SEC OKs Freeport Tokenized Art Review

Freeport said the SEC's (Securities and Exchange Commission) decision lets normal people buy fractional ownership in great art.

SEC OKs Freeport Tokenized Art Review
SEC OKs Freeport Tokenized Art Review

Freeport, a nonfungible token (NFT) company, said on March 29 that it had cleared a Regulation A review by the United States Securities and Exchange Commission (SEC) to launch its blockchain platform for crowd-ownership of a four-piece collection of Andy Warhol artworks.

Each piece consists of 10,000 shares, with a minimum purchase of 10 per individual, and a maximum of 1,000 people are permitted to possess a Warhol artwork.

The underlying pieces are reproductions of renowned Warhol works such as “Marilyn (1967),” “Double Mickey (1981),” “Mick Jagger (1975),” and “Rebel Without a Cause (James Dean) (1985). According to MutualArt, current Andy Warhol artworks may sell for anywhere from $6 to $195,040,000 each.

According to Freeport, the SEC’s approval enables regular investors to acquire fractional ownership in the fine arts market, which is generally reserved for high-net-worth individuals because of the high cost of entry.

The Freeport team noted, “Customers may exhibit their artwork in a high-resolution personal gallery, choose frames, and explore other community members’ galleries with rich social interactions such as comments, likes, and more.” CEO and co-founder of Freeport, Colin Johnson, commented:

“As more and more value moves on-chain, fractionalized art is increasingly being sought after by a younger, yet less financially flexible, class of investors.“

To sell securities in the United States, one must register with the Securities and Exchange Commission (SEC) or request an exemption. The Directive A tax exemption permits organizations, primarily startups, to fund $20 million in 12 months through a Tier 1 offering or $75 million through a Tier 2 offering, which is more restrictive.

Gary Gensler, chairman of the SEC, will speak on the regulation of crypto assets before the House Financial Services Committee on April 18.

SEC OKs Freeport Tokenized Art Review
Andy Warhol’s Marilyn Monroe Portrait. Source: Fine Art Studies

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