ARTEX Stock Exchange, the first-market for trading shares in fine art, will be offering a chance to own part of a Francis Bacon classic.
Art enthusiasts and investors alike will be able to purchase shares in Bacon’s Three Studies for a Portrait of George Dyer.
Three Studies for a Portrait of George Dyer by Frances Bacon. Source ARTEX
The art IPO will offer shares worth a nominal value of US$100, with 385,000 –70% of all Class B shares – being initially listed on the ARTEX platform.
These shares can be bought through specific banks and brokers and will be purchasable between June 19 and July 19, before being traded on the ARTEX secondary market.
The exchange values the artwork at US$55mln after it was bought at auction for US$52mln in May 2017.
Prince Wenceslas of Liechtenstein, ARTEX co-founder and chairman welcomed the “great privilege” of listing the first piece of art on a stock exchange.
He said: “Three Studies for a Portrait of George Dyer is one of the most famous triptychs in modern art history, realised at Bacon’s artistic peak, during a particularly turbulent and productive period in his life.
“For investors to see more iconic artworks be traded on the ARTEX stock exchange in the future, trust is essential,” Wenceslas added, noting that the group would follow all the “rigorous regulatory frameworks” while remaining “transparent”.
The Bacon sale is expected to be the first of US$1bln worth of art listings.
Fellow co-founder and chief executive officer, Yassir Benjelloun-Touimi concluded: “ARTEX is bringing the opportunity not only to revisit [Bacon’s] legacy but to finally make his work accessible for all.”