MICEX on April 13. Start-started

[Dogel]

On MICEX on April 13 to begin treatment units the world's largest art fund - FTRA "Collection. The photoelectric effect "operated by" Agan ". Value of the Fund is estimated at 14.5 billion rubles, the value of a share is 0.5 million rubles

April 13 at the MICEX stock exchanges to begin treatment units the world's biggest art fund, closed-end investment fund (CUIT) artistic values, "Assembly. The photoelectric effect "operated by" Agan ". Value of the assets of the fund amounts to 14.5 billion rubles. Asset Value - 0.5 million rubles.

In Russia, the "art segment of" collective investment market is in its infancy: formed two funds said BFM.ru Oleg Sukharev, Deputy General Director of "Agana". Recall, last week UK "Atlanta" has brought shares on the MICEX closed fund artistic values ​​the Atlanta-Art ". Net asset value of the fund amounted to 133.25 million rubles for the completion time of its formation late last year.

The first such funds have started to appear in the world in the early XX century, and the best known can be called a fund that existed in 1970-1980-ies. and owned by the Pension Fund of the British railways. Now the world has about 40 funds that invest in works of art.

Fund "Agany" The Gathering. The photoelectric effect "built based on the unique collections of Russian and world photography. Fund's assets of about 200,000 prints and copyright 300,000 negatives, more than 250 outstanding masters of photography.

For example, in stock photo collections have pictures of the Russian Imperial House, the work of Alexander Rodchenko, Robert Doisneau, Zhermana Krul, André Kertész, the works of the founder of the Photographic Society of England and Queen Victoria's personal photographer Roger Fenton.

In addition, the fund has 13 daguerreotypes Giraud de Pranzhe that is an absolute record for private collections, and the photographer is among the ten most expensive in the world. Other photographs collection depicted in detail the historical events - for example, a snapshot of the destruction of the Temple of Christ the Savior, which is included in the album, presumably prepared for Joseph Stalin.

Also, the fund collected more than 1000 portraits of national and world culture and the arts, public life and politics, sports and science, including Leo Tolstoy, Fyodor Dostoevsky, Ivan Turgenev, Marc Chagall, Alexander Tairov and Vsevolod Meyerhold, Constantin Stanislavski, Dmitri Shostakovich, Igor Stravinsky, Vladimir Vysotsky, Vladimir Lenin, Felix Dzerzhinsky, Joseph Stalin, Georgi Zhukov, Adolf Hitler and others.

Evaluation of objects produced photocollections Russian appraiser Art Consulting, as well as the French company SARL CEROS Librairie Serge Plantureux and Master Piece Fine Art Appraisals (USA). The collection is insured and reinsured, the reinsurer performs Lloyd's.

Optimal size of investments in CUIT include the value of several million rubles for a period of 3 years or more, said Oleg Sukharev, deputy director of the Criminal Code "Agan". "Such investments may be of interest to a broad range - from institutional investors (eg pension funds, as investment funds artistic values ​​is a conservative tool, the possible return above inflation and interest rates on deposits) to the offices of private banking clients and the banks themselves. With the start of exchange trading fund shares will be available for the "mass" investor ", - told BFM ru Sukharev.

"In Russia, these investments still remain, I believe, for a long time will be no more than an exotic", - said Chairman of the Board of Directors of "Capital Finance Corporation," Paul Gennel. Investor confidence in mutual funds investment funds as a means of collective investments undermined by many crises of scandals involving the filling of the funds in illiquid assets and subsequent revaluation, reminds Gennel.

For collective investment in art assessment - generally an extremely weak position, as shareholders of the funds have to fully trust the investment policy of the management company. A score of works of art, even when collecting personal - very complicated and controversial issue "- warns about the risks of an expert.

