欧阳晓红

OuYangXiaoGong

　　曾经疯狂的艺术品“份额”业已偃旗息鼓，但艺术品金融化的探路仍在继续。

Once crazy work of art"share"11-year old has,But the art of JinRongHua convey continues.

　　1月9日，证监会宣布全国交易所清理整顿工作已基本完成。而从国内部分文化产权交易（下称文交所）之处置方式看，艺术品份额回购成主流模式。“文化产权可否配套建设一个项目融资退出通道的市场平台，从而亦构建多层次的艺术品资本市场体系？”上海文交所总经理、中国艺术品金融研究所副理事长张天表示。“近期，我们与中国艺术品金融研究所、上海文交所合作，探索推出一种新的艺术品交易机制。”1月8日，上海保珍堂投资管理中心（下称“保珍堂”）合伙人贠晓汝说。这种合作或将给上海文交所推出具备金融属性艺术品金融产品提供参考样本。

On January 9,,Securities regulatory commission announced that the national exchange rectification work has been completed.And from the domestic part of the cultural property transactions(Said that in the)The disposal way of looking at,Art share buyback into mainstream mode."Cultural property can form a complete set to build a project financing exit channel market platform,And also construct multi-level capital market system of art?"Shanghai wen into the general manager/Chinese art financial research institute vice President zhang day said."recent,We and the Chinese art financial research institute/Shanghai wen into the cooperation,Explore launched a new art trading mechanism."On January 8,,Shanghai protect Jane hall investment management center(Hereinafter referred to as"Protect Jane hall")Partner 贠晓 you said.This kind of cooperation or will give Shanghai wen came in with financial attribute art financial products to provide the reference sample.

三年之内回购 Three years repurchase

　　保珍堂方面透露，乐观估计，上述合作近期会有一个大致的框架。待条件成熟之后，本月底会在交易所推出几件艺术品交易品种。

The hall of Jane has,Optimistic estimate,The cooperation in the near future there will be a general framework.Stay conditions after maturity,The end of the month will launch several piece of art in exchange trading products.

　　双方初步运作模式是，上海文交所提供一个认证平台，确保作品真实性。保珍堂进行回购，而购买作品的资金由共同的第三方监管，以确保三年回购的履行。流程是：作品确权—树立画家品牌—持续创造作品—进入循环交易机制—不断产生交易对象—形成价格体系。而交易循环的前提是，作品的标准化（公允认证机制甄别真伪），价格则由市场决定，并逐步形成透明的价格体系。

The preliminary operation mode is,In Shanghai, provided a platform for authentication,To ensure the authenticity works.The hall of Jane to repurchase,And the money to buy works by common third party supervision,To ensure that the performance of the buyback three years.Process is:Works counterpoising truly - set up the painter brand - continue to create works - into the circulation trading mechanism - continuously produce transaction object - formation price system.And transaction cycle is the premise of,Standardization work(Fair the authentication mechanism identify true bogus),The price is decided by the market,And gradually form a clear price system.

　　保珍堂提到的新交易机制的核心，是确保投资者及创作者利益，确权后所交易资产三年内可回购与转让。这期间由经纪人垫资，承担全部投资风险。

The hall of Jane to the core of the new trading mechanism,Is to ensure that the interests of investors and the creator,Counterpoising truly after three years of trading assets can repurchase and transfer.This period by the broker mat endowment,Bear all the investment risk.

　　保珍堂在一级市场的做法是，担当全经纪人角色，与旗下画家签定排他性合约，按合同价格收购签约画家全部作品。“既然几乎承担了所有投资风险，我们会格外珍惜信誉。这也是为日后真正的艺术品金融化铺路。”贠晓汝表示。

The Jane hall in the primary market practice is,Bear full agent role,With its exclusive contract signed painter,According to the contract signed purchase price painter all works."Since almost all bear the investment risk,We will cherish all the credit.This is also true for the future of art JinRongHua paving."贠晓 you said.

　　上海文交所目前艺术品交易的一般做法是，画家作品通过文交所挂牌，确权，发售；收藏人购买之后，一年内可退；画家一年后才能拿到钱，将供货商的账期延长一年。这有别于保珍堂风险自担的举措——确定已售作品在三年之内，可以原价退回。

Shanghai wen into the current art trade general practice is,The painter works through the text into the listing,Counterpoising truly,sale;People buy after collection,A year can back;The painter after a year to get money,The supplier's account period a year longer.This is different from the Jane hall risks oneself action - sure it has been sold works in three years,Can return the original price.

