According to a 2018 U.S. Trust statistics report on Artsy, there’s a rise in millennial collectors that view art as a financial asset with the young demographic more inclined to sell artworks they own save for their Gen X and Boomer counterparts. Enter Otis, a new investment app that aims to expand the millennial generation’s growing interest of contemporary art, streetwear, and “culturally relevant commodities” such as Nike Air Mags and KAWS artworks with its cultural, digital marketplace.
Starting July 9, the platform will allow art enthusiasts to invest in a curated selection of sneakers, comics, and other items starting at $25 USD per share. Inaugural launch items include artworks by Kehinde Wiley, KAWS, Takashi Murakami, alongside Supreme skateboard decks, Rolex Daytona watches, and Hermes Birkin Bags to name a few.
“Otis acquires high-quality assets, divides them into smaller shares, and offers them as equity investments. When you invest in an asset, you become a shareholder that owns a specific asset. Similar to a stock market, you’ll be able to buy and sell shares after a certain period of time,” said the app in an e-mail statement.
Each investment item will be available to preview on the app before it becomes available to invest in. Included in the preview is background information on the particular product attesting its value, details, price per share “and why it’s an important cultural piece,” added Otis.
In related stories, take a look at this week’s Best Art Drops.
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