艺术品证券化的法律分析——以风险防范为切入点

Legal Analysis on Artwork Securitization: From the Perspective of Risk Prevention

艺术品证券化是金融创新的产物。借助传统证券定义,艺术品证券可通过证券内涵的三重检验,即公众性、投资性、失控性,因而在鼓励金融创新的背景下应将其纳入证券法的调整范围。但艺术品证券在价值来源、投资收益模式等方面存在颇多独特之处,蕴育着特有的交易风险。法律需从风险防范的角度对艺术品证券交易作出较为周全的系统性的安排。

Artwork securitization is the product of financial innovation. According to the historical definition of security, artwork security can be tested by the security~ tri-criterion the quality of publicness, investment and uncontrollability. Under the background of encouraging financial innovation, artwork security should be inserted in- to Securities law. However, special trading risk exists in artwork security because of the uniqueness of its value source and mode of investment income. Thus, overall and systematic legal rules about artwork security trading should be made from the perspective of risk prevention.