Last week the Moscow stock exchange listed Sobranie.Photoeffect, an art fund established by the Russian Management firm Agana. Valued at $467 million, the fund deals exclusively with photographs and holds over 290,000 works.
Sobranie.Photoeffect has a point of difference from other art funds. Instead of raising money from investors to buy art, it has obtained its works from a group of anonymous Russian collectors. The fund will sell 5-10% of its stock at auction every year, paying its final dividends after 15 years and then ceasing to exist. Agana's deputy director-general Ekaterina Aleksandrova told the Financial Times that the fund expects to provide annual returns of about 12-14%.
Image: Sobranie.Photoeffect includes work by Alexander Rodchenko