金融学院知识库

当人们的消费需求已经开始从物质需求转向对美好生活的需求时，艺术品投资也在逐渐流行。艺术品证券化是金融与文化艺术的结合，也是金融市场与文化产业的融合。艺术品证券化是把艺术品自身实物和其代表的价值拆分开来，是实物和价值两种形式的拆分，这也使得艺术品证券化的产品成为独立的金融产品。而艺术品实物是不流动的，所以这种形式使得艺术品所代表的价值能够在金融市场上实现更快速的流通，更有利于其价值的实现。目前艺术品证券化的发展还处在初始阶段，在监管机制和相关立法方面还不够完善和健全，之前天津文交所尝试的权益拆分式模式以及艺术品基金模式都还存在着诸多的问题，所以究竟要不要继续发展艺术品证券化，应该如何发展，到底要发展什么模式，建立什么样的机制还需要继续的探讨和研究。

本文以盛世宝藏一号保利艺术品基金及天津文交所艺术品份额化交易作为研究案例，梳理总结了我国现有艺术品证券化交易模式运行中出现的定价机制不合理、结构设计不合理、缺乏市场监管机构、缺乏相关法律法规约束等问题，并针对这些问题提出了加强投资者准入、确定初始价格、完善产品设计和规则设计、设置运行机制及风险控制的解决对策。同时在结合指数基金与艺术品基金二者优势的基础上，提出构建艺术品指数基金这一创新产品，详细介绍了该产品的构建方法以及构建时需要注意的艺术品保管、鉴定等事项，并指出其具有门槛低、投资期长等优势，以期为未来艺术品证券化交易的发展提供可行的建议对策。

When people's consumption demand has begun to shift from material demand to the demand for a better life, art investment is also gradually popular. Artwork securitization is not only the combination of Finance and culture, but also the integration of financial market and cultural industry. Artwork securitization is the separation of artwork's physical object and its representative value. It is the separation of physical object and value, which makes artwork securitization products become independent financial products. And the real objects of art are not mobile, so this form makes the value represented by art can achieve faster circulation in the financial market, which is more conducive to the realization of its value. The development of art securitization is still in the initial stage, and the regulatory mechanism and relevant legislation are not perfect and perfect. There are still many problems in the equity split mode and art fund mode tried by Tianjin Cultural Exchange, so whether to continue to develop art securitization, how to develop it, what mode to develop and what kind of fund to establish The mechanism needs further discussion and research.

This paper takes Shengshi Baozang No.1 Poly Art Fund and Tianjin Cultural Exchange art share trading as research samples.This paper summarizes the unreasonable pricing mechanism, unreasonable structure design, lack of market regulatory agencies, and lack of correlation in the operation of China's existing art securitization trading mode In view of these problems, this paper puts forward some countermeasures, such as strengthening the access of investors, determining the initial price, improving product design and rule design, setting up operation mechanism and risk control. At the same time, on the basis of combining the advantages of index fund and Art Fund, this paper puts forward the construction of art index fund as an innovative product, introduces in detail the construction method of the product and the matters needing attention in the construction of art preservation and identification, and points out that it has the advantages of low threshold and long investment period, so as to provide some reference for the future development of art securitization help.