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Carnaval de Binche

James Ensor

Initial total offer price

Current offered token price

1,50 EUR

Tokens in circulation


Initial price per token

1,41 EUR

Loan until


Looking to invest?
Here’s what you need to know.

Investment amount

Starting from €150.

Would you like to invest more than €10,000? 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.


0.5% annual return (non-capitalised) calculated on the full term.
Interest is paid out at the end of term on condition that the artwork’s net realisable value is high enough.

Surplus value

The potential net realisable value at the time of sale is divided in full amongst the token holders at that time in accordance with their share.


No management fees


No exit fees

Administration and operation

0.21 euro per Art Security Token
This cost is 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 the payment of a possible return on the Art Security Tokens’ maturity date are entirely dependent on the evolution of Carnaval de Binche's value on the expiration date. If the value of the piece falls, investors run the risk of losing all or part of their Art Security Tokens deposit and of not receiving any interest or capital gain.

Risks concerning the regulations.

The legal framework of regulations that apply to blockchain technologies, cryptocurrencies, Security Tokens and Security Token Offerings (STOs), including the position of the various regulators, is evolving fast. It is therefore uncertain what the effects of additional regulations will be on the Art Security Tokens and/or Rubey platform.

Risks concerning third parties.

The Issuer relies on external contractors to design, develop and implement the Rubey platform and maintain the Rubey infrastructure.

If such external parties fail to meet their commitments to Rubey, this could obviously have a negative impact on the functionality of the Art Security Tokens and Rubey platform.

System failures or capacity constraints may also make it more difficult and/or impossible for the Issuer to operate.

Risks concerning pledging.

The pledge on the piece of art may not be considered effective security if the piece is held in a jurisdiction outside Belgium and if a competing claim is exercised with regard to the piece in such a jurisdiction outside Belgium.

Risks concerning valuation.

An Art Security Token is not an investment in a project that is listed on the stock exchange. This means that during the term, the painting can’t be valued based on the actual market price by a credit rating agency. The piece’s price evolution is therefore more difficult to determine. In year 5 and year 7 after the Art Security Tokens’ initial issuance, Rubey will have the piece valued by an independent expert and send the results to the token holders. The token holders will also receive such a valuation report at the end of the investment period.

Risks concerning bankruptcy.

As an Art Security Tokens investor, you run the risk of not being able to (fully) recover the amounts you are entitled to and of losing all or part of your invested capital and capital gains if the issuing institution goes bankrupt.

Risks concerning the Issuer.

There is a risk that the Art Security Tokens Issuer is not able to develop the Rubey platform as intended. The Issuer may not receive the regulatory approvals required to run the Rubey platform optimally.

Blockchain technology is a new, emerging technology. There is a risk that in the end the Issuer is not able to implement all the functions of the Art Security Tokens and/or the Rubey platform bulletin board as intended.

The Issuer offers no guarantees that a further public offering of Art Security Tokens can be made, the Rubey platform bulletin board can be successfully implemented and/or a liquid market for the Art Security Tokens will emerge.

Investors in Art Security Tokens must be prepared to hold on to their investment until the end of the term.

Risks concerning the market.

There is currently no trading market for Art Security Tokens, and therefore no benchmark for the price of Art Security Tokens. If a trading market were to develop, the price of Art Security Tokens may be volatile.

Because an exact valuation of Art Security Tokens is difficult, the offer price may be determined arbitrarily based on the market conditions.

Investors should therefore not use the offer price as an indicator of the Art Security Tokens’ actual market value.

Risks concerning security.

The Issuer may not be able to prevent illegal activities on the Rubey platform. In extreme cases, this may result in disciplinary action against the Issuer, such as penalties or closure.

Blockchain assets and blockchain trading platforms remain susceptible to security breaches and cybercrime. The Art Security Tokens, Issuer or Rubey platform may become a target of cybersecurity breaches or theft.

