How to bet on art and other baubles

a Claude Monet, a 1977 Lotus Esprit, or a thoroughbred racehorse. Some retail investors have got their kicks during the pandemic taking a punt on call options . But others prefer a slice of the high life. With a tap on an app—and often for less than the price of a bottle of champagne—they can fill their boots with expensive baubles.

The trend began after America’s Securities and Exchange Commission issued a rule in 2015 increasing the amount that firms could raise in “mini” initial public offerings to $50m. These are open to the public, not just “accredited” investors. Though industry-wide data are scarce, Anthony Citrano, founder of Acquicent, a fractional-ownership startup specialising in classic cars, estimates that the overall market was worth just under $50m at the start of the year.

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