A new art exchange called Artex has been launched in London with the aim of making art a more accessible investment opportunity. Regulated by the Liechtenstein Financial Market Authority, Artex has listed Francis Bacon’s “Three Studies for a Portrait of George Dyer” as its inaugural artwork, valued at approximately $55 million. The art exchange plans to offer 70% of the artwork through shares priced at $100 each, with additional shares to follow as the owner is limited to retaining only 10%. Artex will take a 3% fee based on the valuation of the artwork and will also generate a “small fee” from each trade.
While the concept of dividing art into tradeable portions has been attempted before, the success of such projects remains uncertain due to a lack of liquidity. However, Artex believes its regulated framework, which emphasizes transparency and non-discrimination, makes it an attractive option for institutional investors. The art exchange also intends to exhibit the works it offers in public museums, demonstrating a commitment to keeping art accessible rather than storing it in freeports. Despite efforts to limit speculation, Artex acknowledges that it is inherent in human nature and cannot be completely eradicated from any asset.
In another art-related news, Christie’s will present a Jean-Michel Basquiat painting titled “Picasso” in an upcoming auction in London. The 1984 artwork, estimated to fetch between £4.5 million and £6.5 million, features the repeated inscription of “Pablo Picasso” and showcases the fascination of one artist painting another, particularly across different generations. Basquiat’s work “Black” also performed well at a recent Christie’s auction in Hong Kong, achieving HK$51.5 million ($8 million) and becoming the top lot of the sale.
Meanwhile, the third London Gallery Weekend is set to take place from June 2 to June 4, featuring 123 galleries across 135 venues. With four areas of London hosting the event, including Central, West, East, and South, this year’s edition is the largest free-to-visit gallery event globally. The event offers an expanded program of over 100 public events, performances, and expert-led live tours, providing a unique opportunity for visitors to engage with the art community.
In a generous move, the estate of Hans Arp, a German-French artist, and co-founder of the Dada movement, has donated 200 plaster sculptures to 10 museums worldwide. Additionally, each institution will receive two bronze sculptures. The plasters, which provide valuable insights into Arp’s artistic process, were completed by the artist before being sent to foundries for fabrication. The donation and collaboration aim to enhance understanding and appreciation of Arp’s work, with plans to extend the initiative to museums in Asia and Africa.
Lastly, Chart Art Fair in Copenhagen has extended its outdoor sculpture show in Tivoli Gardens amusement park, now running annually until 2026. This year’s edition features 15 artworks for sale, including pieces by Sylvie Fleury and Jonathan Meese. In conjunction with the fair, the 37 participating galleries will showcase one artwork each priced below DKr20,000 ($2,900) in a group exhibition at the entrance of the Kunsthal Charlottenborg. The fair’s director, Julie Quottrup Silbermann, believes that collecting art supports the wider ecosystem and hopes to provide guidance for first-time art buyers through their talks program.
Overall, these developments in the art world highlight efforts to democratize art investment, showcase renowned artists’ works, and provide engaging opportunities for art enthusiasts to explore and appreciate various art forms.