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Art, all co-owners

Art Market | Recent financial upheavals brought on by the 2008 crisis have shaken classical patterns of investment and financing of the economic world. This change of paradigm has also affected the artworld, redefining actors and strategies. Art has become a safe haven and possessing it has proven not only strategic, but, above all, possible. From the philosophy of sharing - Citizen Patronage - to the Art Stock Exchange, access to property in art is undergoing transformation.

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In these times of crisis, the lack of public money is pushing institutions to opt more and more for the citizen patron. Since the Tous Mécènes operation by the Louvre, it is the turn of the Italian government to appeal to crowfounding to finance the exhibition Vice versa devised by Bartolomeo Pietromarchi at the 2013 Venice Biennial. In this participative system, everyone, via their small contribution, can help with the realisation of a project of public interest or with the restoration of an artwork without actually possessing it.
The co-ownership of an artwork; this is what is proposed by the private Musée des Lettres et des Manuscrits : co-acquiring valuable letters or manuscripts, each part-owner receives an « act of ownership » whilst the works themselves remain in store at the Museum.
In the financial sector, individual ownership is not necessarily the objective. For the fast growing hedge funds specialised in art, the acquisition of an artwork makes only speculative sense and the accessibility of the artworks purchased is not the main objective. These art shareholders participate via their investment in its life and value. To take things further, the Art Stock Exchanges developed in China have given rise in Europe to similar formulae such as Slipart in Luxemburg. In France, A&F Markets inaugurated in 2010 a « fluid and centralised market » for contemporary artworks and Art Exchange has acted by launching the purchasing of undivided interest at a low cost (10 euros) in the ensemble of an artwork selected for its speculative value.

Pierre-edouard Martial
Publié le 21/02/2013
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Sans titre © DR

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