　　过去艺术品证券化的投机成本很低。贠晓汝称，未来可将经营门槛抬高。比如经文交所确权之后，用现代科技手段和市场运作方式以及法制建设，使交易过程透明化。总之増加渠道违约成本从而提高制度门槛，但这些尚在探索。

The past art securitized speculative cost is very low.贠晓 you say,The future will be up business threshold.Such as the scriptures into after counterpoising truly,Use modern means of science and technology and market operation mode and legal system construction,Make trading process transparent.In a word raised channel penalty cost so as to improve the system threshold,But it is still in the exploration.

　　其实，上海文交所尝试过“份额化”。2010年12月，该所将艺术家黄钢的“红星和箱子系列”等作品，分成2500份推出发行。不过，仅在上海文交所下设艺术品投资者俱乐部内发行的“黄钢1号”，俱乐部成员认购后可以相互转让，管理人香地雅道艺术品中心拥有30%的份额，折合人民币750万元，5年内不转让。一旦“黄钢1号”亏损，香地雅道持有的份额将首先承担亏损。

In fact,Shanghai wen that tried to hand in"Share change".In December of 2010,This will be the HuangGang artist"Red star and box series"Works such as,Divided into 2500 copies issued out.but,Only in Shanghai wen into the art club consists of investors in the issue"HuangGang 1",Club members after subscription may assign,The administrator incense to the way of art center has a share of 30%,Conversion of RMB 7.5 million yuan,Five years don't transfer.once"HuangGang 1"losses,Sweet to the way of holding shares will be the first to bear losses.

　　将其比较上海文交所的新交易品种，共同之处在于经纪人承担主要风险；但后者未证券化，且面对公开交易市场。

The comparison of Shanghai article into the new trading products,In common broker shall be liable to the main risk;But the latter is not securitization,And in the face of the open market.

艺术品金融路径 Art financial path

　　2012年5月，中央文化体制改革领导小组给上海市委发函——即《关于加强上海文化产权交易所建设的函》。其实质内容是战略定位，即两个国家级平台，三个重要职能。战略定位是要求上海文交所立足长三角，服务全国，面向世界。两个国家级平台，即国家级文化产权交易平台，与国家级文化投融资综合服务平台。三个职能：文化产权交易；上市培育，私募引进，股权转让，质押融资，金融租赁等文化金融服务功能；第三个职能是登记、确权，评估、鉴定、结算、信托、资信服务评级等综合配套服务。张天坦言，文化和资本对接的瓶颈，瓶颈中的瓶颈便是项目融资难。

In May 2012,Reform of the cultural system of the central leading group to Shanghai municipal party committee sent a letter - namely[On strengthening the construction of Shanghai culture property rights exchange letter].The essence of content is strategic positioning,That is two national platform,Three important functions.Strategic orientation is to require the Shanghai wen pay based on the Yangtze river delta,Service national,Facing the world.Two national platform,That national cultural property rights trading platform,National culture and financing integrated services platform.Three functions:Cultural property transactions;Listed cultivation,Private introduction,Equity transfer,Pledge financing,Financial leasing culture financial service function;The third function is registered/Counterpoising truly,evaluation/appraisal/settlement/trust/Credit service rating, and other comprehensive supporting services.Zhang day said,Culture and capital docking bottleneck,The bottleneck of project financing bottleneck is difficult.

　　既然文交所是艺术品金融的孵化器，文交所该如何践行特殊功能？文交所概念的提出者——国家版权交易中心总裁、中国人民大学文化产业院院长彭中天认为，文交所的合理路径应该“三步走”：产权化；资产化，进而可以金融化；第三步才是证券化。“证券化更遥远，但它将是未来的方向。”

Since the exchange is the art financial incubator,The pay should how to follow special function?The pay of the concept of the presenter, the national copyright trading center President/Chinese people's university culture industry school director peng transit think,The article into the reasonable path should be"Three steps":Property change;asset-like,And can be JinRongHua;The third step is the securitization."Securitisation far more,But it will be the direction of the future."