A&F Markets’s Art Exchange opens today in Paris with a few more details on how the exchange will work. The company is offering fractional ownership of two works:
The very first works available will include a major piece, the sole trace of his performance at the Guggenheim museum in 2007, by Francesco Vezzoli – an internationally recognised Italian artist – The Premiere of a Play That Will Never Run, and a painting by Sol LeWitt – the father of conceptualism – Irregular Form. Vezzoli’s work will be introduced at an initial value of 135,000€ with shares available at 10€ (total of 13,500 shares). Irregular Form will be introduced at 110,000€ with shares worth 10€ (11,000 shares in all).
A&F Markets will organise viewing sessions for its clients in order to see these two artworks which are being sold by the international gallery Yvon Lambert in Paris. “Via Art Exchange, we hope to encourage people to become collectors,” added Olivier Belot, director of the gallery.
The idea behind the exchange is that each work is sold at a set share price of 10€ but subsequent trading will establish a higher or lower value for the work. It’s not entirely clear from the site how this trading will take place but we hope to get more details from Pierre Naquin next week.