Singapore's first shared art ownership platform launched

People may now own expensive Singaporean art at a fraction of the cost with the launch of We Are Art Collectors Pte. Ltd. (WAAC), the city-state's first fractional art ownership platform.

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Fractional investment lets ordinary investors pool their money to buy a blue-chip artist's work. WAAC divides the ownership of a painting into lots of $1,000, so a $10,000 painting will have as many as 10 owners.

“Even if they are rich collectors, there's a limit to their budget,” Low Sok Leng, who started the platform on Jan. 10, told Singapore Business Review. “Sometimes, they realise there are artworks they want to collect, but there's still a budget constraint.”

“With this fractional art ownership platform, they can choose to diversify across more artworks with the same budget. They can also diversify their risk,” she added.