With a Russian well, for a Frenchman ... <!--~ 1 ~ - "))

[fross]

On site in news reports on the banning of the fund investment in the arts in France http://artinvestment.ru/news/artnews...rt_invest.html

And yesterday at the RBC posted:
Group Alor, headed by Anatoly Gavrilenko, in the near future to complete formation of the fund of artistic values. Assets FTRA "Collection. Photoelectric effect "will amount to 14 billion rubles. Thus, it will become the world's biggest art fund. Previously regarded as the largest fund, pension fund formed British Railways in 1974 in the amount of $ 70 million is estimated that the total assets of all art assets in the world do not exceed $ 400 million, with the average fund size is 25-50 million U.S. dollars .
According to RBC daily, the management company "Agan" (a part of "Alor") filed an application for registration of Russia's largest art-fund FTRA "Collection. Photoelectric effect. " The fund's assets amount to private collections of photographs, among which, for example, there are such rarities as the photo of the Russian Imperial House, a selection of works by Alexander Rodchenko (at auction price of his photographs reached 200 thousand dollars), the images made the personal photographer of Queen Victoria by Roger Fenton , Photohistory destruction of the Temple of Christ the Savior, who allegedly made the special order of Joseph Stalin. Also in fund 13 daguerreotypes one of the most expensive photographers of the world Giraud de Pranzhe - we know that collectors bought his works and costs $ 1 million per daguerreotypes.
Managers expect that the fund units will be of interest to commercial banks as a tool for placement of available funds and large private clients who are ready to invest in art-related securities at 7-15. The cost of the unit is 500 thousand rubles. While shares is scheduled to be on the MICEX.
As told RBC daily, deputy director of the Criminal Code "Agana" Ekaterina Alexandrova, the strategy requires the active fund management. Top managers will participate in international auctions, organize photo exhibitions in major museums around the world. According to Ms. Alexandrova, given the growing volume of sales by auction, as well as the cost of transactions with the objects of art, the target return on investments in art fund could be up to 12-14%per annum in rubles.
"The Russian investment market has long needed new tools, especially when you consider that large investors are not so many ways to diversify their investments", - told RBC daily the chairman of the Supervisory Board of GC "Alor" Anatoly Gavrilenko. According to him, a collection of photographs may be the largest investment asset, which will protect your savings for decades to come. "Over the past ten years, sales of pictures at the auction and off have grown a thousand percent", - says Mr. Gavrilenko. He believes that investing in art can become quite popular in the Russian market, competing with the traditional defensive assets such as gold.
Experience "Agany" is not the first in the Russian market of collective investments. In November last year CUIT Atlanta-Art "with assets of 133 million rubles. formed the UK "Atlanta." And in August last year, the Leader has registered two foundations of artistic values, but both funds have not been formed. At year end, Federal Financial Markets Service has excluded them from the roster of mutual funds. http://www.rbcdaily.ru/2011/03/03/fi...62949979794180

[DSF]

Сообщение от fross

Previously regarded as the largest fund, pension fund formed British Railways in 1974 to $ 70 million dollars

"A strange and somewhat bizarre it may seem a solution, which took in 1974, pension fund managers of British Railways, Christopher Levin. He decided to invest about 40 million pounds, or 2.5%of the investment fund's portfolio - today, this amount corresponds to approximately 200 million pounds, or 375 million dollars - a collection of 2,425 works of art from old masters to Chinese porcelain. Levin wanted to reduce its dependence on the pension fund sluggish at the time the London stock market. The Fund has signed a contract with Sotheby's, on which the auction house had to act as investment advisor, an additional paragraph in the agreement stipulates that any sale of works from the collection of the fund will go through Sotheby's. It was assumed that both will get a higher price - because the fund will not have to haggle with the auction house on the commission.
Sotheby's tried to escape from any accusations of conflict of interest and founded an independent company Lexboume. And the protagonists of the art market, and the press wondered how Sotheby's will be able to simultaneously act as an agent of sellers and an independent consultant to the pension fund. However, Levin and the fund in his face, said that it is quite comfortable with such an arrangement.
The Fund has sold his collection to the period from 1987 to 1999, much of it went at auction in 1989, Sotheby's described the auction by one of the most significant sales of works of the same owner for many years. Among other things, these auctions are clearly manifested and value of provenance. An engraving by Albrecht Dürer, "The Virgin with the Pear from the collection of the fund was estimated at 10-14 thousand pounds and sold in June 1987 for 10,450 pounds, and at 9,000 pounds bid in the auction offered five potential buyers. The same woodcut by Durer - the same theme, the same state - was proposed about a week later at Sotheby's estimate: 4000-6000 pounds and sold for 4,400 pounds - less than half the cost of engraving, which was listed in the provenance of a collection of the British railways.
The Fund has received from its total revenue collection in the 13%is less than 14-16%, which could be obtained from investments in the company of FTSE 100 or S & P 500 over the same period, but slightly more than if the money had been invested in government bonds. Facility lucky and date of sale: many works of the collection were sold near the maximum rise of the market. And all through the whole year of art collapsed. If the collection was auctioned at this point, total revenue amounted to less than 5%per annum. It should be noted that three-quarters of profits received from only twenty-five paintings by the Impressionists. At the same time for all time spent fund to pay for consultation and auction services to an amount equal to half of all profits. This operation fund is regarded as successful because the British Rail was a way to diversify risks. Only one part of the collection has increased dramatically in price, but no one could have predicted at the outset that it was prepared for the impressionists such a success. "(D. Thompson." How to sell for $ 12 million stuffed shark ")