News & Press
Weng Fine Art subsidiary ArtXX sells first edition via NFT platform Timeless Investments
15 Sep. 2021 / Pressemitteilungen
On September 16, 2021, private individuals will be able to purchase NFT shares in an edition of ArtXX AG ("Weng Contemporary") for the first time. The NFTs of Balloon Animals (Set I) by world-famous artist Jeff Koons will be offered on the platform of the Berlin-based startup Timeless Investments.
The sale will launch as part of an exclusive drop on the app on Thursday, September 16 at 11 a.m. CET. The edition set will be offered to investors in the form of 790 shares at EUR 50 each with a total value of EUR 39,500. Interested parties can participate in the collectibles via the app after registering on the platform - it is expected that the shares will be sold out within a short time.
Released in 2017, the Balloon Animals (Set I) edition by American artist Jeff Koons includes a set of three iconic balloon sculptures made of porcelain with a highly reflective chrome coating - a favorite material of the artist. The set offered Thursday is part of a rare partial edition of fewer than 100 sets in which all three figures have the same edition number (known as "matching numbers"). This variant is already hard to find on the market and will thus have greater potential for value appreciation than the regular edition with mixed numbers. Jeff Koons' animal sculptures are among the most popular works of contemporary art worldwide. In May 2019, the one-meter-tall one-of-a-kind stainless steel version of Rabbit fetched USD 91 million at auction in New York, making Jeff Koons the world's most expensive living artist.
The drop kicks off a close collaboration between Weng Fine Art Group (WFA) and the blockchain platform Timeless Investments. The goal is to make first-class artworks in the form of NFTs available to the largest possible group of private investors and enthusiasts. The cooperation with WFA enables the platform to expand its asset portfolio with art objects. The next drop is scheduled for October with an edition by the celebrated street artist Banksy - with more offerings to follow in the coming months.
"The cooperation with Timeless Investments is an expansion of the Art/Fin/Tech business segment of Weng Fine Art. In addition to our participation in the NFT platform 360X, which focuses on professional investors, we can also offer private investors the opportunity to invest in the art market through Timeless Investments in the context of tokenization and fractionalization," says Rüdiger K. Weng, CEO of Weng Fine Art AG.
Jan Karnath, CEO & Co-Founder of Timeless Investments: "With Weng Fine Art, we have gained one of Europe's leading art trading companies as a long-term partner. I am very pleased about the kick-off of our partnership with artworks by important artists of our time. I am thrilled that WFA shares our vision to democratize the art asset class with us, enabling everyone to take part in the ownership of valuable contemporary artworks."
ABOUT TIMELESS INVESTMENTS
The Timeless Investments platform enables investments in unique collectibles, including watches, vehicles, sneakers and now art. Investors have the opportunity to purchase shares in unique luxury objects and collectibles from as little as €50. The company, launched in February 2021, verifies and acquires sought-after rarities, tokenizes and fractionalizes the shares, and sells them through its app. Users can therefore acquire shares in sought-after collectibles with a small amount of money and without owning cryptocurrencies, participate in their performance, and later trade the shares with other users. Timeless Investments is part of New Horizons GmbH, which already operates "Gapless," a blockchain platform for vehicle management. More information about the company can be found here: https://link.timeless.investments/store.