2013101310: 28: 36 Source: Wen Wei Po.

Share to: 0

As long as the minimum is 20,000 yuan, you will have the opportunity to invest in Hetian jade carved by famous artists. The expected annualized rate of return is above 10%. This kind of art financing is not only influenced by art, but also can borrow real money. Is it exciting?

A few days ago, Zhejiang Stock Exchange issued a new product called "Hetian Jade Seed Jade Masterpiece Property Right", with a minimum subscription amount of only 20,000 yuan. Many domestic exchanges also intend to follow suit, packaging artworks into portfolio property rights and accepting investors' subscription.

A year or two ago, a number of stock exchanges across the country launched art share trading, splitting the rights and interests of art and publicly trading them. Due to the great controversy, many investors suffered serious losses and were finally stopped. In the eyes of the industry, this combination of property rights is more like version 2.0 of the art share transaction. Is such a touching "money" scene leading the investment trend or hiding a "minefield"? Financial experts remind that art investment involves many links and variables. For ordinary people, it is unknown to "share" the investment in works of art, let alone control the risk, even where the risk will appear.

"Gamble" the appreciation space

In July last year, the property right of Li Kuchan traditional Chinese painting portfolio managed by Shenzhen Xingshi Investment Management Co., Ltd. and sold on Shaanxi Stock Exchange was officially cleared and delivered. The longest management period of the combined property products consisting of three works, Autumn Taste Map, Fishing Eagle Map and Liutang Three Catfish Map, was two years, but after 90 days of operation, they were sold by auction, with a rate of return of 8% and an annualized rate of return of 32.4%, which set a new high for the property rights return of domestic art combinations at that time. Compared with the expected annualized rate of return 15%, the actual rate of return has doubled. The works of masters such as Zhang Daqian and Lin Fengmian have also become the subject matter of art portfolio property rights.

Zhejiang Stock Exchange issued the "Property Right of Hetian Jade Seed Jade Masterpieces" with an investment scale of 5 million yuan. Fiona Fang Jade Culture Exchange Center, the asset manager, actively subscribed for 1 10,000 yuan, and the remaining 4 million yuan was a member of the exchange, with a minimum subscription amount of only 20,000 yuan.

According to the prospectus, this project involves 65,438+02 pieces of Hetian seed materials, which are carved by domestic artists such as Huang, Zou Zuozhi and so on. The reserve price of each work ranges from 300 thousand yuan to 900 thousand yuan. Liu Bo, deputy general manager of Zhejiang Stock Exchange, revealed that the subscription situation is very good at present and can be basically completed within two weeks.

According to incomplete statistics, dozens of portfolio products have been issued by stock exchanges all over the country.

So, what exactly is "combined property right"? People in the industry generally say that borrowing money from investors with works of art as collateral, the rate of return is the investor's borrowing interest rate, which is the essence of so-called "portfolio property rights" and "share trading". The property right of artworks portfolio aims to preserve and increase the value of artworks through the services of managers' operation, publicity, curation and sale. Usually, the property right of an art combination is a combination of multiple works of art, and it is operated within a set time limit, including inviting famous collectors to buy, inviting critics to refine artistic value, and promoting artists.

The relevant person in charge of Shaanxi Stock Exchange said that at present, few banks are willing to provide mortgage loans for artworks, and they can't lend much money to pawn shops. The emergence of combined property rights provides a new realization mode for works of art, and also provides a new channel for maintaining and increasing the value of private surplus funds.

There are many links and big variables.

At first glance, portfolio property right is a good choice, which facilitates the connection between art and capital and enriches investors' financial management choices. However, insiders pointed out that works of art are different from conventional financial products such as foreign exchange, stocks and funds, and there are many hidden variables, making it more difficult to realize them.

Liu Bo said that in order to ensure the rate of return, the project party will provide Hetian jade works worth millions to Zhejiang Stock Exchange as collateral. The packaged 12 hetian jade will be withdrawn through exhibition and auction. Liu Bo said that the project owner of this product has 20 years of experience in Hetian jade business. Because of the increase in business volume, he needs to revitalize funds, and he hopes to realize financing through portfolio property rights.

At present, with the increasing cost of the art auction market, more and more commissions are involved. Many art investment companies hope to cooperate with the Stock Exchange to financialize the art through the combination of property rights and return the working capital.

