"...for just $5.2 million, you can continue to not possess an original Warhol" - absolutely right and very funny :D
The problem with tokenising real assets is anything can happen to the original, and the "owner" is left with nothing.
It is sort-of like the gold-backed currency, who new that the link would be severed in early 70s :)
This was my question, too; physical art assets are nearly always insured for exorbitant amounts. What protection do the buyers have in this scenario, other than a proof of purchase? And does a multi-million dollar buy-in at least guarantee them the right to SEE the painting whenever they want? :p
I'd have to read up on their offering. Yea, I suspect you lose out if there is theft or damage. Ideally the terms include some buy-back program using the insurance money.
There was another article we stumbled past today speculating that things like this are going to ruin the art industry. Selling ownership to a bunch of people is going to drive demands for high security. So lock it all up safely... where no one will ever get to actually see it. hm
"...for just $5.2 million, you can continue to not possess an original Warhol" - absolutely right and very funny :D
The problem with tokenising real assets is anything can happen to the original, and the "owner" is left with nothing.
It is sort-of like the gold-backed currency, who new that the link would be severed in early 70s :)
Thanks to Nixon! :)
This was my question, too; physical art assets are nearly always insured for exorbitant amounts. What protection do the buyers have in this scenario, other than a proof of purchase? And does a multi-million dollar buy-in at least guarantee them the right to SEE the painting whenever they want? :p
I'd have to read up on their offering. Yea, I suspect you lose out if there is theft or damage. Ideally the terms include some buy-back program using the insurance money.
There was another article we stumbled past today speculating that things like this are going to ruin the art industry. Selling ownership to a bunch of people is going to drive demands for high security. So lock it all up safely... where no one will ever get to actually see it. hm