什么是分时所有权投资？艺术品、古董车、赛马 - 彭博社
Katya Kazakina
由涂鸦艺术家KAWS创作的“伴侣（人群镜头细节）”。初创公司Masterworks在八月份以每份20美元的价格提供该作品的股份。
来源：Masterworks
夏季新产品不断推出：班克斯、乔治·孔多、赵无极。
一家纽约初创公司允许投资者以仅20美元的价格购买世界级艺术家的微小股份，在疫情期间需求激增，其创始人表示，自Covid-19爆发以来，该公司已购买了15件艺术品以满足需求。最近一件由美国涂鸦艺术家KAWS创作的152万美元的首次公开募股在几个小时内售罄。
“人们觉得股市被高估了，他们在寻找其他投资渠道，”创办Masterworks的收藏家斯科特·林恩说，他于2017年创办了该公司。
彭博社追求你能在七个线索或更少的情况下解决这个内幕交易难题吗？美国地区机场在多年衰退后重回正轨金丝雀码头是伦敦最新的餐饮目的地。这里有五个值得关注的地方体育博彩合法化，体育写作可能永远无法恢复Masterworks处于奢侈资产的部分所有权新兴细分市场的前沿，例如美术、收藏品、古董车，甚至是肯塔基德比的获胜马匹Authentic。初创公司提供股份，作为投资于通常仅对超级富豪开放的昂贵、稀有领域的经济实惠方式。
把它看作是艺术市场版的流行交易平台Robinhood Markets，它允许用户以几美元购买公司股份的一部分。它反映了 民主化运动 在股市中的展开——只不过这些资产本质上更具风险且缺乏业绩记录。拍卖中充满了 牺牲品，即使是明星艺术家的作品，一旦价格过热也可能崩溃。
分数拥有权的概念在艺术市场并不新鲜——或者对于 纯种马来说也是如此。这是一种买者自负盈亏的投资：Robinhood本身在面临来自新手投资者的 投诉，并正在接受美国的 监管调查。但疫情加剧了对这些风险投资的兴趣。这关乎于拥有独特事物一部分的体验和兴奋——即使许多人可能会遭受损失。
“人们被困在家里，感到无聊，如果他们足够幸运有工作，就不会在他们通常会花钱的东西上花钱，”彭博情报分析师大卫·里特（David Ritter）说。“所以，他们有钱可以玩。”
40岁的詹姆斯·斯科利克（James Scollick），一位来自洛杉矶的Robinhood热衷用户，在七月通过Instagram发现了Masterworks，并在两周后投资了10,000美元。其中一半用于购买一幅公寓画的股份，其余用于购买班克西的“蒙娜丽莎”的二级市场股份。
“这感觉像是投资我部分资金的自然方式，”他说。
Authentic在加利福尼亚州阿卡迪亚的G2圣菲利普斯赛马中于3月3日获胜。MyRacehorse在6月购买了这匹马的股份。来源：Benoit PhotoMasterworks的创始人Lynn表示，在疫情期间，每月吸引约10,000名新用户，而它并不是唯一的。根据创始人兼首席执行官Anthony Citrano的说法，去年成立的Acquicent公司为经典车的部分股东开发交易平台，在过去三个月中潜在投资者数量增长了80%。
“这是一种99.9%的人通常无法接触的资产类别，”他说。“就投资感兴趣的人而言，现在非常热门。”
根据创始人Michael Behrens的说法，MyRacehorse的投资者数量自4月以来增长了三倍。最近，有超过12,000名投资者通过Zoom观看了加利福尼亚州圣安妮塔公园的一场比赛，有些人穿着#myracehorsewins的T恤和帽子。在6月，这家成立两年的公司以1500万美元的估值购买了Authentic这匹由两次赢得三冠的 Bob Baffert训练的小马的12.5%股份。
“你必须理解这不是一种传统投资，”Behrens说。“我们鼓励人们拥抱其中的体验部分。”
Otis是一家提供新兴艺术和收藏品（如运动鞋和漫画书）的成立一年公司的需求也在增加。根据创始人Michael Karnjanaprakorn的说法，它拥有的35件作品中，有20件是在3月之后购买的。股份的价格低至10美元。最昂贵的作品是一幅价值425,000美元的Banksy画作。
“也许两年前这看起来是个非常愚蠢的主意，”卡恩贾纳普拉孔说。“人们都在想，‘你为什么要这么做？’现在这已经成为现实。”
班克西的“蒙娜丽莎”来源：Masterworks这些部分拥有权公司有不同的商业模式，但大多数向美国证券交易委员会提交文件，并举办类似于新股发行的首次公开募股。在Masterworks，有一个二级交易市场，供那些希望通过交易股份获得更快回报的人使用。
