Exchange for fractional interests and usage rights in a collection of assets

Abstract

Methods and systems are provided herewith for exchanging and rating works of art. A value for each of a plurality of portfolios of art owned by a plurality of participants is determined. Ownership interests in the plurality of portfolios of art are pooled in a legal ownership entity. For each participant, an initial participant value is determined based on the determined value of each portfolio of art owned by the respective participant. A respective quantity of shares of the legal ownership entity for each respective participant is determined based on the participant value determined for the participant. An indicia of the respective quantity of shares is transmitted to each respective participant. Participants may buy and sell usage and ownership interests in the portfolios of art. Participants may also redeem their shares for cash or other value.

1 . (canceled) 
     
     
         2 . A method for facilitating electronic trading of works of art over a communication network with interfaces of computing devices, the method comprising:
 determining an art allotment value for a first participant based at least in part on a first quantity of ownership units associated with the first participant, the first quantity of ownership units being ownership units in a pool comprising a plurality of works of art, the plurality of works of art comprising at least one first work of art and a second work of art;   receiving by at least one processor, from an interface of a computing device, rating information about at least one category for each of the plurality of works of art including the at least one first work of art and the second work of art, the rating information comprising at least one first rating in at least one category for the at least one first work of art and a second rating in the at least one category for the second work of art, each category comprising at least one of a genre of art, historical time period, style of art, an artist, a medium of art, a color scheme of art, and a field of art;   receiving by the at least one processor, from an interface of a computing device, a value of the at least one first work of art;   determining by the at least one processor a current value of the second work of art based on the at least one first rating, the second rating, and the received value of the at least one first work of art;   receiving, by the at least one processor, from an interface of a computing device of a first participant a request to receive the second work of art at a first geographic location designated by the first participant;   responsive to receiving from the first participant the request to receive the second work of art, determining, by the at least one processor, whether to fulfill the request based at least in part on the art allotment value of the first participant and the determined current value of the second work of art, in which the act of determining whether to fulfill the request comprises determining to fulfill the request;   responsive to determination to fulfill the request, causing, by the at least one processor, the second work of art to be delivered to the first geographic location designated by the first participant;   responsive to determination to fulfill the request, generating, by the at least one processor, an electronic signal directed to a computer system of a delivery agent to convey a command comprising data representing instructions to (a) request that the delivery agent physically acquire the at least one second work of art from a currently possessing party and (b) request that the delivery agent deliver the at least second work of art to the first geographic location designated by the first participant at a time when the first participant and the second participant each own shares of the legal ownership entity in which the plurality of portfolios of art comprising the at least one second work of art are pooled;   processing validation, by the at least one processor of the computing device, of the at least second work of art in real-time against information provided by a source of rating information about the at least second work of art;   responsive to the processing of validation of the at least second work of art, determining, by the at least one processor of the computing device, that there is a lack of validation, then (a) notifying an owner of the at least second work of art about the lack of validation, and (b) routing information related to the lack of validation to an art asset intermediary for verification; and   responsive to the processing of validation of the at least second work of art, determining, by the at least one processor of the computing device, that there is a validation, then (a) requesting that the owner of the at least second work of art provide payment to activate membership with an art exchange, (b) wherein once the payment is verified, forwarding asset information to an account associated with the owner of the at least second work of art to a database for storage, and (c) sending, by an asset converter, ownership and/or membership confirmation information to the owner of the at least second work of art over a communication link, and (d) enrolling the owner the at least second work of art as a participant in an asset exchange for exchange of the second work of art.   
     
     
         3 . The method of  claim 2 , further comprising:
 determining by the at least one processor a current value of each of a subset of the plurality of works of art, the subset having a rating in at least one second category;   determining by the at least one processor a current value of each of the subset of the plurality of works of art;   determining by the at least one processor an aggregate value of the subset of the plurality of works of art;   creating by the at least one processor an exchange-tradable fund (ETF) comprising a plurality of shares, the ETF having a value that tracks the aggregate value of the subset of the plurality of works of art; and   causing by the at least one processor one or more shares of the ETF to be traded on an electronic exchange in electronic communication with the at least one processor.   
     
