<nettime> : 100K Appropriated Artworks to Short Sotheby’s

[Paolo Cirio <studio.paolo.cirio@gmail.com>]

*PRESS RELEASE*
June 15, 2020. London.
*https://Art-Derivatives.com* <https://art-derivatives.com/>

The artist Paolo Cirio appropriated from Sotheby’s over 100,000 auctions
records of the past 10 years. Now Sotheby’s images and data taken by the
artist are republished on Art-Derivatives.com <http://art-derivatives.com/> and
sold as financial derivatives. Cirio has overlayed the auction prices over
the images and sells them as inexpensive digital artworks as a provocation
to the unregulated auction art market:
https://Art-Derivatives.com/?/l/About/
<https://art-derivatives.com/?/l/About/>

Art-Derivatives.com <http://art-derivatives.com/> aims to disrupt financial
speculation on works of art. Auction houses are rigged by manipulation and
secrecy, consequently everyone should pirate them and exploit their
inflated prices.

A "future" financial derivative contract is integrated into the work to
enable buyers to bet against future prices of derivative works. With this
concept, everyday investors can ironically participate in the
financialization of art, in doing so the project aims to subvert the art
market with its own logic:
https://Art-Derivatives.com/?/l/Sales/
<https://art-derivatives.com/?/l/Sales/>

Cirio’s attack on unethical art market practices seeks to end manipulation
and secrecy by sabotaging auction houses' return to business as usual at
the time of increasing inequality and disparity in the art world. Meanwhile
it gives to everyone the opportunity to access, buy, and enjoy thousands of
artworks online seen through their financial and speculative qualities.

For provoking regulation, Paolo Cirio has investigated the art market to
assemble a list of key practices by auction houses that must be regulated.
Beyond financial speculation, Cirio’s regulation campaign focuses on
addressing secrecy and calls for transparency in the market:
https://Art-Derivatives.com/?/l/Campaign/
<https://art-derivatives.com/?/l/Campaign/>

This financial activism exploits the weakness of deceitful market practices
in the art auctions. Mimicking the “shorting” of hedge-funds, Cirio borrows
assets and sells them for a lower price to weaken a market while making a
profit. All the revenues from the sales will be used to fund the regulation
campaign.

Ultimately, some may see Cirio’s action as the biggest art heist in
history, others as the death or future of the art market.

The list of over 700 auctions with over 100,000 artworks taken from
Sotheby’s:
https://Art-Derivatives.com/?/l/Artworks/
<https://art-derivatives.com/?/l/Artworks/>

Press material:
https://Art-Derivatives.com/?/l/Press/
<https://art-derivatives.com/?/l/Press/>

Installation and artwork concept:
https://paolocirio.net/work/derivatives/

*Concepts about the project for press coverage:*





*Subverting the art market with its own logic.Art theft for a new
democratic art market.Speculating on art auctions to regulate them.Shorting
the art auctions by stealing their assets.*


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