Fine Arts Museum Antwerp makes masterpieces publicly accessible with Art Security Tokens
The Royal Museum of Fine Arts Antwerp (KMSKA) has recently celebrated its newest addition, an art piece called “Carnaval de Binche” by James Ensor with a particularly innovative initiative.
It’s the first time in Europe that a museum organizes an 'Art Security Token Offering' to allow the general public to acquire part of a displayed work of art at a relatively low price (from 150 euros). The work of art will be put on the market again within ten years and any profits will then be divided among the many co-owners. The tokens will go on sale from Friday.
With this initiative, KMSKA wants to democratise art by giving everyone a chance to purchase a museum-quality piece. In addition, it gives the museum more opportunities to invest in new art.
"With their limited budgets, museums are finding it increasingly difficult to acquire top pieces," says KMSKA chairman Luk Lemmens. "We have of course been working with donations and loans for some time, but now we are the first museum in Europe to launch a new concept in which everyone become a shareholder of a painting with Art Security Tokens."
With Art Security Tokens, everyone has access to invest in art.
Art Security Tokens are not to be confused with Bitcoins or Non-Fungible Tokens (NFTs), which are non-interchangeable, irreplaceable digital property certificates. Art Security Tokens, operate in a regularised market, and are therefore bound by financial legislation.
(AS)
KMSKA General Director Carmen Willems and KMSKA President Luk Lemmens unveil the Carnaval de Binche painting by James Ensor Ⓒ Belga Photo Nicolas Maeterlinck