Ministry of Justice registered the order FSFM - now officially become the art of investment

[Евгений]

Вложение 949161 Sergei Skaterschikov: "Regulators around the world rightly believe that the public offering of investment funds in the market with double-digit annual interest rate costs (" Leader "in this case is really the leader of the claimed expenditures - spending funds around the world does not exceed 12%according to a study Skate'sArtMarketResearch) knowingly make these funds focus on the extremely high profitability of operations, which by definition makes them excessively risky activities, and units of such funds - too dangerous product for the public offering. Given also the low transparency of the art market, impossibility of objective verification of prices and transaction costs with the objects of art on vneauktsionnom market, the high level of subjectivity in the evaluation of art objects and a bunch of unique art-risk assets compared to traditional forms of investment (risk of authenticity, safety risk, the risk of property title), the consensus of world regulators is that the collective forms of public investment on the art market are unacceptable and dangerous ...."
http://www.snob.ru/profile/blog/11306/23108

Stekolschikova corrected for Skaterschikova. Photo - Skaterschikova! Gregory

[artcol]

Сообщение от Eugene

... with the size of a two-digit percent annual cost ...

Can this mean that if the size of the fund will be 100 million rubles - the cost of its activities will be from 10 million now? OK, let's say. Since most of the fund will be formed from the collections (so to speak, means of production) - Whence will these 10 million? The shareholders have a whip (those for e-money, not pictures)? OK, maybe. The crisis is now, a special boom on the art market there. While gather swing - in a year, followed by another, there is a third - will spend 30 million rubles (amounts relative). Given that the sale would not all work, and some (say at the peak of their maximum value), and the fact that most of the revenue from sales of these works will consist of the amounts to be paid in th shareholders who contributed mat.aktivami well etc., plus the fact that the painting would remain or be sold and the money - it is the substance ephemeral, etc. In general, I see in this scheme (without details, to-e can no longer make clear scheme) attempt to finance the activities for the sale of works from private shareholders at the expense of naive.

Added after 7 minutes

Сообщение от Eugene

public collective forms of investment on the art market are unacceptable and dangerous ....

Refer to the fact that the art market - "the last unregulated market in the world." I personally, the word "unregulated" I understand that there are no rules. Everyone is playing for himself. Other forms of the game - leading to unpredictable results (the case with Vekselberg, for example).

[SergeiSK]

He graduated from the formation of an investment fund artistic values, "Atlanta Art." The amount of its assets - 133,300,000 rubles., Content - drawings and watercolors by Charles Briullov known art critic as "the album Stephanie Wittgenstein. This is the first mutual fund art in Russia.

Russia's first mutual investment fund (SIF) of artistic values generated under the control of the management company, "Atlanta." The total assets of the fund is not large - 133.3 million rubles. ($ 4,400,000), but as an option of additional issue shares worth up to $ 1.6 billion The minimum investment amount is U.S. $ 33,3 thousand The fund was established for 15 years with possibility of extension. The fund's assets at the moment - it is an album of genre of Italian drawings of Charles Bryullova with a dedication Countess Wittgenstein.
Thirty-three of his figure - the peasants, monks, street musicians, beauty - Carl Bryullov presented in 1832 in Rome, the young countess Stephanie Wittgenstein. Stefania Radziwill, the maid of honor of the Empress Maria Feodorovna, wife of Count Leo later Wittgenstein, with whose family was close to the artist, who died in the same year. Wittgenstein's heirs kept the album and a half century and took with them into exile. In the early 1990's Russian collector bought the album in London. Partly Bryullova drawings from an album showing at the Museum of Private Collections in Moscow in 2000, they can be seen at an exhibition in Moscow gallery "The Neglinnoy.
Such a composition of assets will PIFu Atlanta Art "will get rid of many problems at once. First, and most importantly, it was formed in time. The first two mutual fund artistic values-driven UK "Leader" (Kommersant wrote about them), could not be formed in the period stipulated by the legislation and were excluded from the roster of mutual funds. Now they are registered again under the control of the Criminal Code, "Agana", and they still almost three months to collect the property is still a huge sum - SIF "The Meeting" at $ 33 million mutual fund "Collection. Photoelectric effect" on the $ 100 million .
The storage location that satisfies the requirements of special depository for one folder with three dozen sheets of paper to find much easier than for dozens of pictures. Examination here, in fact, not necessary (although, according to the rules, done), because the album is completely transparent owner 'and exhibition history. The insurer selected as AlfaStrakhovanie, first took the initiative in the field of insurance of artistic values and to train on the collection of Peter Aven.
The most slippery issue for the mutual fund of its kind - evaluation and periodic revaluation of assets. Works of art in general is difficult to give a fair market valuation, it is distorted by the emotional factor - the desire for a particular person to own a particular fabric. In Russia, even greater difficulties with appraisers of art - but the company "Art Consulting" and created by the International Confederation of antique and art dealers (together fifty Moscow and St. Petersburg antique dealers) Guild of Appraisers, and nobody there. And the two mentioned organizations are in a state of acute conflict. Atlanta engaged the services of the Agency's estimate (which is working on other projects), and it took as a basis for methods for constructing comparison groups, the calculation factor provenance and irrational award, developed by Russian-American Company Skate `s Art Market Research to evaluate the artistic assets.
Art of the assets of the Atlanta Art, "that there are 33 graphics sheet Karl Briullov, valued at about $ 4 million price guide is not here: the public market does not appear anything like this in the past 20 years, during which time only some two dozen paintings sold and watercolors (the record - £ 289 thousand for the watercolor portrait Giovanina Pacini). To yield mutual fund has been positive, the album is, of course, should go up. On the one hand, Picasso Bryullov not (which adds to the price without the efforts of a small Moscow UIF). On the other - it's still Bryullov , and promotion patterns will not cause problems, such as an exhibition of their eagerly take any of the major Russian museums.
Tatiana Markina
The newspaper Kommersant »№ 237 (4537) on 22.12.2010

