Results of the first-ever co-ownership sale at an Art Fair
Last month, the Feral Horses Team travelled to Turin to take part in an art fair, for the first time ever! With the collaboration of our partner ADA Advisors, we launched an exclusive pre-sale of Jago’s Habemus Hominem at Paratissima.
What is Paratissima?
Paratissima is an Art & Design Fair for emerging artists in Turin, Italy. The Fair lasted 5 days between the end of October and the beginning of November.
Feral at Paratissima
Feral Horses launched the pre-sale of “Habemus Hominem” directly at Paratissima. The artwork value is €205’000 and, at the beginning of the sale, there were 10’000 shares available for purchase at €20.50 each. Exclusively at Paratissima, buyers had the opportunity to receive different rewards depending on how many shares they bought.
At the end of the Fair, we managed to sell shares of “Habemus Hominem” to 270 co-owners. The average age of our new Feral buddies was 47 years. According to our estimates, we managed to convert 1.17% of the total Art Fair attendees. In just 4 days ( 1st day was just a preview for sponsors) we managed to sell a total of €17’941.50 for an average transaction value of €66.45.
Most of the co-owners at the Fair, 72.6%, bought 1 share for €20.50. The second highest number of transactions per ticket size is 4 shares for €82 (14.44%). These results can be explained with 2 simple reasons:
1. It is the first time ever than any Art Fair attendee has the possibility to buy shares of a museum-worthy artwork. Most of the co-owners that bought one share were amazed by our concept and therefore wanted to test it with the minimum amount possible.
2. At 4 shares acquired(€82.50), the reward was an invite to the official inauguration of the artwork exhibition at the Palazzo Doria Pamphilj in Rome where the Artist will also attend. This was the only non-physical reward. This reward, in the co-owners’ mind, was an extra step in the art journey we were providing through the sale of “Habemus Hominem” and therefore was worth buying 4 shares instead of 2 or 3.
30.68% of the co-owners of the artwork who bought at Paratissima are aged between 25 & 34 years old.
However, the age range that has the highest average transaction value is between 18 & 24 years old.
These results are actually what we expected to have with such a project. Our concept is particularly appealing for those people who want to access the art market but do not have the resources to do so in a traditional way. On top of that, JAGO is considered a social Artist, one of the first ones in Italy to share his work with thousands of followers, most of whom are millennials. Because of these two reasons, millennials were the ones that most got attracted to our concept and the sale of “Habeus Hominem”.
Performance per day
Every day, the number of transactions per day increased. Sunday, 4th of November, had the highest number of transactions in a single day, 103.
Without taking into account the preview day, the number of transactions increased on average 45% between one day and the following one.
Without having the actual data of total attendees per day we can not make final conclusions, but our data clearly shows an upward trend from day to day. This means that the attendees, through network effect, heard more and more about Feral Horses concept at Paratissima, increasing our user base on a fast pace growth rate.
Overall, we had extensive and positive feedback. The fact that anyone with our co-ownership model can buy museum-worthy artworks and that we place the artworks in the public realm, where everyone can enjoy and interact with them is a concept that appeals and attracts the interest of the people. What co-owners understood is that through Feral Horses, they are not just investing in art, but that their investment has a long-term social impact.
Network Effect“I am coming to buy a share of Jago’ Pope for myself and also one for my hairdresser! While doing my blow dry this morning he told me about what you do and said that the queue was too long for him to buy one yesterday so I am coming on purpose to make things right!”
Shares as a gift“My girlfriend could not come today but she is a huge fan of Jago. I am buying a share as a surprise gift for our one year anniversary!”
Thanks to the uniqueness of the Feral Horses concept we got major free inbound press attention. 3 of the most important newspapers in Italy wrote articles about our project.
La Stampa → Both online & print version
La Repubblica → Online only
Il Sole 24 Ore → Print only
Not only these articles were helpful in terms of brand awareness in Italy but they also are a confirmation that our fractional ownership model at Art Fairs is something unique that delivers value.
We understood that as we are dealing with Art, a physical and visual asset, an offline to online experience delivers more value to the user. When confronted with a full experience: Physical Artwork Display, Project Explanation, Rewards System and Polaroid on the Wall of the co-owners, people loved our concept, understood it and committed to a purchase.
Most of the co-owners, as they were first approached with a concept like ours, decided to “test it” by buying only 1 share.
The number of transactions increased every day due to the network effect and hype created around our unique concept.
Paratissima Art Fair was a great channel to create brand awareness and effectively acquire new users. In fact, because of Paratissima and the sale of “Habemus Hominem”, we managed to have a user growth of 26.3% in just 3 weeks.