The Chagall Dilemma at the Met & Rubey’s Unique Path in De Tijd

Dear Rubey Community,

The art market is in a state of flux. While major institutions in New York grapple with financial challenges, we in Belgium are proving that a new model of co-ownership is not only possible but essential. In this edition, we dive into the recent news surrounding Marc Chagall and look back at our recent feature in De Tijd.

1. Market Intelligence: The Chagall Dilemma. A New Path for Museums?

A striking report has emerged from New York: the Metropolitan Opera is considering the sale of its monumental murals by Marc Chagall: The Triumph of Music and The Sources of Music. Valued at an estimated $55 million, these works currently serve as collateral for loans, but the pressure to fully liquidate them is mounting.

The Met has stipulated that the works must remain in place. But how do you sell something that cannot be moved? At Rubey, we like to think ahead about how our financial technology could fundamentally solve this problem.

We can think of a model of Art Security Tokens with Annual Dividends and Secondary Liquidity. In this scenario, the Met would tokenize the murals, allowing investors to buy shares that represent a fraction of the asset. Much like a public company, this structure offers two distinct financial drivers.

First, each token represents a stake in the Chagall murals that can be traded on a secondary market. This allows investors to realize capital appreciation (or depreciation) based on the market value of the art, providing liquidity that traditional art ownership lacks. Second, independent of the share price, a dividend is paid annually to the shareholders. This payout comes directly from a portion of the Met’s overall capitalization, reflecting the masterpieces' contribution to the institution's success.

Furthermore, this creates a sustainable loop for the institution: the Met could secure a recurring revenue stream by receiving a small percentage of the secondary market trading income from every transaction between investors. This turns supporters into true economic partners, securing the museum's financial future without ever sacrificing public access to its culture. This is the core of what we are building at Rubey today.

2. Rubey in the Press: Our Unique Edge in the Global Market

Mid-April, an extensive article on Rubey was published in De Tijd, Belgium’s leading financial newspaper, regarding the rise of fractional ownership. While the article provides an excellent overview of this trend, we want to take this opportunity to go deeper into the unique USPs that distinguish Rubey from international players like Masterworks or Artex, who are also mentioned in the article.

The most fundamental difference lies in our "Museum-First" philosophy. While Rubey's competitors store their acquisitions in private (tax-free) vaults where they remain invisible, Rubey loans its assets to public institutions like the KMSKA free of charge. This not only fulfills a social mission but also actively drives the financial value of the work through its documented museum pedigree.

Furthermore, our platform is built to be inclusive across the entire financial spectrum, which is not the case for our competitors. Rubey offers tailored investment products for retail investors starting at €250, alongside dedicated structures for qualified (>€25k) and institutional parties (>€1M).

From a technological standpoint, Rubey’s blockchain-native approach using Art Security Tokens provides a level of transparency and direct ownership security that traditional and current competitive securitization models lack.

And finally, as the article highlights, our Belgian partnership structure offers a distinct fiscal advantage for local private individuals. By treating the investment as co-ownership of art rather than a standard financial instrument, it fits within the framework of normal private estate management, providing a more favorable tax position than the exchange-traded products found abroad.

3. Project Updates: The Progress Report

Interest in our ongoing projects continues to grow as we move through April. The Mercedes-Benz 230 SL "Pagode" has officially reached over 30% sold, a figure that includes 8% in direct community purchases and an additional 25% currently reserved by our network of strategic investors.

Meanwhile, our KMSKA HERstory mission to bring female masters to the spotlight is progressing steadily, with nearly 20% of our €5M goal already in the pipeline.

Behind the scenes, we are also putting the finishing touches on our next Rubey Icon Project. Stay tuned, as we will soon reveal the next legendary asset joining the Rubey portfolio.

With artistic regards, Maarten Van Doorslaer, CEO, Rubey