[K-Maler]

Сообщение от artcol

In general, I see in this scheme (with no details, the k-e may further clarify the scheme) an attempt to finance activities for the sale of works from private shareholders at the expense of naive.

 One very versed in such matters, the person commented on this project in a similar way, they say, is pulling assets out of the population, ie owners of paintings did not get the desired results, whatever he predicted ... Some of the statements Skaterschikova gets out similar opinion ... Concerning the Exchange of paintings is another matter, here, insiders say, is a grain of ...

[Pavel]

Сообщение от K-Maler

One very versed in such matters, the person commented on this project in a similar way, they say, is pulling assets out of the population, ie owners of paintings did not get the desired results, whatever he predicted ... Some of the statements Skaterschikova gets out similar opinion ... Concerning the Exchange of paintings is another matter, here, insiders say, is a grain of ...

What is Marketplace paintings?

Posted 6 minutes

Сообщение от artcol

Can this mean that if the fund size will be 100 million rubles - the cost of its operation will be from 10 million rubles? OK, let's say. Since most of the fund will be formed from the collections (so to speak means of production) - Where will these 10 million?

Читать дальше... 

The shareholders to chip (the ones for e-money, no pictures)? OK, maybe. Now the crisis, a special boom on the art market there. While gather swing - in a year, followed by another, there is the third - will spend 30 million rubles (relative amounts). Given that the sale will not all work, and some (say at the peak of their maximum value), as well as the fact that most of the income from sales of these works will consist of the amounts to be paid to th stockholders who have contributed well mat.aktivami etc, plus the fact that the paintings will remain or be sold and the money - it's an ephemeral substance, etc. In general, I see in this scheme (with no details, the k-e may further clarify the scheme) an attempt to finance activities for the sale of works from private shareholders at the expense of naive.

Posted 7 minutes

Refers to the fact that the art market - "the last unregulated market in the world." I personally, the word "unregulated" I understand that there are no rules. Everyone is playing for himself. Other forms of the game - lead to unexpected results (the case with Vekselberg, for example).

Mistaken, there are rules and very strict. These rules are developed as a result of years of work and the need to resist any kind of fraud. Well, At least the fact that all major participants met a lot of know each other, they know that someone must always be between a treaty.

Added after 17 minutes

Сообщение от SergeiSK

He graduated from the formation of an investment fund artistic values, "Atlanta Art." The amount of its assets - 133,300,000 rubles., Content - drawings and watercolors by Charles Briullov known art critic as "the album Stephanie Wittgenstein. This is the first mutual fund art in Russia.

Читать дальше... 

Russia's first mutual investment fund (SIF) of artistic values generated under the control of the management company, "Atlanta." The total assets of the fund is not large - 133.3 million rubles. ($ 4,400,000), but as an option of additional issue shares worth up to $ 1.6 billion The minimum investment amount is U.S. $ 33,3 thousand The fund was established for 15 years with possibility of extension. The fund's assets at the moment - it is an album of genre of Italian drawings of Charles Bryullova with a dedication Countess Wittgenstein.
Thirty-three of his figure - the peasants, monks, street musicians, beauty - Carl Bryullov presented in 1832 in Rome, the young countess Stephanie Wittgenstein. Stefania Radziwill, the maid of honor of the Empress Maria Feodorovna, wife of Count Leo later Wittgenstein, with whose family was close to the artist, who died in the same year. Wittgenstein's heirs kept the album and a half century and took with them into exile. In the early 1990's Russian collector bought the album in London. Partly Bryullova drawings from an album showing at the Museum of Private Collections in Moscow in 2000, they can be seen at an exhibition in Moscow gallery "The Neglinnoy.
Such a composition of assets will PIFu Atlanta Art "will get rid of many problems at once. First, and most importantly, it was formed in time. The first two mutual fund artistic values-driven UK "Leader" (Kommersant wrote about them), could not be formed in the period stipulated by the legislation and were excluded from the roster of mutual funds. Now they are registered again under the control of the Criminal Code, "Agana", and they still almost three months to collect the property is still a huge sum - SIF "The Meeting" at $ 33 million mutual fund "Collection. Photoelectric effect" on the $ 100 million .
The storage location that satisfies the requirements of special depository for one folder with three dozen sheets of paper to find much easier than for dozens of pictures. Examination here, in fact, not necessary (although, according to the rules, done), because the album is completely transparent owner 'and exhibition history. The insurer selected as AlfaStrakhovanie, first took the initiative in the field of insurance of artistic values and to train on the collection of Peter Aven.
The most slippery issue for the mutual fund of its kind - evaluation and periodic revaluation of assets. Works of art in general is difficult to give a fair market valuation, it is distorted by the emotional factor - the desire for a particular person to own a particular fabric. In Russia, even greater difficulties with appraisers of art - but the company "Art Consulting" and created by the International Confederation of antique and art dealers (together fifty Moscow and St. Petersburg antique dealers) Guild of Appraisers, and nobody there. And the two mentioned organizations are in a state of acute conflict. Atlanta engaged the services of the Agency's estimate (which is working on other projects), and it took as a basis for methods for constructing comparison groups, the calculation factor provenance and irrational award, developed by Russian-American Company Skate `s Art Market Research to evaluate the artistic assets.
Art of the assets of the Atlanta Art, "that there are 33 graphics sheet Karl Briullov, valued at about $ 4 million price guide is not here: the public market does not appear anything like this in the past 20 years, during which time only some two dozen paintings sold and watercolors (the record - £ 289 thousand for the watercolor portrait Giovanina Pacini). To yield mutual fund has been positive, the album is, of course, should go up. On the one hand, Picasso Bryullov not (which adds to the price without the efforts of a small Moscow UIF). On the other - it's still Bryullov , and promotion patterns will not cause problems, such as an exhibition of their eagerly take any of the major Russian museums.
Tatiana Markina
The newspaper Kommersant »№ 237 (4537) on 22.12.2010

