BY SARAH MIN for Crain’s Wealth
For 15 years, Scott Lynn has been collecting midcentury artists. His collection of abstract expressionists includes Jackson Pollock, but he has a particular soft spot for Clyfford Still, one of the lesser-known artists in that movement. Although Mr. Lynn has seen his collection appreciate rapidly, he realized the asset class was too expensive for most people to invest in.
Enter Masterworks, an investment platform Mr. Lynn started in 2017 with a uniquely democratic approach. Instead of paying more than $2 million to purchase a painting, you can pull out a twenty to buy a share in it.
“When we ask people to invest in a Claude Monet or an Andy Warhol, it’s very exciting because they haven’t had the opportunity in the past,” said Mr. Lynn, chief executive officer at Masterworks. It could be an interesting idea for advisers’ clients who want to invest in art but are wary of the big financial commitment.
“It could give a client that’s very passionate about art some exposure and maybe some pride in owning a piece of valuable artwork,” said Anthony N. Badillo, lead financial planner at Gen Y Planning. Read the rest of the Crain’s Wealth story online here.
