What changes have taken place in art investment funds recently? What changes have taken place in the business model? What is the future development prospect ... With many questions, the reporter interviewed Chen Bo, chairman of Shanghai Dingyi Investment Management Co., Ltd. ..
The rapid development of the industry
Reporter: As a senior insider who first set foot in the market, how to evaluate the current art fund market?
Chen Bo: The development of China Art Fund has entered the "fast lane". According to my observation, by the end of 20 1 1, the capital scale of the whole market has reached 6 billion yuan, of which the investment capital is close to 3 billion yuan, and the financing capital mainly based on mortgage financing is also 3 billion yuan.
Reporter: Observing the scale development trend of the art fund market, it grows rapidly in 20 10, and it is even more powerful in 2010/year. What is the reason for this change?
Chen Bo: The growth rate of the Art Fund of 20 1 1 exceeded my expectation. By the end of 20 1 1, nearly 30 domestic art fund companies had issued and established more than 70 art funds. Macroscopically, this has a lot to do with the rapid development of China art market. I noticed such a set of data. In 2009, the turnover of China art market was 22.5 billion yuan, reaching 57.3 billion yuan in 20 10, and even higher in 2010/year, reaching 96.8 billion yuan, nearly doubling every year. Since 2000, the turnover of the art market has soared nearly a thousand times.
It is also worth noting that its collection group is growing. Art as an investment variety has also been recognized in a wider range, and more and more domestic high-net-worth people have increased or increased their investment share in art in asset allocation. In addition, private banks and trusts, as well as enterprises from Shanxi and Inner Mongolia, have also joined the ranks of art collections.
Reporter: So, how will the market develop further in the future?
Chen Bo: The momentum of rapid growth will be maintained in the future, but the growth rate will definitely decrease.
From overseas experience, when the per capita GDP exceeds $3,000, the demand for collections will increase, and when it reaches $5,000, it will increase substantially. By the end of 20 1 1, China's per capita GDP has exceeded $5,450, exceeding the $5,000 mark, which indicates that the demand of the collection market will gradually increase, so there is still a lot of room for growth in this market. In China, the proportion of the top 100 super-rich people who plan to buy artworks does not exceed 10%, but it has exceeded 60% in western developed countries.
The model is constantly innovating.
Reporter: What are the main types of domestic art funds?
Chen Bo: At present, there are two main types, namely limited partnership system and trust system, in which trust system includes single trust art financing fund and collective trust art financing fund.
Different types of fund operating institutions are also different. The single trust art financing fund cooperates with the bank, which raises funds from customers, and the bank acts as a single trustee to entrust investment consultants to operate. The collective trust art financing fund cooperates with trust institutions, which is a collective plan for the art market. Art private equity fund is a fund with investment in art as the target, and investment consultants enter as GP and then introduce LP.
For the collective trust art financing fund, banks, trusts and investment consultants * * * participate in the project operation and * * * accept supervision. The threshold of such funds is not high, generally 654.38+0 million to 2 million, with controllable risks and not necessarily high returns.
Art private equity fund is a kind of fund with high return rate but also high risk. Its threshold is relatively high, and it generally needs 5 million to100000 yuan.
Reporter: Is there any new change in form?
Chen Bo: In order to meet different investment needs, there are hybrid art funds in the market. For example, the recently established Dingyi Fund is a collection of private placements and trusts. Compared with private equity funds, the threshold is lower to meet different investment needs. It should be said that this is an innovative model. The fund scale of Ding Yi 1 is 30 million yuan, which is expected to end at the end of March. The investment period is "3+ 1" years, that is, the investment period is three years plus an optional extension of one year, and the LP ratio of priority to inferior level is 3:2. Hybrid art funds like Ding Art Fund are rare in China.
Reporter: Apart from innovation in form, are there any breakthroughs in ideas and strategies?
Chen Bo: In terms of concept and strategy, Ding Yi Fund has also taken a different route. At present, most domestic art funds take art as the investment target, and earn the difference through low suction and high throwing. Ding Yi, by investing in artists as the main means, is a fund that really does practical things for artists. Through our efforts, we can tap the artist's aesthetic value and reflect the real market value. That is to say, we should take an investment road of excavating value, discovering value and finally realizing value.
In China, we are the first fund to operate in this way. To some extent, Ding Yi's approach is somewhat similar to the gallery broker model, that is, through various channels and ways to let the society know about the artist and recognize his value. Dante One Fund has gathered various resources such as funds, brands, channels, publicity and the number of customers, which are beyond the reach of ordinary galleries.
Reporter: I heard that Ding Yi has signed a contract with the famous domestic painter Chen Wuji. What kind of consideration is this choice based on?
Chen Bo: As I mentioned earlier, we should find value. A painter like Chen Wuji, we think we underestimated him at present, so we chose him. Chen Wuji specializes in ink painting, which leads to another topic, that is, contemporary ink painting in China is actually in an underestimated stage, in a low-value depression, and there is still a lot of room for improvement. At present, besides Chen Wuji, we have signed contracts with several other ink painters in China.
Gradually sought after by the market
Reporter: Are institutions playing an increasingly important role in the market?
Chen Bo: With the gradual increase of domestic art prices, most works have risen to a certain level. For individual investors, the risks brought by rising prices are increasing, so the role of institutions is gradually increasing. This is a trend.
On the other hand, since 2007, after three or four years of exploration, the art fund model has been accepted by the market and has become another investment mode after industry, stocks and real estate, and the proportion of family investment has increased.
Reporter: So the art fund is worth looking forward to.
Chen Bo: Yes, investors are beginning to pay attention to this kind of investment. There are two reasons: first, art investment funds can pool the funds of many investors, control risks as much as possible and improve returns through art portfolio; On the other hand, the managers of art investment funds have either good artistic accomplishment or rich management experience. Managing art investment funds by these professionals should greatly reduce operating costs and investment risks.
Small data
Art fund
The art fund aims at investing in artworks, and regards artworks as derivative financial commodities, which has the characteristics of income function and value-added potential. Independent custody, professional management, portfolio investment, independent accounting, risk-taking and income sharing are its main characteristics. As early as 100 years ago, the embryonic form of art fund was established in the west. Bear Skin Fund (Paris) is the earliest professional fund for art, and the earliest art fund in China appeared in May 2005. At the China International Gallery Expo, the "Blue Mark" Art Fund from Xi bought "Eighteen Arhats" by contemporary painter Liu Xiaodong for 500,000 dollars.