Masterworks Purchases Monet's "Coup de Vent" at Christie's Evening Sale for Public to Invest In
25 Jun, 2018, 12:59 ET
NEW YORK, June 25, 2018 /PRNewswire/ -- Masterworks, who is planning to build a stock exchange for great works of art, is pleased to announce its purchase of Monet's Coup de vent (1881) at Christie's Impressionist and Modern Art Evening Sale, which took place in London on Wednesday, June 20th, 2018. The work, which sold for approximately £4,730,000 (approximately $6,300,000), will be made available at the same price to investors to reserve shares in for $20 per share.
"We believe this was an excellent purchase of an exquisite painting," said Scott Lynn, Chief Executive Officer of Masterworks. "Internally, a third party appraisal firm had valued the painting at $8,500,000 immediately prior to the sale."
Painted during a period of transition in 1881 as Monet began to focus increasingly on landscape painting, Coup de vent ("Gust of Wind") depicts the verdant, picturesque Normandy coastline on a bright summer's day. The painting is one of a small group of four works Monet painted on one of the artist's many sojourns to Normandy, which introduces the themes which would preoccupy his work of this seminal decade. The dramatic landscape is a timeless evocation of a blowy mid-summer's day, representative of Monet's newfound immersion with the elemental forces of nature. Abandoning the contemporary themes which had previously dominated his work, Coup de vent marks Monet's turn from the modern, instead focusing on the landscape in its purest form, which would define the latter half of his career. As Richard Thomson has written, "Over the next half decade, his work on the Channel coast amounted to much more than a rediscovery of Normandy; it was a reinvention of Monet as an artist".
"By making such a high-end investment accessible to everyone, Masterworks is democratizing the art world, offering the opportunity to invest in iconic artworks at an affordable entry point," Lynn added. "We couldn't be more excited to see thousands of investors have an opportunity to own a Monet for the first time."
Anyone interested in learning more about investing in Masterworks' initial offering can do so by visiting www.masterworks.io.
Masterworks was founded in 2017 by Scott W. Lynn to build a stock exchange for great works of art. Masterworks is the first company to allow investors to buy and trade shares in masterpieces created by world-renowned artists. Each painting is registered as a public offering with the Securities and Exchange Commission, and powered by the Ethereum blockchain. By strategically purchasing investment-grade works of art, Masterworks is democratizing the art world by making high-end art investment accessible to everyone.
ABOUT SCOTT W. LYNN
Scott Lynn is an Internet entrepreneur who has founded, acquired, or acted as a majority-investor in over a dozen advertising technology, content, and fintech companies. An active collector of contemporary art for over fifteen years, Mr. Lynn has has built an internationally-recognized collection of Abstract Expressionism that has included works by Clyfford Still, Barnett Newman, Mark Rothko, Willem de Kooning, and more. Mr. Lynn's collection has been exhibited at several major museums, including the Museum of Modern Art, the National Gallery of Art, the Royal Academy of Arts, and more.
To learn more about Masterworks, visit www.masterworks.io.
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