This type of investment and therefore called passion, which is the junction of investing and collecting anything as a personal passion of the investor, "says Paul BFM ru Gennel. "Make this activity a collective rather difficult psychologically, - notes the financier. - The optimal time to invest in art is at least 20 years. Which implies also that the main investors may be private individuals and the few pension funds, whose policies can invest in a mixed asset. "

For the UK "Agana" development areas of alternative investments, in particular, funds art treasures, is one of the priorities, says deputy head of the Criminal Code Oleg Sukharev. "Now we have created the necessary infrastructure, formed a team of professionals, and we do not exclude the emergence of new funds that specialize not only in photographs, but also on other segments of the objects of art" - said the expert BFM ru.

[Dogel]

Vice-president of Gazprombank and CEO Art Finance Marina Sitnina said in an interview to RIA Novosti about the popularity of new forms of investment in the arts, who have earned on the arts in crisis, and the photo is turned into money. Interviewed by Mary Ganiyants.

- Nearly two years ago, Federal Financial Markets Service (the Federal Financial Markets Service of Russia) has legalized the creation of closed-end mutual funds (CUIT, participation in which requires a high threshold for the first installment) of artistic values. How does it work?

- In the domestic market mutual funds arts - a new kind of investment, they give investors the opportunity to combine their resources under the auspices of a professional management company. Assets of such funds may be themselves works of art, as well as financial assets (eg stocks employed in the art market companies), as well as money. Now in Russia, both home and abroad can invest in art: either invest in the purchase or invest are themselves works of art - paintings, sculptures, icons, stamps, books and manuscripts, historical documents, ancient coins, medals, film and photos and stuff. With effective management of growth in net asset value of artistic values ​​ensured by increasing the market value of various categories of assets in the fund's portfolio (primarily, of course, investors will be interested in increasing the value of art assets), and by obtaining other types of income from operations, such as from exhibitions, publications, etc.

- What is the difference between this approach and correctly picked a collection of investment, they seem the same goal - buying up promising affordable art and attempt to disengage from the emotional factor?

- These funds use financial engineering (development of new financial instruments and products) and operate as professional investors, completely free from the "emotional factor". In addition, significant amounts of funds allows them to implement the basic principles of successful investing in the art market - buy the best to diversify risks by investing in different segments and apply the "niche" and "opportunistic" strategy, ie buy and sell quickly in order to get speculative profit and to seek out undervalued assets. First of all, mutual funds artistic values ​​calculated for qualified investors. According to the Status of Federal Financial Markets Service, the minimum value of one fund unit of this kind should not be less than half a million rubles.

- How it works in Russia? Are there many established art investment funds?

- The difference between Russian art fund is that part of their assets could be acquired only artistic treasures that have passed the appropriate examination of art that are on Russian territory without the obligation to re-exportation. To date, according to media reports, Federal Financial Markets Service registered three such funds: "Russia" under the control of the Criminal Code, "the Mint Trust", "Collection of photoelectric effect" (MC "Agana", is a group of "Alor") and the Atlanta-Art "( UK "Atlanta"). The latter two have already eliminated their shares on the MICEX, which should increase their liquidity. Media wrote that the portfolio CUIT Atlanta-Art "- an album of genre of Italian drawings of Charles Bryullova with a dedication painter Countess Wittgenstein, estimated at 4.4 million dollars.

But CUIT "Collection. Photoelectric effect" - a sensation. It is the largest unit fund artistic treasures in the history of this type of investment in the world - its assets, according to the company, valued at more than 14 billion rubles (about half a billion dollars), which at times exceeds the entire amount of the assets of all art assets in the world. For comparison, the most successful in the history of the art institutional investment and pension fund companies British Rail at the time was "only" about 69.4 million dollars. Foundation "Collection. Photoelectric effect, created a period of 15 years and, according to the fund in the first years of operation will be implemented annually for at least 5%of assets, ie, the first phase of development, each year will be put up for sale photos for $ 20 - $ 40 million.

The assets of the fund, according to their data, more than 300,000 photographs and about 400 thousand negatives world's best photographers. This photo archives of Alexander Rodchenko, Henri Cartier-Bresson, unique to the photographic history of Briton Roger Fenton and Daguerreotypes Giraud de Pranzhe, personal archives of prominent figures of XX-th century, and numerous works of local and foreign masters of photography.

