艺术品权益份额市场的调研与思考

Research and Thinking of Art Shares Market

艺术品权益份额市场在2011年发展迅速。从市场制度设计看,形成了三种模式:以天津为代表的"艺术品股票"模式,以深圳为代表的"类证券"模式,以上海为代表的"类基金"模式。艺术品权益份额市场的迅猛发展对证券监管提出了巨大挑战:权益份额发行和交易不同程度地突破了证券公开发行的红线,其是否属《证券法》调整范围急待明确,以艺术品为投资标的的私募基金也存在监管空白。目前以国发【2011】38号文的形式进行的清理整顿,治标不治本。建议修改《证券法》,适时扩大证券法调整范围;艺术品权益份额市场定位为非公开市场,只面向合格投资者发行和交易。

Art shares market developed rapidly in 2011. According to the difference of the market mechanisms, there are three models： the Tianjin model characterized by art stock, the Shenzhen model characterized by quasi-securities and the Shanghai model characterized by quasi-funds. The Rapid development of the art shares market made a tremendous challenge for the securities regulation. The offer and exchange of art shares has more or less crossed the line of public offer of securities. Whether art shares are regulated under Securities Law is needed to be clarified. And there has not been any regulation of the private art investment funds yet. The rectification of art shares markets according to the Guofa [2011] No. 38 document is only a temporary solution. It is suggested that Securities Law should be modified to expand the securities definition and the art shares market should be defined to a private offer market which is only open to qualified investors.