Art for the man in the street

Owning a Monet or Rembrandt is out of reach for all but the richest investors.

But a new online market promises to give art lovers the chance to buy shares in famous paintings.

A UK technology start-up is raising funds to launch an eBay-like website where investors can buy and sell shares in works of art. The service will be underpinned by Blockchain, the same secure technology used with digital currency Bitcoin, and creates a registry of all transactions.

Maecenas, which has raised £200000 (R3.45-million) from Swiss venture capitalists Polytech - and plans to raise the same again on crowdfunding site Seedrs - said it was working with galleries and collectors hoping to sell shares before the August launch. It has a short list of artworks to be listed. Marcelo Garcia Casil, founder of Maecenas, said the website would let owners list up to 49% of their work, with stakes then sold in an auction process.

They would then be free to trade their shares on an exchange. Most art traded will be worth between $500000 and $10-million (R6.6-million and R132.3-million).

The Blockchain technology powering the marketplace would let investors trade cheaply without major administration fees.