“Culture is a new assest.” – Otis.
The new Otis app just went live and is preparing its first “drop” any minute. But what is it??
Founder Michael Karnjanaprakorn says “We’re not really an auction house; we’re not really a fund, an art gallery, a museum, or a collector,” Karnjanaprakorn added. “We’re a combination of all of those things.”
Otis is an app that lets you become an investor in varied art assets. A hybrid of Kickstarter, meets hype, meets the stock market. Otis allows numerous people to co-own pieces that range from Murakami pieces, to comic books, to Supreme skateboards. Otis is out to change the game of collectors. Millennial’s increased interested in art and collectibles according to the 2018 survey of high-net-worth collectors done by Arsty may be what the driving force in the new idea of investing.
We are in age of hype, prices can get high quick, quantities are limited, and the items go fast, but Otis believes if you love it you should own it. You might not ever be able to hold it, wear it, or display it but you can say if you own it. Partly.
Otis’s first drop will be Kehinde Wiley’s St. Jerome Hearing the Trumpet of Last Judgement (2018), which was purchased by the platform for $237,500 earlier this year.
Items that are co-owned by Otis users will be on display in New York’s East Village in a location yet to be revealed. The space will be open to the public with timed entrance tickets available. Otis owners will get VIP access obvi.