- Attach the order of half a billion dollars in photography, when all the Russian art market, according to expert estimates, draws a maximum of $ 2 billion, in the midst of crisis, it seems incredible. Chance was the next option - no money invested, but simply a crisis fund was able to negotiate with owners of large collections of photographs and accumulate on mutually beneficial conditions, these assets? According to the press the ultimate beneficiaries of the Criminal Code, "Agana" in the market believe Anatoly Gavrilenko (Chairman of the Board of Directors "Alor Invest") and his son Anatoly (CEO UK "Leader", the largest management companies in Russia on the amount of assets under management and the size of its own capital).

- The fact that under the legislation, when placing the units of the Fund, to pay for them can not only money but also due to the transfer of works of art in the fund. I think that discuss the fund's strategy is better directly with its representatives, I can only say that investing in a photo to me personally to be very promising. In the world there are about 50 mutual funds, working with artistic values. Some of them have successfully weathered the crisis, for example, two European fund, the assets of which were pictures - Tosca Photography Fund, which, however, now sells art assets and Art Photography Fund.

Austrian Art Photography Fund, formed in 2008, also announced that its assets had increased by one third. Since the launch of the fund return was 9.57%per annum - and this is in the midst of financial crisis!

- As far as economically reasonable bet is to photograph in the Russian conditions?

- Very wisely, in my view. On the one hand, the picture with respect to (compared with the masterpieces of old masters and Impressionist paintings) "cheap" and available pool of potential buyers is much wider, and opportunities to influence the market more. On the other - obvious growing interest in it, manifested in the appearance of numerous exhibitions and biennial triennial, a large number of specialized trades auction houses, photo fairs, etc.

In Russia, of course, the enormous popularity of pictures helps the Moscow Biennale and the Festival "Fashion and Style in Photography", the opening of Multimedia Art Museum, Spreading the submission of this form of art. In addition, Russia has many fine photographers whose work is quite internationally, and the market for the world of art photography, according to some experts, is 1,5 billion euros.

- Owners of the art collections of profitable mutual funds to participate in the arts? This allows you to avoid paying income tax on the sale of the art facility?

- Tax holidays, indeed, exist for any type of fund shareholders, not just CUIT HC. But do not forget that there are costs: management fee, re-evaluate, administer the fund and so on. As for the individual owners of works, in case they are sold they are entitled to property tax deduction, if these works were in their property for three years or more. It is only necessary to document that due to the peculiarities of business turnover on the art market - often not so simple.

- How to behave abroad art funds in a crisis?

- Some funds, especially those in the assets of which were modern art, lost part of its assets, some, announced the creation of, and not yet formed. Some market segments have suffered more, other, more conservative (the old masters, sculpture, decorative arts), almost none. Here, for example, already mentioned Art Photography Fund for the entire period since 2008 has brought its shareholders 32.55%per annum. For comparison, money market funds in the euro area according to the European Central Bank in December 2010 showed negative returns at the level of 10,2%per annum.

[Posav]

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[Dogel]

Сообщение от Posav

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[Кирилл Сызранский]

Сообщение от Dogel

Vice-President of Gazprombank and CEO of "Art Finance Marina sitina

Executive Vice-President of Gazprombank Marina sitina became an art consultant of the year by the SPEAR'S Russia magazine.

SPEAR'S Russia - the Russian version of the prestigious and influential journal; like the original British version, he focuses on the rich and super-rich people, and professionals who are engaged in private banking and the management of large capital (private banking & wealth management).
And just as the London edition of the Russian journal holds an annual award ceremony of the best art consultant of the year.
The best on the market private banking has identified about 200 electors and the expert jury, which is headed by the chief editor of SPEAR'S Russia Andrey Vdovin.
In the end, was leading Marina Sanina, which received the award during the ceremony on the stage of the Theater. Mossovet. "I see this award as a sort of advance further recognition of the role and importance of art in our society - not only as an investment and tangible assets, but also the object of high spirituality, designed to transform and improve the world around us," said Executive Vice-President of Gazprombank during the ceremony.