Fine art as an investable asset is a reliable store of value, has been shown to generate real returns in the long-run, and is yet only accessible to the ultra-wealthy. Instead, museums could sell equity in fine art from their existing permanent collections to fund new purchases, thereby:
Creating a market
Making art an accessible asset
Shifting purchasing-power in favor of public collections
In theory, the growing volume of transactions on an art equity market paired with the increasing size/quality of public collections would have a positive effect on fine art prices as well.
Similar to Maecenas, if anyone is familiar with that project.
Im an art lover so selling portions of art work sounds interesting. It would be like how NBA team owners sell parts of their team for more revenue or something to that affect. I can see this working but it would all fall on the execution getting museums and art collectors onboard.
Yes I agree that the vast majority of time spent on this would be for networking and convincing the galleries to get on board, but I am curious: Have you written a smart contract for this yet? I haven’t seen an equity or securities token implementation in Cadence yet.
I have not. I am still working to learn Cadence and outline my tasks for the project. I would be happy to share my first smart contract once I have written it, though!
the best way to get big groups of artists / museums interested is to prove the concept first!
always a good idea to find an MVP
i see a couple options there may be others:
fractionalize a single artwork into tradable fungible tokens - these would probably be securities tokens
create physical artwork that is 1:1 tied to, potentially redeemable in exchange for, NFTs – these could be sold as individual collectibles – this would usually mean the artwork comes as part of a multi-item lot
