The ‘Assetization’ of Art on an Institutional Level—Fractional Ownership Implemented in the Royal Museum of Fine Arts Antwerp

Abstract

This article explores the innovative collaboration between the Rubey platform and the Royal Museum of Fine Arts, Antwerp. Through the tokenization of the artwork Carnaval de Binche by James Ensor, this platform made it possible for interested investors to purchase blockchain-registered Art Security Tokens within this artwork and become co-owners of it—at least from an economic perspective. Although fractional ownership platforms for art have been established before, this is the first time an art investment opportunity like this has materialized itself in an explicit partnership with a museum. The tokenized artwork will be held on public display within the Royal Museum of Fine Arts Antwerp, for a period of ten years—a significant departure from the usual practice of storing such pieces in a storage vault—before it will be sold again. This article contextualizes this practice within both the ‘assetization’ of art that has increased in recent decades and the financial challenges facing Belgian—more broadly speaking, European—public museums. Based on a limited number of interviews with the stakeholders and desk research, this article subsequently explores the more practical benefits and concerns of a collaboration like this and presents an analysis of this practice drawing upon publications within the field of economic sociology. Since we find ourselves only at the beginning of this partnership, some questions will be raised for further research.