ARTEX.io, the online art exchange, is giving investors the chance to purchase and trade shares in famous pieces of art.
The platform will launch its first art Initial Public Offering (IPO) on 30 May in a London museum with plans to list over €1bln worth of artworks over the coming months.
The name of the first piece to be listed will be announced on the day of the IPO.
Art enthusiasts and alternative investors will get the chance to buy part of the art at €100 per share, with the ability to then trade the equity on the ARTEX exchange.
“The event will mark a significant milestone for ARTEX, which is dedicated to democratising investment opportunities in the most iconic artworks by the world’s greatest artists from the Renaissance all the way through to the Contemporary period,” the art trading platform said.
The value of the art will be decided by an expert before it is listed.
Similar services have been developed already, such as New York-based group Masterworks, which offers investors the chance to buy shares in a fund-like fine art collection that is then sold after 3-10 years.
However, ARTEX claims to be the first art shares exchange allowing investors to purchase shares and hold them for as long as they like, as unlike Masterworks the platform does not sell the art it lists.
The only way the art can be purchased in its entirety after the listing is for a buyer to acquire all its shares.
The art will also be insured against theft and will be kept protected in a museum.