Chinese Fund Collects Art

Posted: Monday, 19-07-2010

Shares in China's first art portfolio to be listed on the Shenzhen Culture Assets and Equity Exchange sold on their first day of issue earlier this month, for a total 2.4 million yuan ($354,480), creating what the share issuers predict to be a new trend in the art-trading field.

The 1,000-share portfolio consists of 12 paintings by famous Chinese artist Yang Peijiang. Issuer, Shenzhen Artvip Culture Corporation, is the first art dealer authorized by the exchange to issue such shares and along with Yang's agent Zhang Hong, holds 40 percent of the portfolio, Ye Qiang, Artvip's board chairman, told the Global Times.

The rest of the shares were purchased by art collectors, dealers and financial organizations, Ye said.

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