Korean startup Yeolmae Company is the operator of an online platform called ArtnGuide. ArtnGuide lets users pool their money together to buy famous works of art in hopes of selling them at a higher price further down the line. The startup aims to bring fine art to the masses and give everyday people a chance to own high-end artworks. Therefore, this form of alternative investment in visual art is now not solely for the rich. 

Alternative assets are becoming very popular in South Korea as people look to find bigger returns in less traditional markets. While everyone talks about NFTs, the art market is a more realistic market for the average person to get into. While you won’t make massive returns, the risk you will end up losing it all is low.

ArtnGuide – Joint Purchase High-Priced Artworks

ArtnGuide is not a platform for up-and-coming artists. The works of art you will find on ArtnGuide are from artists who have a proven market around the value of their work. While they have a great collection of famous international artists they also focus heavily on famous artworks by Asian artists. They have a large collection of Japanese artists Yoshitomo Nara, Yayoi Kusama, Ayako Rokkaku, and Takashi Murakami. In addition, they have an equally strong collection of Korean artists such as Choi Young-wook, Hyung-geun Yoon, Kim Chang-yeol, and Park Seo-Bo. 

ArtnGuide was the first online group for art purchases in Korea. Thanks to Yeolmae Company, millennials in Korea are getting familiar with the concept of group purchasing for resale. To date, ArtnGuide has bought over $27 million worth of famous works of art. 60% of those works of art have been sold at a profit. 

ArtnGuide – How the Platform Works

ArtnGuide buys and stores a variety of paintings from famous artists. Users on the platform can buy shares of the works of art. They pool their money together to purchase one of the many artworks. Once the pieces go up in value they can sell them at a premium and turn a profit. Joint ownership of the work of art is recorded on the Blockchain and managed safely and transparently. Ownership can be viewed through the platform. Shareholders get paid out when ArtnGuide eventually sells the painting.

ArtnGuide raised $14 million for their series B round. Some of their investors include SoftBank Ventures Asia, KDB Capital, DS Asset Management, Lotte Rental Co, KT Investment, and Bass Investment. The startup will use most of the funding to purchase new works of art. In addition, ArtnGuide plans to hold online auctions and online art fairs to promote public interest in art to increase the customer base. The aim is to eventually go for an IPO to grow the global art platform even further.