The threshold for collecting is greatly reduced.
It is reported that the United States Otis obtained $ 11 million in Series A financing led by Seattle venture capital firm Maveron.
Otics is a New York shared collectibles investment platform , founded by Michael Karnjanaprakorn. The platform involves a variety of collections, including contemporary art, photos, comics, sneakers, luxury goods, watches, street art, design, sculpture, museums, shared living spaces, music albums, and more.
The first products include an oil painting created by artist Kehinde Wiley in 2018 (Otis bought for $ 237,500), Supreme skateboard, Hermes Birkin bag, Rolex Daytona 6265 watch, KAWS artwork and so on. Users can “share” a collection for as little as $ 25 and become a “shareholder” of the collection.
Kehinde Wiley creation 2018 | Image source: arsty website
According to the 2018 US Trust statistics report, more and more millennials (those born between 1984 and 2000) collect art as financial assets, and the younger generation He is more inclined to sell his art to collectors of Gen X (the generation born between 1966 and 1980) and Baby Boomers (the generation born in the United States from 1946 to 1964).
Otis is a new investment app designed for those who want to invest in collectibles, aiming to expand the millennial through its digital marketA generation’s interest in contemporary art, streetwear, and any culturally related goods.
The Otis application displays background information of various collections, including the value, details and price per share of the collection. Users can invest in collections on the Otis application.
Otis official website
All collections of the Otis platform are pre-purchased by Otis, and the “shared” information of the collections is announced to users weekly through the mobile app. Otis acquires high-quality collections, then divides them into smaller shares and provides them to users as equity investments. When a user invests in a collection, he becomes a shareholder with a specific collection. This transaction is similar to the stock market, you can buy and sell the collection after a period of time.
The collection of the Otis platform The physical objects are stored in a showroom in East Village, New York , and all “owners” can enjoy the priority of visiting.
With the Otis platform, users can not only share the ownership of the collection, but also get a return on investment -Otis’ collection period is generally 5 to 10 years, and the collection will be sold afterwards to shareholders Share revenue. It’s worth noting that Otics is more committed to cultivating great artists than selling the collection just for a little income.
Karnjanaprakorn once described Otis, “This is not just an auction house, not just foundations, art exhibitions, museums, nor just collectors. Otis is a combination of all the above identities. > Community-based cultural museum. .