{"id":978,"date":"2008-10-09T23:47:36","date_gmt":"2008-10-10T06:47:36","guid":{"rendered":"http:\/\/bigjimindustries.com\/wordpress\/index.php\/2008\/10\/wall-street-for-usd7100\/"},"modified":"2008-10-09T23:50:07","modified_gmt":"2008-10-10T06:50:07","slug":"wall-street-for-usd7100","status":"publish","type":"post","link":"https:\/\/bigjimindustries.com\/wordpress\/2008\/10\/09\/wall-street-for-usd7100\/","title":{"rendered":"WALL STREET for $71.00 do I hear 72…"},"content":{"rendered":"

from the Financial Times<\/a><\/span><\/p>\n

Gambling on price of art to become a reality<\/h2>\n

By Deborah Brewster in New York<\/p>\n

Published: October 9 2008 03:49 | Last updated: October 9 2008 03:49<\/p>\n

\u00a0<\/p>\n

Investors will from Friday be able to bet on the price of art, when Intrade\u2019s The Prediction Market begins trading futures contracts \u2013 which can be bought for as little as $30 \u2013 based on the art market.<\/p>\n

<\/a>Dublin-based Intrade, which already offers futures contracts based on political and economic events such as who will win the US election, will use the Mei Moses All Art Index as the basis for prices.<\/p>\n

The contracts will start trading on Thursday. The move is part of a trend for art to be viewed as an asset class, with the development of art funds and art prices indices.<\/p>\n

Chad Rigetti, vice-president of business development at Intrade, said: \u201cThe idea to create a price-transparent, liquid tradable art-based derivative occurred to me after reading about hedge fund billionaire Kenneth Griffin\u2019s purchase of Jasper Johns\u2019 \u2018False Start\u2019 for $80m in the fall of 2006 … Creating a product that would bridge two circles \u2013 collectors and financiers \u2013 seemed obvious.\u201d<\/p>\n

He said investment strategies had become increasingly quantitative, and at the same time high-end art was being bought by people who had made money from such strategies. He thought these people would be natural candidates to buy art futures contracts.<\/p>\n

\u201cThere has been an influx of financially savvy and technically savvy investors, which has led to the demand for this type of instrument,\u201d he said.<\/p>\n

Copyright<\/a>\u00a0The Financial Times Limited 2008<\/span><\/p>\n

<\/span>[ click to read at Financial Times<\/a> ]<\/p>\n","protected":false},"excerpt":{"rendered":"

from the Financial Times Gambling on price of art to become a reality By Deborah Brewster in New York Published: October 9 2008 03:49 | Last updated: October 9 2008 03:49 \u00a0 Investors will from Friday be able to bet on the price of art, when Intrade\u2019s The Prediction Market begins trading futures contracts \u2013 […]<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-978","post","type-post","status-publish","format-standard","hentry","category-culture-art"],"_links":{"self":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/comments?post=978"}],"version-history":[{"count":0,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/posts\/978\/revisions"}],"wp:attachment":[{"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/media?parent=978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/categories?post=978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bigjimindustries.com\/wordpress\/wp-json\/wp\/v2\/tags?post=978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}