Each artwork is governed by specific agreements that you can find here and is digitized into a co-ownership model.
In general, we can summarize that each co-owned artwork:
- is given a valuation
- is divided into a predetermined number of shares
- is put up for sale after a given time (holding period)
- has a minimum price, which starts an auction for the work
- has a trigger price, which sells the work at a bid at or above this
- Each shareholder legally owns a part of the artwork corresponding to their percentage of the shares.
- Shareholders have voting rights regarding the sale of the artwork.
Read the transaction terms and the co-owner terms to get the full understanding.