Aiming to make ownership of museum-quality fine art more widely accessible, bidding platform aShareX Inc. will hold its first auction on Aug. 30 in partnership with Bonhams. The Westwood-based company, which stands for Art Share Exchange, said its focus on fractional ownership lets bidders diversify their portfolios and invest in valuable artwork even if they don’t have the money to purchase it as the sole buyer.
Alan Snyder, aShareX’s founder and chief executive, said fine art is a wise asset for portfolios, but that most people don’t have the financial means to invest in it. Snyder is also the founder and managing partner of Westwood-based investment firm Shinnecock Partners LP, which offers a loan-portfolio option specifically focus on art lending. By offering the opportunity to buy into fractionalized ownership, aShareX wants to “democratize” access to art.
“They’re not (fiscally) available to the public, and I think that’s a tragedy,” Snyder said. “By fractionalized ownership we can make them available … we know that (art) is a great store of value, over time has a tendency to appreciate and is fabulous diversification.”
Read the full article: How to Own a Van Gogh for Less
