Redefining art ownership
It’s no secret that the arts have been hit hard by the pandemic. And with the ban of international exhibitions and fairs, art networking seems a relic of the past.
However, a major offshoot of this decline is the rise of online sales: according to Hiscox, 82% of new collectors bought art online between March and September 2020, up by nearly 50% from the previous year. With most of the world house-bound, it’s no surprise that we’re finding novel ways to access art.
Queue LTArt: a digital platform allowing anyone to become a co-owner of high value artwork through their own screens, whenever and wherever. Not only is the platform redefining art ownership, but it is also meeting the demands of a new generation of high-tech friendly collectors.
“The initial idea for the platform came from a deep observation of the market: the art sector has been decidedly reluctant to adopt technological advances, causing entry barriers and trading inefficiencies, especially compared to the financial field…We wanted to combine our expertise of both finance and art and create a unique solution to bridge the gap between the two…”, Francesca Casiraghi, CEO, explains.
“By splitting artworks into art shares that can be purchased by multiple art buyers undeniably resolves many of the inefficiencies we can observe in the current art market”
Indeed, a clear benefit of this model of fractional ownership is that low-net worth individuals and small investors are now able to make meaningful purchases in art, and no longer excluded from blue-chip investments. Moreover, through technology, art institutions and artists can now expand their collections, and widen their market beyond the archetypal ‘art collector’. A win for all parties involved.
For Francesca, LTArt represents accessibility: “it allows people to overcome the entry barriers of the market, contributing to expanding the art audience, which in turn leads to a direct democratisation of the art market, redefining traditional models around the purchase and sale of artworks”
It’s clear speaking to Francesca that LTArt is a labour of love – combining her two great passions: art and finance.
The future
Francesca has recently launched LTArt’s very first pioneering fractional ownership offline project, represented by “25.000 euro” artist Lapo Simeoni (pictured below). This project aptly captures the art-finance fusion, with the artwork’s value being split in 25 distinct shares.
Coming this March, Francesca is also launching a new platform integrating new technological functionalities for the development of the LTArt exchange, truly bringing the vision to life.
So, 2021 is looking to be a crucial year for London Trade Art and we’re excited to see how Francesca can turn her loves of finance and art into a vehicle of democratizing the art world – championing accessibility and breaking down barriers.
