"Weng Art Invest" Launches: ArtXX Introduces Token Platform for Collectors to Purchase Limited Art Editions

15 Mai 2023 / Pressemitteilungen

ArtXX AG, the Swiss e-commerce subsidiary of Weng Fine Art AG (WFA), is launching a new digital art investment platform called "Weng Art Invest" today. On Weng Art Invest, starting May 18, 2023, art collectors and interested investors can buy selected limited editions of internationally renowned contemporary artists, as well as sell them without incurring the typical costs for VAT, import VAT/customs duties, resale rights, transportation, storage, and insurance.

By purchasing an artwork, collectors acquire full ownership of a physical artwork represented on the platform by a digital twin ("token"). ArtXX holds the artwork in trust for the customers in a secure bonded warehouse at no charge. After an initial lock-up period, the owners can have their artwork delivered at any time to display it at home or sell it elsewhere. Also, buying and selling prices for the artworks are also regularly published on the platform, allowing for continuous tracking of the editions' value development.

Initially, only a selected group of people will have the opportunity to purchase or sell tokenized editions during XETRA trading hours on Mondays and Thursdays as part of a soft launch. The platform will be open to all other interested parties in June.

Melanie Moske, Chief Digital Officer and project lead, states, "Weng Art Invest is intended to become a game changer for the Weng Fine Art Group. We offer iconic artworks from world-renowned contemporary artists that have a quantifiable market price and are easy to acquire through our platform - transparent and without the usual extra costs. With our technical partner, tokenforge GmbH from Berlin, we have also created a new digital asset for the WFA group that helps us scale and drive innovation in the art market. We look forward to optimizing and continuously developing Weng Art Invest in the coming months together with the feedback from our users."

Rüdiger K. Weng, founder and CEO of Weng Fine Art AG, said, "With the launch of Weng Art Invest, we want to begin implementing one of my central visions. For many years, next to my passion for collecting art, I had the goal to make the art market interesting also for the financial market. The Weng Art Invest platform visualizes how we envision the future development of an important part of the art scene. We see this platform as a work-in-progress as it will be continuously developed."

The management is confident that the platform will enable trading of a seven-figure EUR volume of art editions in the current year and that the company will significantly expand its customer base with the new offering.