ArtSquare’s first digital listing is fast approaching. In preparation for the exciting event taking place on June 3, 2019 at 12h (UK Time), we want to take you behind the scenes of the listing process. What happens when an Art Owner decides to sell an Artwork through the ArtSquare’s Primary Market? The digital art listing of an artwork or collectible entails its fragmentation into an agreed number of digital art shares to be sold on the ArtSquare Primary Market as Artwork Tokens (AWT). Art Investors will be subsequently allowed to trade the AWTs in their possession on the ArtSquare’s Exchange.
Save the Date
The Art Owners’ guide to the Digital Art Listing
Art Owners are given total control over the listing process. They will:
- determine the number of DAS in which the Artwork will be divided, the unitary value of their art shares, and the percentage thereof to be sold on the ArtSquare Primary Market.
- establish the fiat currency in which their DAS can be bought.
- decide the start and end date of the sale of their DAS.
Art Owners also have the right to call back the Digital Art Shares associated with their own Artworks at a predetermined fixed price at anytime.
We have given Art Owners unprecedented freedom and flexibility in placing their assets on the ArtSquare’s marketplace. This has also a number of benefits for ArtSquare’s Art Investors, a new category of art buyers that includes small investors, art lovers on a budget, millennials and digital art investors.
Art Investors: What’s Next?
Before the official sale of the Artwork on the ArtSquare Primary Market starts, Art Investors can book in advance any number of Digital Art Shares. The reservation window typically begins a couple of weeks before the listing on the Primary Market. Not only their requests of purchase will be dealt with before the beginning of the sale, they will also benefit from special discounts whether on the price of the reserved art shares or on commission fees. This means that on the day the sale begins only unreserved shares will be effectively made available for purchase on the ArtSquare Primary Market.
On that very same day, Investors who made a booking in advance will automatically pay the agreed amount towards the purchase of the DAS: you will see that in your Multi-Currency Wallet money will be withdrawn and the corresponding DAS will be added to your portfolio section. Make sure you have enough available funds for your request of purchase to go through successfully.
Conditions of sale of DASs are spelled out in the Artwork’s info sheet. These may contain the rights associated with the ownership of shares of the Artwork and regulate the display, loan, resale and other governance issues related to the Artwork.
Phase 2: the ArtSquare Exchange
The listing ends either when all the art shares issued for an Artwork have been sold or on the Art Owner’s chosen end date. At this point, ArtSquare will bring on a whole new scenario of exciting opportunities: the ArtSquare Exchange. This is a secondary market where Art Investors will be able to start trading their purchased DAS, just like in the financial stock exchange.
ArtSquare is opening up new possibilities for the art market one digital art share at the time. Sign up to our Newsletter to learn how you can prepare for the upcoming listing.