     
         4 . The method of  claim 2 , further comprising:
 after determining the current value of the second work of art, receiving by the at least one processor subsequent rating information concerning the second work of art, the subsequent rating information comprising at least one third rating in at least one category for the second work of art, the at least one category comprising at least one of a genre of art, historical time period, style of art, an artist, a medium of art, a color scheme of art, and a field of art;   determining by the at least one processor an updated value of the at least one second work of art based at least in part on the determined current value and the subsequent rating information,   in which the determined value is an appraisal value determined by an art appraiser.   
     
     
         5 . An apparatus for facilitating electronic trading of works of art over a communication network with interfaces of computing devices, the apparatus comprising:
 at least one processor; and   a memory that stores instructions which, when executed by the at least one processor, direct the at least one processor to:
 determine an art allotment value for a first participant based at least in part on a first quantity of ownership units associated with the first participant, the first quantity of ownership units being ownership units in a pool comprising a plurality of works of art, the plurality of works of art comprising at least one first work of art and a second work of art; 
 receive rating, from an interface of a computing device, information about at least one category for each of the plurality of works of art including the at least one first work of art and the second work of art, the rating information comprising at least one first rating in at least one category for the at least one first work of art and a second rating in the at least one category for the second work of art, each category comprising at least one of a genre of art, historical time period, style of art, an artist, a medium of art, a color scheme of art, and a field of art; 
 receive, from an interface of a computing device, a value of the at least one first work of art; 
 determine a current value of the second work of art based on the first rating, the second rating, and the received value; 
 receive from, an interface of a computing device, a first participant a request to receive the second work of art at a first geographic location designated by the first participant; 
 responsive to receiving from the first participant the request to receive the second work of art, determine whether to fulfill the request based at least in part on the art allotment value of the first participant and the determined current value of the second work of art, in which the act of determining whether to fulfill the request comprises determining to fulfill the request; 
 responsive to a determination to fulfill the request, cause the second work of art to be delivered to the first geographic location designated by the first participant; 
 responsive to determination to fulfill the request, generate, an electronic signal directed to a computer system of a delivery agent to convey a command comprising data representing instructions to (a) request that the delivery agent physically acquire the at least one second work of art from a currently possessing party and (b) request that the delivery agent deliver the at least second work of art to the first geographic location designated by the first participant at a time when the first participant and the second participant each own shares of the legal ownership entity in which the plurality of portfolios of art comprising the at least one second work of art are pooled; 
 process validation of the at least second work of art in real-time against information provided by a source of rating information about the at least second work of art; 
 responsive to the processing of validation of the at least second work of art, determine that there is a lack of validation, then (a) notify an owner of the at least second work of art about the lack of validation, and (b) route information related to the lack of validation to an art asset intermediary for verification; and 
 responsive to the processing of validation of the at least second work of art, determine that there is a validation, then (a) request that the owner of the at least second work of art provide payment to activate membership with an art exchange, (b) wherein once the payment is verified, forward asset information to an account associated with the owner of the at least second work of art to a database for storage, and (c) send, by an asset converter, ownership and/or membership confirmation information to the owner of the at least second work of art over a communication link, and (d) enroll the owner the at least second work of art as a participant in an asset exchange for exchange of the at least second work of art. 
   
     
     
         6 . The apparatus of  claim 5 , in which the determined value is an appraisal value determined by an art appraiser, and in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 determine a current value of each of a subset of the plurality of works of art, the subset having a rating in at least one second category;   determine a current value of each of the subset of the plurality of works of art;   determine an aggregate value of the subset of the plurality of works of art;   create an exchange-tradable fund (ETF) comprising a plurality of shares, the ETF having a value that tracks the aggregate value of the subset of the plurality of works of art; and   cause one or more shares of the ETF to be traded on an electronic exchange in electronic communication with the at least one processor.   
     
     
         7 . The apparatus of  claim 5 , in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 after determining the current value of the second work of art, receive subsequent rating information concerning the second work of art, the subsequent rating information comprising at least one third rating in at least one category for the second work of art, the at least one category comprising at least one of a genre of art, historical time period, style of art, an artist, a medium of art, a color scheme of art, and a field of art;   determine an updated value of the at least one second work of art based at least in part on the determined current value and the subsequent rating information.   
     
