Carnaval de Binche
James Ensor
Current offered token price
1,50 EUR
Tokens in circulation
1.000.000
Initial price per token
1,41 EUR
Loan until
2033
Thinking about investing?
Let's break it down.
Investment amount
Starting from €250.
Would you like to invest more than €25,000? Please contact us.
Maximum term
10 years +1+1+1
The term can be extended by max. 3 years to
be able to sell the artwork under ideal circumstances.
You can always sell your Art Security Tokens before the end of term.
Interest
A fixed annual return of 0.5% (non-compounded), calculated over the full term. Interest is paid at the end of the term, subject to sufficient net realisable value of the artwork.
Surplus Value
At the time of sale, the full net realisable value is distributed among the token holders in proportion to their ownership.
Management
No management fees
Exit
No exit fees
Administration and Operation
€0.21 per Art Security Token, included in the issue price.
Surplus Value Tax
Depends on your situation as an investor.
The risk of the total or partial loss of your deposit and predefined interest rate.
The repayment of your investment and any potential return at the maturity of the Art Security Tokens depend entirely on the value of Carnaval de Binche at that time. If the artwork’s value declines, investors risk losing part or all of their initial investment and may receive no interest or capital gain.
Risks concerning the regulations.
The legal and regulatory landscape surrounding blockchain technologies, cryptocurrencies, Security Tokens, and Security Token Offerings (STOs) is evolving rapidly. As a result, the potential impact of future regulatory developments on the Art Security Tokens and/or the Rubey platform remains uncertain.
Risks concerning third parties.
The Issuer depends on external contractors for the design, development, implementation, and maintenance of the Rubey platform and its underlying infrastructure.
Any failure by these third parties to fulfil their obligations could adversely affect the functionality of both the Art Security Tokens and the Rubey platform.
In addition, system failures or capacity constraints could hinder or even prevent the Issuer from operating effectively.
Risks concerning pledging.
The pledge on the artwork may not constitute effective security if the piece is held in a jurisdiction outside Belgium and a competing claim is asserted in that jurisdiction.
Risks concerning valuation.
An Art Security Token does not represent an investment in a publicly listed project. As a result, the painting cannot be valued based on a real-time market price or assessed by a credit rating agency, making its price evolution more difficult to determine.
To provide insight into the artwork’s estimated value, Rubey will commission an independent expert valuation in year 5 and year 7 following the initial issuance of the Art Security Tokens. A final valuation report will also be provided at the end of the investment period, with all reports shared directly with token holders.
Risks concerning bankruptcy.
As an investor in Art Security Tokens, you bear the risk of not being able to recover, in full or in part, the amounts to which you are entitled if the Issuer were to go bankrupt. In such a scenario, you may lose all or part of your invested capital and any potential capital gains.
Risks concerning the Issuer.
There is a risk that the Issuer may not be able to fully develop or operate the Rubey platform as intended. This includes the possibility of not obtaining the necessary regulatory approvals to run the platform optimally.
As blockchain technology remains an emerging and rapidly evolving field, the Issuer may also be unable to implement all intended functionalities of the Art Security Tokens or the Rubey platform’s bulletin board.
No guarantees are provided regarding the launch of future public offerings of Art Security Tokens, the successful implementation of the bulletin board, or the development of a liquid secondary market.
As a result, investors should be prepared to hold their Art Security Tokens until maturity.
Risks concerning the market.
At present, there is no active trading market for Art Security Tokens, and therefore no reliable benchmark for their market price. Should a secondary market emerge in the future, the price of Art Security Tokens may be subject to significant volatility.
Given the challenges in accurately valuing Art Security Tokens, the offer price may be set arbitrarily, based on prevailing market conditions rather than intrinsic value.
As such, investors should not interpret the offer price as a reflection of the tokens’ actual market value.
Risks concerning security.
The Issuer may not be able to fully prevent illegal activities on the Rubey platform. In extreme cases, such incidents could lead to regulatory sanctions, financial penalties, or even forced closure.
Like all blockchain-based systems, the Rubey platform, the Art Security Tokens, and the Issuer remain vulnerable to cybersecurity threats, including hacking, theft, and other forms of cybercrime.
