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In 2022, Rubey completed a landmark transaction that redefined how cultural masterpieces can be accessed, owned, and preserved. The acquisition and public fractionalization of Carnaval de Binche by James Ensor marked the world’s first instance of a museum-grade artwork being tokenized and offered as a regulated security to retail and qualified investors.
Carnaval de Binche (1924) is a significant oil painting by James Ensor, one of Belgium’s most celebrated artists. The work encapsulates Ensor’s unique vision: expressive, enigmatic, and rich in symbolic imagery.
For decades, artworks of this caliber remained in private collections, inaccessible to the public and out of reach for most investors. Rubey set out to change that.
Through a carefully structured process, Rubey raised €1,41 million from over 250 investors. Each participant acquired fractionalized, tokenized securities, fully compliant with Belgian and Luxembourg financial regulations.
This pioneering structure combined financial innovation with legal transparency, setting a new standard in cultural investment.
Carnaval de Binche became Rubey’s foundational project, not just for our company, but for a new way of thinking. It proved that investing in culture can create value on multiple levels: financial, historical, and societal. And it validated our belief that tokenization, when executed with integrity, can transform how we preserve cultural heritage.
Today and until 2031, Carnaval de Binche still hangs proudly at the Royal Museum of Fine Arts in Antwerp, Belgium, visible, protected, and co-owned. From October 2025 until January 2026 the artwork was exhibited in the National Museum in Warsaw, Poland, for a temporary Ensor/Wojtkiewicz exhibition.
For Rubey, it is a lasting symbol that capital, when guided by purpose, can safeguard what matters most.
It is still possible to invest in Carnaval de Binche through Rubey’s secondary market bulletin board. Investors who missed the initial offering can acquire shares from existing holders, subject to availability.
To access the bulletin board and view available offers, interested parties must first register as a Rubey investor. This ensures compliance with applicable regulations and access to verified opportunities within our network of cultural asset investors.
