Investing
Robinhoods of the Art World Lure Scores of Investors in Pandemic
Covid-19 has heightened the appetite for fractional ownership in luxury assets such as fine art, vintage cars and even racehorses.
“Companion (Detail of Crowd Shot)” by graffiti artist KAWS. Startup Masterworks offered shares in the piece for $20 each in August.
Source: Masterworks
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New offerings kept coming over the summer: Banksy, George Condo, Zao Wou-Ki.
A New York startup that allows investors to buy a tiny stake in paintings by world-class artists for just $20 has seen a surge in demand during the pandemic, according to its founder, and has bought 15 artworks since the onset of Covid-19 to feed their appetite. A recent $1.52 million initial public offering of a piece by the American graffiti artist KAWS sold out in a few hours.