The International Cultural and Art Property Enterprise on Monday announced the launch of the first fractional art-trading platform in the US.
Developed by Fundamental Interactions, the same group that designed and operates the Bitcoin trading system, the platform allows owners to liquidate and sell either all or partial shares of artworks to the public. Investors and collectors can buy, trade and sell these fractional art units through ICAPE.
"We are eager to introduce ICAPE's trading concept among revered artists and collectors at the first Sino-US cultural exchange," said John F. Wallace, chairman of ICAPE.
"Our model was built with the goal of completely changing the business by giving smaller investors the opportunity to participate in a marketplace and allowing individuals and institutions the ability to raise capital without transferring ownership."
"You will be able to trade art in fractions on your phone, on your apps, on your Android, just as we trade stocks and foreign currencies," Wallace said.
As part of the launch of ICAPE's fractional art trading platform, the first Sino-US Culture and Art Exchange Exhibition Chinese Dream, World Peace will be presented at the Westin New York on Times Square from July 10-14.
The exhibition is the largest Chinese art fair in New York. More than 380 art works from more than 20 artists will be exhibited, including work by well-known Chinese artists Zeng Fan and Gong Qi.