art market into “Blue chips” which features artists like Monet, performing with high-single-digit or low-double-digit returns at low risk. The other category features mid-career living artists of moderate risk which can give the investors a 12 to 20% return per year.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.
