艺术品证券化的法律困境与对策

Legal Dilemma and Countermeasures on Artwork Securitization

艺术品证券化本质上是物权法上的按份共有。艺术品证券化可以分为公募证券类、私募理财类两种。我国有悠久的历史文化,有数量庞大、种类繁多的艺术品,艺术品证券化在我国有着巨大的市场潜力。但我国现有的案例并不成功,艺术品证券化面临的法律问题亟待解决。我国应当建立起规范的文化产权交易所,建立起专业的SPV参与制度,成立权威的艺术品鉴定机构和估价机构,规范艺术品私募理财类产品,制订专门的艺术品证券化的法律规范。

The essence of artwork securitization is co-ownership by shares, according to the Property Law. There are two kinds of artwork securitization ： public offering of securities and private wealth management. With its long history, China has abundant artworks, and artwork securitization shows great market potential. However, the art- work securitization practice is not quite successful and has been encauntering legal problems. Therefore, China should establish standard Cultural Property Exchange and professional Special Purpose Vehicle （SPV） participa- tion system, and set up authoritative artwork accreditation institutions and valuation agencies. Likewise, China should also regulate the products of private wealth management and formulate specialized artwork securitization legal norms.