The Artex Stock Exchange, which was established in 2020, is preparing to launch its art share exchange in mid-July. The inaugural artwork available for investment is Francis Bacon's renowned triptych "Three Studies for a Portrait of George Dyer," painted between 1963 and 1969. This artwork fetched a price of $52 million at Christie's New York in May 2017 and is expected to be offered to investors with a valuation of $55 million.
Francis Bacon, Three Studies for a Portrait of George Dyer, 1963.
Prince Wenceslaus of Liechtenstein, Co-Founder and President of ARTEX, expressed his appreciation and the responsibility that comes with presenting a Francis Bacon masterpiece as the first listing on the platform. "Three Studies for a Portrait of George Dyer" is considered one of the most celebrated triptychs in the history of modern art, representing Bacon's artistic pinnacle.
Yassir Benjelloun-Touimi, a former investment banker and Artex co-founder, mentioned in an interview with the Financial Times that the current owner will retain ten percent of the artwork. Initial trading will commence on June 19th, with the remaining shares becoming available shortly after. The minimum investment to own a share of the Francis Bacon artwork is set at $100.
In January, Artex obtained a regulatory license to operate as an art share exchange in Liechtenstein. The financial model involves listing Luxembourg-based companies on the exchange, each holding a distinct artwork. The shares of these companies will be traded on Artex. The official transactions are scheduled to commence on July 21, 2023, as confirmed by the company.