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Rising Art Investing Start-Up Masterworks Beset by Internal Rifts

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Last month, a crowd gathered at Christie’s Rockefeller Center headquarters to bid on the collection of late tech billionaire Paul G. Allen, a masterpiece-packed event that would end up bringing in a record $1.5 billion. Among the art world’s heavy hitters was a relatively new entrant: a five-year-old art-finance start-up called Masterworks, two executives from which were vying for an abstract painting by Gerhard Richter.

Over the past few years, Masterworks, founded in 2017 by serial tech entrepreneur Scott Lynn, has been amassing artworks to feed its unique business model. In short, selling fractional shares of securitized artworks by blue-chip artists to everyman investors, effectively treating artworks like a publicly traded company.

In 2021, Masterworks raised $110 million in Series A funding, led by Left Lane Capital and including funding from Tru Arrow Partners, cofounded by MoMA board member Glenn Fuhrman. The backing valued the company at more than $1 billion. By this past February, the company had bought more than 100 paintings to the tune of $450 million (according to internal documents, that figure rose to $475 million by May).

Behind the scenes, however, things have been rocky, according to interviews with more than 20 current and former employees, almost all of whom asked for anonymity due to fear of legal retaliation. Throughout 2022, and at times before, the company has weathered conflicting business strategies, rifts between management and key teams and non-existent human resources practices, sources said.

Underpinning those conflicts were employee incentive structures and selling tactics that some former staffers viewed as ethically questionable and that experts say may have put them and the company at risk of violating Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) rules and regulations.

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40 Random Bits of Trivia About Artists and the Artsy Art That They Articulate – Cracked.com

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40 Random Bits of Trivia About Artists and the Artsy Art That They Articulate  Cracked.com



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John Little, whose paintings showed the raw side of Montreal, dies at 96 – CBC.ca

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John Little, whose paintings showed the raw side of Montreal, dies at 96  CBC.ca



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A misspelled memorial to the Brontë sisters gets its dots back at last

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LONDON (AP) — With a few daubs of a paintbrush, the Brontë sisters have got their dots back.

More than eight decades after it was installed, a memorial to the three 19th-century sibling novelists in London’s Westminster Abbey was amended Thursday to restore the diaereses – the two dots over the e in their surname.

The dots — which indicate that the name is pronounced “brontay” rather than “bront” — were omitted when the stone tablet commemorating Charlotte, Emily and Anne was erected in the abbey’s Poets’ Corner in October 1939, just after the outbreak of World War II.

They were restored after Brontë historian Sharon Wright, editor of the Brontë Society Gazette, raised the issue with Dean of Westminster David Hoyle. The abbey asked its stonemason to tap in the dots and its conservator to paint them.

“There’s no paper record for anyone complaining about this or mentioning this, so I just wanted to put it right, really,” Wright said. “These three Yorkshire women deserve their place here, but they also deserve to have their name spelled correctly.”

It’s believed the writers’ Irish father Patrick changed the spelling of his surname from Brunty or Prunty when he went to university in England.

Raised on the wild Yorkshire moors, all three sisters died before they were 40, leaving enduring novels including Charlotte’s “Jane Eyre,” Emily’s “Wuthering Heights” and Anne’s “The Tenant of Wildfell Hall.”

Rebecca Yorke, director of the Brontë Society, welcomed the restoration.

“As the Brontës and their work are loved and respected all over the world, it’s entirely appropriate that their name is spelled correctly on their memorial,” she said.

The Canadian Press. All rights reserved.

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