European figurative work
Entry€480,000
Horizon9 months
Fine art · Process
Capital that gets exposed.
Capital that returns.
BKAE participates, alongside a top-tier gallery, in the acquisition and rotation of works in deposit. Each cycle articulates a private investor pool that participates in an acquisition, a documented custody, a sale via auction, and a proportional distribution of proceeds.
How capital flows
From the deposit room to the auction.
The gallery maintains a rotating inventory of pieces with appreciation potential. BKAE structures the private vehicle that allows multiple investors to participate in that inventory with judgement, documentation, and a defined exit horizon.
Phase 01 — Origination
The gallery selects the work.
The starting point is not an open market. The partner gallery keeps a rotating deposit of works with verified provenance, documented authenticity, and exit potential. BKAE reviews every candidate before opening a window.
- Provenance and chain of custody
- Independent valuation
- Estimated exit horizon
Phase 02 — Investor pool
Multiple investors, one vehicle.
Once the window is open, BKAE structures a private pool with a maximum ceiling of three million euros. Multiple investors participate with their respective tickets; the pool closes when the ceiling is reached or the target subscription is complete.
- Ceiling €3,000,000 per cycle
- Indicative tickets from six figures
- KYC documentation before close
Phase 03 — Acquisition
The pool buys the work.
With the pool closed, the vehicle acquires the work from the gallery through a private contract. Title sits in the SPV, with proper record-keeping and archived purchase invoice.
- Private purchase contract
- Title held in SPV
- Photographic record and condition report
Phase 04 — Custody
The work waits for its moment.
Throughout the holding period, the work stays in certified custody with controlled climate conditions, active insurance, and documentary oversight. BKAE reports periodically on asset status to the pool.
- Climate-controlled storage
- Agreed-value insurance policy
- Periodic reporting to the pool
Phase 05 — Auction
The hammer sets the price.
When conditions are favourable, the work enters the auction circuit through a top-tier house. The hammer price sets the gross proceeds, from which commissions and costs are deducted to reach the distributable net.
- House selection and calendar
- Hammer price as reference
- Settlement into SPV account
Phase 06 — Distribution
Every euro invested, its return.
Net proceeds are distributed pro-rata among pool participants, according to the percentage of capital contributed. BKAE retains its agreed fee and the gallery its commission. The cycle closes with a final report and audit trail.
- Pro-rata distribution to capital contributed
- Auditable final report
- Possible reinvestment in the next window
Catalogue
Works in deposit
A rotating, reviewed inventory.
Illustrative examples of the type of work that forms part of the deposit. They do not constitute an offer or promise of return.
Postwar abstract
Entry€750,000
Horizon12 months
Sculptural piece
Entry€1,120,000
Horizon18 months
Simulator
Illustrate your participation.
Adjust amount, participation, and exit scenario. Results are illustrative and do not constitute an offer or guarantee.
Your ticket
€250,000
€100,000€3,000,000
Pool size
€3,000,000
€500,000€3,000,000
Auction uplift
+25%
−10%+60%
Horizon
12 months
6 m18 m
Estimated net return
+43,750 €
Your % of pool
8.33%
Total returned
€293,750
Approx. IRR
17.9%
Multiple
1.18×
Values shown are illustrative. Gallery, auction, and structuring fees are assumed at 12% gross and are deducted from net. Figures subject to the actual conditions of each investment window.
Next step
Private conversation. Its own calendar.
Investment windows open sequentially and have limited capacity. The initial conversation assesses fit and, if appropriate, schedules the documentary review of the current cycle.