Intrade to Launch Art Price Future Contracts

Intrade is the place where people go to place bets on big events. They experimented with the Hirst auction and now the Financial Times announce that they’re expanding to more artists:

The Prediction Market begins trading futures contracts – which can be bought for as little as $30 – based on the art market. Dublin-based Intrade, which already offers futures contracts based on political and economic events such as who will win the US election, will use the Mei Moses All Art Index as the basis for prices. The contracts will start trading today.

How the system will work isn’t explained and Intrade doesn’t have any information on the site.

Update: The site is now up. But the trade offered isn’t very sophisticated. You’re basically giving an under/over on the Mei Moses Index. It’s doubtful that many people know the matched pair composition of the Mei Moses Index to make a meaningful guess beyond up or down.

Gambling on the Price of Art Becomes a Reality (Financial Times)