Wednesday, 24 August 2016
Last updated 4 hours ago
May 23 2008 | 2:00am ET
A London art hedge fund has enlisted the services of a heavy-hitter in the world of contemporary art as an adviser.
The Art Trading Fund, which calls itself the world’s first “regulated fine art hedge fund,” will employ the services of famed art collector and advertising mogul Charles Saatchi in making contemporary art buys. Saatchi, known for popularizing the works of the so-called “Young British Artists” such as Damien Hirst, will advise on buying works by Western, Chinese, Indian and Middle Eastern contemporary artists.
The firm’s second fund is hoping to raise £50 million (US$98.6 million) by the end of the year. It is domiciled in Guernsey, in the Channel Islands.