Here again, all to create value addition to antiques auction. Bruhl little artist with a bloated reputation as French academics 19 th century. Attempts to establish a reputation in a very narrow circle of the nouveau riche are doomed, if only because that is not related to global trade, which takes place through auctions and does not depend on the opinions of experts. All these opinions are formed around the auction selling at many auctions, it is the market. While we have no independent galereyschikov auctions, all of these movements would look as an attempt to deceive, roll out, inflate and so on.

[Pavel]

Сообщение от Eugene

Yeah will not be affected, there are more questions than answers .. greater risk for investors is represented by such Funds.
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Julia Vinogradova: ".... Yet with all these positive aspects, there are undoubted difficulties associated with the likes of PIFS to allow skeptical of their success in Russia.
Primarily on the art market there is no clear mechanism to evaluate these assets. A large proportion of the subjective assessment is largely distinguishes this market from the stock market or real estate, which more or less understandable and transparent. Does not add confidence crisis assessment, which took place in the last couple of years on the Russian market. Its result - the reputation of the Institute examination of works of art in Russia in general, eroded. Availability of compulsory art and technological expertise does not save the investor from the risk to buy non-genuine stuff.

Читать дальше... 

However, Russian art, which specialize in the majority of our experts, is unlikely to go down the list of the main directions of these funds - much safer to invest in the Impressionist and Old Masters.
In addition, the artistic value as opposed to securities are not subject to short-term price fluctuations and can not be subject to short-term (daily, hourly) speculation. Works of art can expand long-term investments designed for at least four or five years, which is beneficial for countries with more or less predictable economic and political atmosphere. Especially when it comes to old art, proven, and hence are less at risk. As the experience of the last two or three years before the crisis, speculation is possible on the market of contemporary art, but the risks are much higher than ....."
 http://antrakt.ng.ru/antiquare/2009-09-18/9_pif.html
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And here's another example ... (the Fine Art Fund bit of a problem, and started bad) (EA)
"... Now one of the most successful funds in the West - Fine Art Fund in London with offices around the world. It's the brainchild of Philip Hoffman was established in 2001. The fund is designed for 10 years, the minimum investment is $ 250 thousand, which is not may be revoked for three years. Among his areas - painting old masters, impressionists and modernists, and contemporary art. Art Fund Hoffman plays the hike in prices for contemporary artists - the most speculative areas of the market, but also to protect their assets, investing in expensive invariably old art.
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But the Russian experience:
A similar strategy pursued by Viktor Vekselberg, created in 2005, fund Aurora Fine Art Investments. It is curious that the first and essentially only Russian art investment fund based in New York and just recently the collection was housed in the Moscow hotel Ritz Carlton. Know-how of Aurora Fine Art Investments - the formation of multiple collections with a view to their subsequent sale, individually work not be sold. Usually, the problem of such an organization to buy the work is already known, but it's not too expensive artists, whose prices will soon increase significantly. But the Russian Aurora, illogically, began to buy works of Russian art at the very time when prices were already extraordinarily high, while the overall market "overheated »....."
http://www.openspace.ru/art_times/co.../details/6305/
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At the expense of "investment" of the fund (Aurora Fine Art Investments) has recently discussed, specifically with lazhanulis .. "Odalisque", and like the funds behind them .. and what to say, a small mutual funds? (There certainly will be a full scribe with liquidity) if they still manage to survive for 3-4 years ..

Best instumentom evaluation and classification is an auction. This is what I have said many times.