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First work of art is about to go public on ARTEX MTF before year end

12 Oct 2023
Vaduz - An IPO for the painting «Three Studies for Portrait of George Dyer» by Francis Bacon is to be carried out before the end of the year. This is first work of art to be traded on the Liechtenstein art exchange ARTEX by way of a specially founded stock corporation. ARTEX intends to offer one IPO of a work of art in each month of 2024.

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Plans are now in place for the first IPO for a work of art to be carried out via the Liechtenstein art exchange ARTEX MTF in the next few weeks, efore the end of the year. The art exchange allows shares to be traded in stock corporations, each of which owns a single work of art. The public company that owns the painting «Three Studies for Portrait of George Dyer»​​​​​​​ by Francis Bacon is currently in the process of obtaining approval in Luxembourg, according to comments from ARTEX co-founder and CEO Yassir Benjelloun-Touimi. After the IPO, the painting will be exhibited in a major European museum.

ARTEX’s plan involves a series of monthly IPOs for art stock companies as early as 2024, before moving to a bi-weekly process in 2025. «We have a decent pipeline», says Benjelloun-Touimi. He expects to generate a market volume of between 5 and 6 billion Swiss francs within the space of just two and a half years, and talks of a figure of as high as 20 billion francs together with indices. ARTEX also plans to launch a family of indices in partnership with the SIX Group, which is intended to increase market liquidity.

ARTEX opted for Liechtenstein as a location for the headquarters of the exchange due to the fact that it is part of the European Economic Area (EEA), has a AAA rating and is more independent in terms of legislation than other countries, Benjelloun-Touimi explains.

«The art market has not changed since Sotheby’s was founded three hundred years ago», comments Benjelloun-Touimi, adding that: «We offer diversification in asset management that speaks to both the heart and wallet». ce/stk