To mitigate such risks, the Issuer retains control of the private keys, which enables it to unilaterally transfer or freeze Art Security Tokens in the event of a breach. However, even these security measures may not be immune to compromise.
Risks concerning taxes and levies.
The tax treatment of Art Security Tokens is novel and subject to change. Investors are therefore strongly advised to seek independent tax advice in connection with their investment.
Tax authorities may challenge certain tax positions taken by the Issuer in relation to its operations or the Art Security Tokens. As a result, adjustments may be required that could have adverse tax consequences for token holders.
Nail to Nail Insurance
The artwork is covered under the insurance policy of the Royal Museum of Fine Arts Antwerp (KMSKA). If the piece is temporarily loaned to another museum, additional insurance will be arranged to cover transport and the hosting location.
Pledging
Token holders benefit from enhanced security through a pledge on the artwork. This pledge grants them a priority claim on the artwork’s net realisable value, ranking ahead of other creditors. The pledge is fully documented and legally enforceable against third parties.
Security agent
Rubey has appointed a security agent to safeguard the rights of token holders in relation to the artwork, should Rubey be unable or no longer in a position to do so.
Context and Significance of the Artwork
James Ensor is undoubtedly one of Belgium’s most iconic artists, standing shoulder to shoulder with masters like Rubens, Bruegel, Van Eyck, Magritte, and Delvaux.
His work continues to captivate collectors and curators alike—many prestigious international museums already feature Ensor in their permanent collections, and others are eager to follow.
The painting Carnaval de Binche spent many years hidden away in private collections. Thanks to you and your fellow token holders, it can now be loaned to the Royal Museum of Fine Arts Antwerp (KMSKA) and made accessible to the public for the very first time.
KMSKA holds the world’s largest Ensor collection and operates a dedicated research centre focused on his work. The painting is in expert hands, and its cultural and historical value will be carefully studied.
As a token holder, you will receive updates as new insights emerge.
The highest price ever paid for a James Ensor at auction stands at €7.4 million, achieved in 2016 for the iconic work Squelette arrêtant masques (Skeleton Stopping the Masks), where masks once again take centre stage.
Ensor’s most significant contribution to modern art lies in his powerful and symbolic use of masks—a motif that first appeared in his work in 1887 and became a defining feature of his style.
From an investment perspective, rarity plays a crucial role. Most of Ensor’s mask-themed paintings are now held in museum collections and rarely surface on the private market. When they do, they tend to command strong prices at major international auctions.
Ensor, Beyond Impressionism
2024 marks the Year of Ensor—a unique opportunity to offer all co-owners of Carnaval de Binche deeper insight into both the artist and this exceptional work.
Herwig Todts, Senior Curator of Modern Art at the Royal Museum of Fine Arts Antwerp, shares his expertise in a series of short, exclusive videos. Through his lens, you’ll discover the innovative spirit of James Ensor, with each episode drawing connections to Carnaval de Binche.
As a token holder, you’ll receive early and exclusive access to this captivating content.
Quality and Authentication
Catalogue Raisonné
The painting is listed in Xavier Tricot’s authoritative catalogue raisonné of Ensor’s work (James Ensor. Catalogue Raisonné des Peintures, Mercatorfonds, Brussels, p. 360, no. 526, illustrated).
It bears Ensor’s signature in the lower left corner, confirming its authenticity and provenance.
Certificate of Authenticity
In addition, a certificate of authenticity has been issued by the Ensor Expert Committee, an independent panel of recognised Ensor specialists.
Certified Condition Report
Experts at the Royal Museum of Fine Arts Antwerp (KMSKA) conducted a thorough examination of the painting, assessing the condition of the paint layer, canvas, and frame. The complete condition report is available to all token holders upon request.
Known History of Ownership
When acquiring a work of art, verifying its provenance—or history of ownership—is essential to prevent fraud and money laundering. For this painting, the full chain of ownership is documented and all previous owners are known.
James Ensor, though Belgian, enjoys strong international appeal.
According to the Art Price Index, the top three countries where his oil paintings were sold between 2000 and 2023 are France (#1), the United Kingdom (#2), and the United States (#3).
This consistent international demand is a positive indicator for potential market interest in the event of a sale at the end of the investment term.