     
         8 . The apparatus of  claim 5 , in which the instructions, when executed by the at least one processor, further direct the at least one processor to:
 determine a value for each of a plurality of portfolios of art owned by a plurality of participants, the plurality of portfolios of art comprise a first portfolio and a second portfolio,
 in which each portfolio of art comprises one or more works of art, the first portfolio comprising the at least one first work of art, the second portfolio comprising the second work of art, and 
 in which each portfolio of art is owned by a respective participant; 
   pool ownership interests of the plurality of portfolios of art in a legal ownership entity having an initial total number of shares;   for each participant, determine an initial participant value based on the determined value of each portfolio of art owned by the respective participant;   determine a respective quantity of shares of the legal ownership entity to each respective participant based on the participant value determined for the participant; and   transmit an indicia of the respective quantity of shares to each respective participant.   
     
     
         9 . The apparatus of  claim 8 ,
 in which the portfolio of art consists of one or more works of art,   in which the quantity of shares issued to a respective participant divided by the total initial quantity of shares is determined based on the participant value determined for the respective participant divided by the sum of the initial participant values for each of the plurality of participants, and   in which the instructions, when executed by the at least one processor, further direct the at least one processor to:   receive from the first participant a request to receive the at least one second work of art at a first geographic location designated by the first participant; and   responsive to the first participant's request to receive the at least one second work of art, cause the at least second work of art to be delivered to the first geographic location designated by the first participant at a time when the first participant and the second participant each own shares of the legal ownership entity in which the plurality of portfolios of art comprising the at least one second work of art are pooled.   
     
     
         10 . The apparatus of  claim 8 , in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 after issuing the quantity of shares, receive a request from a user to contribute at least one work of art to the legal ownership entity;   determine a value for the at least one work of art;   pool an ownership interest of the work of art in the legal ownership entity;   determine an initial participant value for the user based on the determined value of the at least one work of art; and   transmit an indicia of a quantity of shares of the legal ownership entity to the user based on the initial participant value determined for the user, in which, upon issuance of the quantity of shares to the user, the quantity of shares issued to the user divided by the total number of shares in the legal ownership entity is determined based on the initial participant value divided by a determined total value of the legal ownership entity.   
     
     
         11 . The apparatus of  claim 8 , in which the act of pooling the ownership interest of the work of art in the legal ownership entity comprises causing the ownership interest to be pooled in the legal ownership entity, and in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 cause a specific one of the plurality of works of art to be offered for sale;   receive from a plurality of bidders a plurality of bids for the specific work of art;   cause the specific work of art to be sold to a specific one of the plurality of bidders at a price of a bid of the specific bidder.   
     
     
         12 . The apparatus of  claim 8 , in which the act of determining a value for each portfolio of art comprises estimating a current market price of at least one of the works of art in the portfolio. 
     
     
         13 . The apparatus of  claim 8 , in which the plurality of participants comprises a first participant and the plurality of portfolios of art comprises at least one first work of art possessed by the first participant and at least one second work of art, in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 receive from the first participant a request for the at least one second work of art;   determine a first art allotment value for the first participant based on a quantity of shares in an account of the first participant;   determine a first present value for the at least one first work of art and a second present value for the at least one second work of art;   determine that the first allotment value is at least as large as the sum of the first present value and the second present value;   based on determining that the first allotment value is at least as large as the sum of the first present value and the second present value, transmit to the first participant a confirmation that the at least one second work of art will be transferred to the first participant.   
     
     
         14 . The apparatus of  claim 8 , in which the plurality of participants comprises a first participant and the plurality of portfolios of art comprises at least one first work of art possessed by the first participant and at least one second work of art, in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 receive from the first participant a request to exchange the at least first work of art for the at least one second work of art;   determine a first present value for the at least one first work of art and a second present value for the at least one second work of art;   compare the first present value to the second present value; and   transmit to the first participant a confirmation that the at least one first work of art will be exchanged for the at least one second work of art.   
     
