Masterworks, a company planning to build a stock exchange for great works of art, has announced its purchase of Monet’s Coup de vent (1881) at Christie’s Impressionist and Modern Art Evening Sale, which took place in London on Wednesday, June 20th, 2018. The work, which sold for approximately £4,730,000 (approximately $6,300,000), will be made available at the same price to investors to reserve shares in for $20 per share.
The company allows investors to buy and trade shares in masterpieces created by world-renowned artists. Each painting is registered as a public offering with the Securities and Exchange Commission, and powered by the Ethereum blockchain. By strategically purchasing investment-grade works of art, Masterworks will democratise the art world by making high-end art investment accessible to everyone.
Scott Lynn, Chief Executive Officer of Masterworks, stated: “We believe this was an excellent purchase of an exquisite painting. A third party appraisal firm had valued the painting at $8,500,000 immediately prior to the sale.”
Painted during a period of transition in 1881 as Monet began to focus increasingly on landscape painting, Coup de vent (“Gust of Wind”) depicts the verdant, picturesque Normandy coastline on a bright summer’s day. The painting is one of a small group of four works Monet painted on one of the artist’s many sojourns to Normandy, which introduces the themes which would preoccupy his work of this seminal decade. The dramatic landscape is a timeless evocation of a blowy mid-summer’s day, representative of Monet’s newfound immersion with the elemental forces of nature. Abandoning the contemporary themes which had previously dominated his work, Coup de vent marks Monet’s turn from the modern, instead focusing on the landscape in its purest form, which would define the latter half of his career.
Lynn added: “By making such a high-end investment accessible to everyone, Masterworks is democratizing the art world, offering the opportunity to invest in iconic artworks at an affordable entry point. We couldn’t be more excited to see thousands of investors have an opportunity to own a Monet for the first time.”