近年来，尽管更广泛的艺术市场交易放缓，Masterworks仍然成为了价值低于500万美元的作品的活跃买家。根据创始人林恩的说法，自3月17日以来，该初创公司以3180万美元收购了15件艺术品，而在前两年仅收购了五件。他还表示，他计划在今年花费超过1亿美元购买艺术品。
Masterworks通过拍卖或私人销售购买艺术品，计划持有这些作品长达七年。该公司收取1.5%的年管理费，并在作品最终出售时提取20%的利润。为了跟上需求，林恩自3月以来将员工人数增加了一倍多，达到了40人。
用户亚伦·舒梅克，37岁，在过去一年中在Masterworks上花费超过20万美元购买了六件艺术品的股份，包括安迪·沃霍尔、让-米歇尔·巴斯奎特和草间弥生的作品。
“我觉得把这些作品挂在我的墙上并不太舒服，”这位来自华盛顿特区的企业家说，他从未见过自己持有的任何作品。“这似乎风险很大。”
相反，他很高兴Masterworks能将它们存放在一个具有适当安全性、气候控制和保险的设施中，同时他希望能从投资中获得财务回报。
令人清醒的现实是，大多数艺术品并不会增值。
“即使是伟大的艺术家在市场上也会被高估，”杰弗里·德奇说，他在1979年为花旗银行共同创立了一家艺术顾问服务，并作为画廊老板和博物馆馆长倡导街头艺术。“曾经有过我购买艺术品的时刻，我确信这会是一个很好的投资，但我几乎没有逃脱。”
星巴克公司的首席执行官更换预计将使这家咖啡连锁店至少损失1.2亿美元，甚至更多，因为董事会寄希望于通过领导层的变更来扭转业务。
布莱恩·尼科尔下个月将开始工作，薪酬方案价值1.13亿美元，其中很大一部分是股权，用于替代他之前雇主的奖励，他将不得不放弃，根据文件显示。
这一薪酬方案可能使他成为美国薪酬最高的首席执行官之一，但这一变更立即导致公司股价回升。在公告后，星巴克的股价飙升了25%，创下历史新高，市值增加了214亿美元。
布莱恩·尼科尔在加利福尼亚州的佩布尔海滩，2023年。摄影师：凯尤尔·卡马尔/PGA巡回赛/Getty Images
## 彭博智能
星巴克罢免首席执行官，家得宝财报
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在 苹果、 Spotify 或 您收听的任何地方 订阅彭博智能播客。
即将离任的首席执行官拉克斯曼·纳拉西姆汉因合同权益被无故解雇，将获得约1000万美元的赔偿，根据文件和他2022年的 聘用信。他还持有价值数百万美元的股权奖励，具体能否部分领取取决于他的离职条款。
这一代价高昂的更换发生在星巴克经历了一段艰难时期之后，该公司面临销售疲软，激进投资者埃利奥特投资管理公司和Starboard Value reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly reportedly 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该连锁店将向Niccol授予价值7500万美元的股票奖励，以替代他在Chipotle Mexican Grill Inc.留下的未归属奖励。他还将获得1000万美元的签约奖金。这些奖金是在他年薪2802万美元的薪酬包之外的，包括工资、奖金和长期股票奖励。
大部分股权与跨多个年度的业绩目标挂钩，具体支付的股份数量可能会根据公司的表现而减少或增加。
另一个让Niccol感到满意的福利是：他不需要搬到咖啡连锁店位于西雅图的总部，尽管他的主要办公室将在那里。星巴克正在加利福尼亚为他设立一个远程办公室，他将往返于西雅图并根据需要出差。
Narasimhan即将以780万美元的遣散费离职。他还将获得本财政年度的按比例计算的年终奖金，假设他达到了支撑支付的业绩目标，这笔奖金可能约为200万美元。
在他离职的当天，他仍持有价值数百万美元的股权奖励，截至周二收盘，这些奖励计划在未来几年归属，其中一些与业绩结果挂钩。星巴克的监管文件没有具体说明这些奖励将会如何处理，公司发言人拒绝对此发表评论。
上市公司高管通常在无故被解雇时会收到至少部分未归属股票奖励的支付。
纳拉西姆汉在星巴克的任期不到两年，他是由舒尔茨从消费品制造商雷克特本基集团有限公司中挑选出来的。尼科尔自2018年以来一直领导Chipotle。他将在9月9日开始在星巴克的工作。
舒尔茨，71岁，曾三次担任他创办的连锁店的首席执行官。他目前是名誉董事长，净资产为55亿美元，根据彭博亿万富翁指数。
亿万富翁克里斯·罗科斯任命马修·塞巴格-蒙特菲奥雷为他同名对冲基金的首席执行官。
塞巴格-蒙特菲奥雷于罗科斯资本管理于2018年加入，将在监管批准后承担新职责，彭博新闻看到的一封投资者信中提到。自该公司前首席执行官马克·爱德华斯在今年早些时候辞职以来，首席执行官职位一直空缺。