     
         15 . The apparatus of  claim 8 , in which the plurality of participants comprises a first participant and the plurality of portfolios of art comprises at least one first work of art possessed by the first participant, in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 determine a first art allotment value for the first participant based on a quantity of shares in an account of the first participant;   determine a total value of any works of art in the plurality of portfolios that is possessed by the first participant;   determine a first allotment credit value based on a difference between the first art allotment value less the total value;   
     
     
         16 . The apparatus of  claim 15 , in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 receive from the first participant a request to transfer at least a portion of the first allotment credit value to a user; and   based on the request, transfer the portion of the first allotment credit value from an account of the participant user to an account of the user, the account being stored in a database electronically coupled to the at least one processor.   
     
     
         17 . The apparatus of  claim 16 , in which the user is one of the plurality of participants. 
     
     
         18 . The apparatus of  claim 16 , in which the user is not one of the plurality of participants, and in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 create an account of the user in a database electronically coupled to the at least one processor.   
     
     
         19 . The apparatus of  claim 8 , in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 receive a plurality of bids to purchase at least one share of the legal ownership entity, each bid specifying a bid price and a quantity of shares of the legal ownership entity;   receive a plurality of offers to sell at least one share of the legal ownership entity, each offer specifying an offer price and a quantity of shares of the legal ownership entity;   match at least one bid with at least one offer;   execute a trade of a trade quantity of shares at a trade price based on the matching.   
     
     
         20 . The apparatus of  claim 8 , in which the instructions, when executed by the at least one processor, direct the at least one processor to:
 create an exchange-tradable fund (ETF) comprising a plurality of shares, the ETF having a value that tracks a market value of the legal ownership entity;   receive an indication that a user has paid an amount for at least one share of the ETF; and   transmit an indicia of ownership of the at least one share to the user or an agent of the user based on the indication.   
     
     
         21 . A non-transitory machine-readable medium having instructions stored thereon for facilitating electronic trading of works of art over a communication network with interfaces of computing devices, the instructions which, when executed by at least one processor in electronic communication with at least one database, direct the at least one processor to:
 determine an art allotment value for a first participant based at least in part on a first quantity of ownership units associated with the first participant, the first quantity of ownership units being ownership units in a pool comprising a plurality of works of art, the plurality of works of art comprising at least one first work of art and a second work of art;   receive, from an interface of a computing device, rating information about at least one category for each of the plurality of works of art including the at least one first work of art and the second work of art, the rating information comprising at least one first rating in at least one category for the at least one first work of art and a second rating in the at least one category for the second work of art, each category comprising at least one of a genre of art, historical time period, style of art, an artist, a medium of art, a color scheme of art, and a field of art;   receive, from an interface of a computing device, a value of the at least one first work of art;   determine a current value of the second work of art based on the first rating, the second rating, and the received value;   receive from, an interface of a computing device, a first participant a request to receive the second work of art at a first geographic location designated by the first participant;   responsive to receiving from the first participant the request to receive the second work of art, determine whether to fulfill the request based at least in part on the art allotment value of the first participant and the determined current value of the second work of art, in which the act of determining whether to fulfill the request comprises determining to fulfill the request;   responsive to a determination to fulfill the request, cause the second work of art to be delivered to the first geographic location designated by the first participant;   responsive to determination to fulfill the request, generate, an electronic signal directed to a computer system of a delivery agent to convey a command comprising data representing instructions to (a) request that the delivery agent physically acquire the at least one second work of art from a currently possessing party and (b) request that the delivery agent deliver the at least second work of art to the first geographic location designated by the first participant at a time when the first participant and the second participant each own shares of the legal ownership entity in which the plurality of portfolios of art comprising the at least one second work of art are pooled;   process validation of the at least second work of art in real-time against information provided by a source of rating information about the at least second work of art;   responsive to the processing of validation of the at least second work of art, determine that there is a lack of validation, then (a) notify an owner of the at least second work of art about the lack of validation, and (b) route information related to the lack of validation to an art asset intermediary for verification; and   responsive to the processing of validation of the at least second work of art, determine that there is a validation, then (a) request that the owner of the at least second work of art provide payment to activate membership with an art exchange, (b) wherein once the payment is verified, forward asset information to an account associated with the owner of the at least second work of art to a database for storage, and (c) send, by an asset converter, ownership and/or membership confirmation information to the owner of the at least second work of art over a communication link, and (d) enroll the owner the at least second work of art as a participant in an asset exchange for exchange of the at least second work of art.