Second capital increase
The annual general meeting held on March 15th 2008 has resolved to increase the current share capital of Euro 239,000, divided into 9,560 no-par shares each, by up to Euro 717,000 to a total share capital of Euro 956,000 by issuing up to 28,680 new bearer no-par shares.
Each share has an accountable par value of Euro 25 and will be issued for this price. The new issued shares will be offered for subscription to the shareholders in proportion 1:3 at price of Euro 25. The shares not subscribed by the shareholders will be offered by the Board of Directors at price of Euro 25 by way of a public offering to third parties.
Further acquisitions and first exhibition in April 2008
Using the larger part of the acquired funds in a total amount of Euro 239,000 Artfonds 21 AG has acquired over 50 artworks of more than 20 artists. Besides the already established positions of the Edition MAT further works of young aspiring artists were acquired, with a certain emphasis on the representatives of the Urban Art. The company acquired in this context artworks of Mark Jenkins, Daniel Man, J.R. und ZEVS. The company believes that this young emerging art movement, which integrates public space into art, will get considerable importance in the future.
In April 2008 a part of the works acquired by Artfonds 21 AG was displayed in the exhibition hall Schulstraße 1A in Frankfurt. The shareholders and other visitors received thereby the possibility to convince themselves of the quality of the acquired artworks.
Artfonds 21 AG finances artworks of Baldur Burwitz
Artfonds 21 AG finances the production of three large photographic works of Baldur Burwitz. The photos are in a size of 200 x 300 cm and bear the overall title "Affendisco" (monkey disco). The works will be edited in 2 prints. For the pre-financing, which makes the edition of those artworks possible, Artfonds 21 AG receives one of the prints. The other print is to be received by the artist.
The first subject, shot in the Paris Bar in Berlin, will be shown on the occasion of the first exhibition of Artfonds 21 AG in April 2008. The work will be shown at the Triennal in Prague afterwards.
Artfonds 21 AG acquires Cattelan and Edition MAT
In artworks auctions Artfond 21 AG acquired the following pieces of already established artists, described below:
In the late fifties Daniel Spoerri and Karl Gerstner developed for the first time the idea of creating original artworks in an edition of up to 100 pieces. This is generally regarded as the beginning of the multiple art. In the years 1959, 1964 and 1965 the editions were prepared in collaboration with the Gallery “Der Spiegel”, produced as much as required and then sold. Artfonds 21 AG acquired the entire edition, created in 1964. These are works of the following artists:
Arman, Hans Arp, Karl Gerstner, Arnulf Rainer, Man Ray, Dieter Roth, Niki de Saint Phalle, Jésus Rafael Soto, Daniel Spoerri, Paul Talman, Jean Tinguely und Jaques Mahé de la Villegle.
In addition, the Company acquired the work of Maurizio Cattelan "Strategie", originated in 1990.
Maurizio Cattelan, born in 1960, is one of the most famous living artists of his generation.
Artfonds 21 AG accomplishes successfully its first capital increase
Artfonds 21 AG increased its share capital from Euro 57,500 by Euro 181,500 up to Euro 239,000. Thereby the company has further Euro 181,500 at its disposal for investments in Modern Art.
In the meantime the partial profit transfer agreement with the Artfonds 21 Künstler GbR was registered with the commercial register.