Pica Project is launching an art co-sharing platform that empowers art lovers to co-own master art pieces.
Seoul, South Korea -- (ReleaseWire) -- 04/27/2020 --Pica Project Co. Ltd. is launching its art co-sharing platform in May this year which offers art lovers opportunities to co-own master art pieces.
During the month of May, exclusively invited customers are able to invest in art by paying between the range of 1 million Korean won (~USD1,000) to 10 million Korean won (~USD10,000) at the Pica Gallery.
Artworks are impossible to mass-produce in factories. Therefore, as market demand increases, the price rises.
In this ultra-low interest rate era, this new so-called 'art-tech' is attracting attention as a new investment method. This investment technique art lovers and investors to co-purchase great artists' work. Similar to crowdfunding model, expensive artworks can now be purchased through co-ownership.
Pica Project stakeholders claim that their art value will increase by 20 percent within two years of purchase. If the work of art is not sold within that period, it guarantees a return of 20 percent through a reverse purchase system.
Pica Gallery, a concrete blueprint for the Pica Project, has been planned since 2018. CEO Song expanded the concept of discovering new artists through online platforms at the time, and eventually discovered that the key is that the public should pay attention to art and appreciate and invest at the same time. It was around this time that Sung Hae-joong, 41, who had previously worked with Song as an art collector, joined the gallery as a co-chairman.
"I'm planning to buy the work myself as I learned to appreciate the work of famous artists when I was studying in the U.S. Existing art investment companies bring a lot of works that have been auctioned in domestic, but instead we will bring leading overseas works. Meaningful works with stories to tell will be our main target," said CEO Song Ja-ho.
While PICA Gallery's primary goal is to appreciate the work of art and promoting these masterpieces as an investment product is also essential. CEO Song said, "The contract for the joint purchase is for two years and we offer a 20% in dividends during that time."
This project forecasts sales of art in joint purchases between 400 to 500 million Korean won (~USD400,000 to USD500,000) per month.
If you invest in art for three years, you will have an eye for it. Usually, after about six months, you will no longer invest if you fail. We've been through a lot of blockages while investing. Culture and sports have global stars, and I thought about why there is no art, and I finally realized that the problem is not people but systems." (CEO Song Ja-ho).
"The inability of our country's art market to grow is due to the problems in the distribution structure. By using diversity, we believe that we will be able to grow into a world-class art market only when there is a place where artworks can be introduced to the public, and that is co-owned by PICA Project."