The idea of acquiring art as an investment is nothing new, but the
commodification of artworks will reach a whole new level this month with
the launch of Art Exchange by the French company A&F Markets.
On the Exchange, investors will be able to buy and sell shares in works
of art, starting at €10 ($13) for shares in pieces valued at over
€100,000 ($134,000). Only works from the late 19th century onwards will
be traded, emphasizing painting and sculpture. The first pieces for sale
will include installations by Anselm Kiefer and Mike Kelley, as well as a 1998 painting by Sol LeWitt.

Headed by 26-year-old Pierre Naquin, A&F Markets is working with about six Paris galleries but hopes to expand across Europe, into Britain, and into China, the Guardian reports. It is also negotiating directly with French artist Richard Texier
for one of his works. The company touts the originality of its
approach, which it says will make the art market understandable and
approachable for the average investor. However, it's worth noting that in China, at least, the French company already has company — in mid-2010, the Shenzhen Artvip Cultural Corporation launched a scheme to sell shares in works by contemporary artist Yang Peijiang on the Shenzhen Cultural Assets and Equity Exchange, a government-sponsored trading platform for cultural assets.

A&F Markets' prospectus emphasizes that
art is "both a safe and a speculative" investment: safe over the
long-term because its value is intrinsic and independent of volatile
economic conditions, and speculative in the short-term because auction
markets have seen soaring profits. French investors can also benefit
from tax laws that exclude artworks from income calculations for the
wealth tax.

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The prospectus also intones that "the pleasure that the discovery and
study of art can provide is real and should not be overlooked." However,
since Art Exchange handles "all logistics and costs relating to the
management of the works," investors aren't going to really have contact
with the works in which they own shares — a reminder that "investor"
doesn't really rhyme with "collector."