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  • Writer's pictureTeam Sygnum

Picasso’s Fillette au béret painting now co-owned by more than 50 investors

On 9 October 2021, Sygnum closed the subscription to its first ever Art Security Tokens (ASTs), representing the ownership rights to Picasso’s Fillette au béret painting. This landmark project was done in partnership with art investment pioneer, Artemundi, enabling investors to purchase and trade tokens in this 20th century masterpiece on the public blockchain.

The art market can be difficult to access financially, with blue chip art costing up to tens-of-millions of dollars. One of the well touted benefits of art tokenization is the potential for fractionalisation – or co-ownership – which allows investors to purchase a fraction of an artwork and participate in the financial rewards of art co-ownership at a lower price point.

However, tokenizing co-ownership of an artwork is a new concept that poses complex challenges from a legal standpoint. Co-ownership rights must be clearly defined and legally recognised so that investors are protected. Viable exit options to ensure that price appreciation can be realised are also an important consideration. Sygnum’s tokenization and legal teams worked extensively with Artemundi to solve these challenges and bring the AST to the blockchain.

At the close of subscription, more than 50 investors had subscribed to the Fillette au béret, clearly demonstrating the viability of Sygnum’s legal framework, and establishing real demand for co-ownership of art. Since the launch of the AST, Sygnum has seen substantial interest from the market in both the Fillette au béret and its tokenization offering in general. The success of this project paves the way for a pipeline of unique investment opportunities as well as secondary market liquidity for asset tokens in the future.

The Fillette au béret tokens are now available for trading on SygnEx, Sygnum’s token trading platform, and the Sygnum team is already working on other new and exciting token offerings. Stay tuned to find out more!

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This document is purely for educational purposes and has been issued by Sygnum Group. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication. It does not constitute an offer or a recommendation to subscribe, purchase, sell or hold any security or financial instrument. It contains the opinions of Sygnum Group, as at the date of issue. These opinions and the information contained herein do not take into account an individual‘s specific circumstances, objectives, or needs. No representation is made that any investment or strategy is suitable or appropriate to individual circumstances or that any investment or strategy constitutes personalized investment advice to any investor. Therefore, you must verify the above and all other information provided in the document or otherwise review it with your external advisors. Some investment products and services, including custody, may be subject to legal restrictions or may not be available worldwide on an unrestricted basis. The information and analysis contained herein are based on sources considered as reliable. Sygnum Group uses its best efforts to ensure the timeliness, accuracy, and comprehensiveness of the information contained in this document. Nevertheless, all information indicated herein may change without notice.

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