The Collection of Modern Art, a retail art fund launched on 31 May by Castlestone Management, has acquired several paintings at the London summer art auctions.
In line with its stated investment strategy, the Collection purchased post-war art from deceased or non-producing artists including Pablo Picasso, Andy Warhol, Keith Haring, Yves Klein and Arman. The acquisitions join a collection which already includes Jean Michel Basquiat, Lucio Fontana, Jasper Johns and Willem de Kooning.
Constanze Kubern, formerly of Sotheby’s who now advises Castlestone Management on the art market, says: ‘We saw a good level of bidding activity for museum-quality pieces. It looks like there’s still demand in the market, but like us, buyers are taking a more considered approach.’
The Collection of Modern Art is the first regulated retail art investment fund, with a minimum subscription of USD10,000/GBP10,000. The low minimum investment threshold aims to put art investment within reach of more investors.
Castlestone Management believes that museum-quality, post-war art from deceased or non-producing artists, along with real assets such as gold and other commodities, will be the best bets during the coming period of inflation.
‘Whenever the value of money falls, as it is doing now, the value of real assets rises, whether it’s art or any commodity such as gold,’ says chief executive Angus Murray. ‘Gold and art are running in parallel, both driven by the falling real value of money.’