CoArtcoart.ioAccording to Deloitte’s 6th annual art finance report, data from 2011 to 2017 indicates that the fine art investment market is worth between a low of $2.543 trillion in 2011 and a high of $4.466 trillion in 2014.CoArt believes that the fine art industry is a rather stubborn one and that the industry is ripe for disruption with the potential for lucrative capital gains higher than the numbers in the Deloitte report.
How do we do it?Fractionated and Tokenized art - The dissemination of art into secure, affordable co-owned tokens using CoArt’s OpenAPI ProtocolCoArt proposes to fractionate and tokenize art-assets like artworks from Van Gogh, Picasso, etc. to further the democratization of the fine art industry and lower barriers to entry for retail investors to invest in art. Any retail investor will be able to purchase a fraction of a Van Gogh painting at home or through their smartphone.
The co-ownership tokens you receive when investing in any fine art piece are art-assets of a specific artwork that can be freely traded across a new thriving marketplace. Furthermore, one can tokenize their fraction of an art-asset and offer it to a base of investors from around the world using the internal market-place CoArt Exchange or other Exchanges that use CoArt’s OpenAPI.
An excellent example of CoArt’s disruptive potential can be observed in an April 2018 purchase of a
Picasso painting by a group of 25,000 investors.CoArt takes significant steps to resolve historical fine art market problems:- High barriers to entry
- Provenance (or lack thereof)
- Liquidity (or lack thereof)
Impact of problems solvedBriefly put, investors will be able to track the origins of an artwork through CoArt’s Distributed Provenance Ledger that is based on blockchain technology, thereby reducing the chances of fraud and misinformation. Furthermore, investors will be able to invest in affordable fractions of artwork depending on how many fractions of an artwork are issued. Lastly, investors can trade their fractions of artwork for fiat currency or cryptocurrency or for fractions of other artworks, without having to wait for an artwork to go on sale for a second time.
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