New digital art investment platform Artcels is launching its second share-based art portfolio.
The Millennials collection includes works from world-renowned contemporary artists such as Banksy, Nina Chanel Abney, Jonas Wood, Josh Sperling and Yoshimoto Nara.
In keeping with the modern theme, the artworks will be available to investors as equity in the form of non-fungible tokens (NFTs). The acronym has become ubiquitous in the art world as investors look to make money from the latest technological trend. An NFT is a one-of-a-kind digital asset that gets stamped with a distinctive code and uploaded to the block-chain virtual ledger.
While there has been a lot of buzz recently around NFTs and the money they have attracted – last month Christie's was the first major auction house to sell an intangible piece of art for $69.3m by digital artist Beeple. Artcels' co-founder Elio D'Anna told The National that he saw the changing technology tides in this market early on. After putting on a show where art could be bought using cryptocurrencies at the House of Fine Art Gallery (Hofa) he founded in 2012, Mr D'Anna co-created a fund of blue-chip art with commodities trader Gijs de Viet last year.
The duo said they designed Artcels as an alternative to traditional art investment and to allow for greater accessibility. The curated pieces are not from one of the 40 artists exclusively represented by Hofa Gallery, but from those who – from a growth market perspective – were the most sought after.
“It was extremely successful, the first release sold out pretty instantly. We also sold 85 per cent of the collection in the first year and gave a great return to all the subscribers,” said Mr D’Anna. The return on investment was 11.8 per cent in 11 months, he said.
This year’s Millennials collection has only 12 pieces, collectively valued at just over $1 million, with a share price offering of $1,000, but only 300 shares will be made available to the public, the remaining 700 being held by Artcel. Mr D’Anna said the artwork is valued internally and independently and, because it is the majority stakeholder in the funds, Artcel has a vested interest in ensuring good returns.
"It's in everyone's interest to know that we are the main investor," Mr D'Anna told The National. "It's in our interest that it grows, because our money is on the line."
Mr D’Anna said they have already acquired most of the works for their next release, which in sharp contrast to this year’s collection will be called Masters. As an early mover in the NFT art space, Mr D’Anna wants to keep what he calls Artcels' "avant garde" approach to the business and is launching an app that allows investors to create their own art investment portfolios.
“You can take a piece of art and you can basically submit it, and if it's approved, it can go in the marketplace, or you can also be contacted by one of our specialists to include it in one of our future releases. So everyone becomes kind of a part of it.”
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Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Global state-owned investor ranking by size
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Canada
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Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
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T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
Selected fixtures
All times UAE
Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm
Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm
Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm
Sunday
Poland v Italy 10.45pm
Monday
Spain v England 10.45pm
Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm
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