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3.0% -20% 0% 20% 20-yr Fundstrat Bitcoin & Blockchain presentation for Upfront Summit

3.0%
-20%
0%
20%
20-yr CAGR
Slide 36
Art has appreciated at 3% gross 20-year CAGR…
0
1
4
16
64
256
1,024
4,096
16,384
1875
1879
1883
1887
1891
1895
1899
1903
1907
1911
1915
1919
1923
1927
1931
1935
1939
1943
1947
1951
1955
1959
1963
1967
1971
1975
1979
1983
1987
1991
1995
1999
2003
2007
2011
2015
2019
2023
2027
2031
2035
2039
Mei Moses/ Artprice.comFigure: Art Price performance since 1875
1875 to 2002 is Mei Moses. From 2002 to now is Artprice.com. 100=1875
Source: Fundstrat, Bloomberg
Art has essentially been
flat past 20-years…
Flat
Flat
We have shown the price performance of art from 1875 to today, concatenating the Mei Moses art index (acquired by
Sotheby’s) with a more modern series developed by artprice.com.
• While there was a period of tremendous appreciation from 1950 to 1987, Art since then, has performed a lot
less spectacularly—in fact, in the past 20 years, the CAGR was 3%. Art storage has high maintenance cost
(see prior page) and there is also survivorship bias (does not track destroyed art)—hence, future durability of
Art as a store of value to outperform the last 20-years is not clear.

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