Private keys allow the Issuer to unilaterally transfer or ‘freeze’ the Art Security Tokens in case of a security breach and/or cybercrime. However, even these security measures can be compromised.

Risks concerning taxes and levies.

The Art Security Tokens tax situation is new and may change. Investors should therefore seek their own tax advice in connection with their investment in Art Security Tokens.

The tax authorities may disagree with certain tax positions regarding the Issuer, its operations and the Art Security Tokens. You may therefore be asked to revise the current positions in a way that may be disadvantageous to the token holders.

Nail to nail insurance

Artwork is insured under the KMSKA policy. Additional insurance is taken out for transport and location if the work is temporarily loaned to a different museum.


Token holders benefit from added security thanks to a pledge on the piece of art. This gives the token holders a priority right with regard to the painting’s realisable value over any other creditors. This pledge has been documented and can be enforced against third parties.

Security agent

Rubey appoints a security agent who will protect the rights of the token holders
regarding the artwork if Rubey is not or no longer able to do so.

More about this work

James Ensor is without a doubt one of the most famous Belgian artists.
The painter ranks alongside such masters as Rubens, Bruegel, Van Eyck, Magritte and Delvaux.
More than that, Ensor is in demand. Quite a few prestigious international museums have an Ensor in their permanent collection or would love to have one.

James Ensor Zelfportret

The painting ‘Carnaval de Binche’ was held in private collections for many years. Thanks to you and the other token holders, the piece can now be loaned to the KMSKA and finally shown to the general public.

The Royal Museum of Fine Arts Antwerp (KMSKA) has the largest Ensor collection in the world and also runs its own research centre on Ensor's pieces. The piece is in good hands and the research centre will thoroughly research its value. As a token holder you will receive updates.

The highest amount paid for an Ensor at auction was €7.4 million in 2016. The honour goes to the artwork ‘Squelette arrêtant masques’ (‘Skeleton Stopping the Masks’).

Masks also take centre stage in this work.

Ensor's most notable contribution to modern art is his use of masks. Carnival masks started to appear in his drawings and paintings in 1887.

Rarity is also a key investment criterion. Most paintings by Ensor featuring masks have already been acquired by museums and they are seldom available for sale on the private market. And when they are, they usually fetch high prices at international auctions.

James ensor carnaval de binche

Ensor, Beyond Impressionism

2024 is known as the Ensor Year, a wonderful opportunity to provide all co-owners of Ensor's 'Carnaval de Binche' with additional information about both Ensor and the work 'Carnaval de Binche'.

Herwig Todts, senior curator modern art at the Royal Museum of Fine Arts in Antwerp, shares his insights in a series of short videos. He highlights the innovative nature of Ensor, constantly linking back to 'Carnaval de Binche'. As a token holder, you will have first access to this engaging content.

Quality and authentication

Catalogue Raisonné

The piece is included in Xavier Tricot’s catalogue of Ensor's work (James Ensor. Catalogue Raisonné des Peintures. Mercatorfonds, Bruxelles, p.360 no. 526 (ill.)).

The piece is signed by Ensor in the bottom left corner.

Certificate of authenticity

The Ensor Expert Committee of independent Ensor experts has also issued a certificate of authenticity.

Good condition report

The experts of the Royal Museum of Fine Arts Antwerp (KMSKA) thoroughly checked the painting and the condition of the paint layer, canvas and frame. The full condition report is available to token holders.

Known history of ownership

When purchasing a piece of art, it is important to know its provenance or history of ownership in order to prevent fraud and money laundering. The identity of all previous owners is known.

International market interest in the event of sale at end of term

James Ensor is a Belgian artist with a strong international appeal.

According to Art Price Index, the top 3 countries where oil paintings by Ensor were sold between 2000 and 2023 are France (#1), the United Kingdom (#2) and the United States (#3). Such international interest is a good gauge for the potential sale at the end of the term.

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