However, insiders pointed out that whether art can guarantee income "depends entirely on the market". Because art investment is not very mobile, once the environment is depressed, it is easy to encounter the problem of realizing it.

Kang, general manager of the fund department of Beijing Bangwen Contemporary Art Investment Co., Ltd., said in an interview that the company used to cooperate with banks and trusts, but with the CBRC strengthening the risk control of art-related financial products, during the cooling period of the art market, a more flexible platform of the Exchange was favored. Nevertheless, due to the fluctuation of the overall market, the scale of portfolio property products on the market is about several million yuan, and they tend to choose famous works or rare resource artworks such as jade, for fear that the scale will be too large and the risks will be difficult to control.

In fact, in foreign countries, similar forms of art portfolio property rights have long existed. In the late 1990s, Citibank, Swiss Bank, JPMorgan Chase and Deutsche Bank all set up departments in charge of art investment to provide consulting services for high-net-worth clients. The difference is that these banks generally advise customers to invest for at least 10 years to ensure that works of art are fully displayed and further appreciated during this period.

From 2005 to 2007, under the control of former heads of Christie's and Sotheby's auction houses and Wall Street wealth managers, more than a dozen art investment funds combined artworks into an investment target for investors to buy shares. However, the minimum investment threshold of these "combined property rights" is as high as $250 thousand.

Even with rich experience in art operation, foreign predators have encountered "Waterloo" in art investment. BNP Paribas and Chase Bank of America have both experienced profits and even lost millions of dollars for more than 20 years. The "rivers and lakes" of art investment can really be described as "waves turning over the clouds".

High returns are not easy to get.

Judging from the property rights products of art portfolio currently issued, it is not uncommon to see double-digit expected annualized income. Counting some excess floating income, it can "attract gold" more than art trust. The gradual reduction of the subscription amount limit has also opened the door for ordinary investors. However, industry insiders say that it is not easy to get high returns from beautiful portfolio property rights.

Previously, the share of art was popular, and the road of "securitization" was questioned. Hu Chaoyue, director of the Securities and Futures Research Institute of Beijing Technology and Business University, said, "A basic requirement of any securitized online trading product is that it should be easy to standardize. Any artwork is a personalized product, and it is not appropriate to make personalized products into standard products. "

The uniqueness of art investment also involves a problem: distinguishing authenticity. At present, works of art mainly rely on manual appraisal, so it is difficult to guarantee that there will be no mistakes. Once the selected artistic theme is a fake, the investment may be wiped out. Previously, Li Kuchan's Collection of Traditional Chinese Paintings was a great success. One of the major reasons was that the property rights of the works were clear and the ownership was not restricted by any rights. It was personally appraised by Li Yan, the son of Li Kuchan, and was appraised as an original by an authoritative organization. In order to avoid investing in counterfeit products, many companies will try their best to find works of art with multiple auction records when designing their products, but paradoxically, the appreciation space of such works of art is relatively limited, and the investment income will inevitably be affected.

In addition, although the subscription threshold has gradually decreased, there are still restrictions on the investment in art for the general public. When the Shanghai Stock Exchange launched the "art portfolio property products", it emphasized the principle of "no demolition, no renewal and no public sale". "Don't disassemble" means that after the transaction is completed, it cannot be disassembled and resold to other buyers. "Discontinuity" means that the door of art financing is only open to members of the Stock Exchange, and the entry threshold for members is set at 6,543,800 yuan. These principles put an end to the possibility of capital speculation and protect the rights and interests of investors to a greater extent, but for the general public who are still outside the art investment door, they have invisibly created problems.

Borrowing money from investors with works of art as collateral, the rate of return is the investor's borrowing interest rate, which is the essence of so-called "combined property rights" and "share trading".

In foreign countries, similar forms of art portfolio property rights have long existed. The difference is that banks generally advise customers to invest at least 10 years to ensure that works of art are fully displayed and further appreciated during this period.

A year or two ago, a number of stock exchanges across the country launched art share trading, splitting the rights and interests of art and publicly trading them. Due to the great controversy, many investors suffered serious losses and were finally stopped. In the eyes of the industry, this property right combination is more like version 2.0 of the art share transaction. (Fu) According to