THE ACQUISITION RESERVE
The Acquisition Reserve, explained.
§ THE FLOW
TRADE
Someone trades $FRACTS. 3% tax applies.
RESERVE
2% of it lands in the Acquisition Reserve — the other 1% is the launchpad's platform fee. The Reserve wallet is public, watchable, on-chain.
FILL
The Reserve fills the active fund. Progress is visible here, live.
BID
When a fund completes, the studio bids at auction — Sotheby's, Bonhams, Venduehuis, Christie's. Hammer price plus buyer's premium comes from the fund.
VAULT
The work enters the vault, is photographed, graded, and becomes drawable from the cabinet. Its provenance is published in full.
§ WHY THESE PRICE BANDS
At these budgets, the famous names come as prints, editions and works on paper rather than unique canvases — a Picasso etching, a Warhol plate, a Haring Pop Shop print. We think that’s the right place to start: editions have transparent auction histories, real liquidity, and they divide into fractions honestly. Every acquisition is a specific numbered impression with its own provenance, not a share of an idea.
§ THE FOUR FUNDS
Artist to be announced
A modest edition — Chagall, Miró, Dalí
MEDIUM AND EDITION ON SELECTION
Artist to be announced
A recognisable name — Picasso ceramics, Haring Pop Shop
MEDIUM AND EDITION ON SELECTION
Artist to be announced
A chase piece — Warhol plates, Kusama, Riley
MEDIUM AND EDITION ON SELECTION
Artist to be announced
The headline — Warhol, Banksy, Hockney
MEDIUM AND EDITION ON SELECTION
AUCTION COSTS ARE REAL: BUYER’S PREMIUM RUNS ROUGHLY 25–30%. A $40,000 FUND BIDS TO ABOUT $30,000. WE PUBLISH THE FULL COST BREAKDOWN OF EVERY ACQUISITION.
§ WHERE WE BUY
LONDON
Sotheby's and Bonhams Prints & Multiples; the deepest market for editions.
THE NETHERLANDS
Venduehuis, The Hague: Old Masters and early modern at accessible estimates.
UNITED STATES
Christie's and Bonhams New York; strongest for Pop and contemporary editions.
§ WHAT HAPPENS TO AN ACQUIRED WORK
Works acquired by the Reserve are never sold quietly. Any disposal is announced, with the reason and the price.
§ THE 3% AND THE ACQUISITION RESERVE
Every $FRACTS transfer carries a 3% tax.
One percent goes to the pons launchpad as its platform fee — that share is the launchpad’s, not ours, and we have no discretion over it.
The remaining two percent goes to the ACQUISITION RESERVE, which buys artworks for the vault. Every acquisition is announced with provenance before it enters a machine.
Operations — the studio, the vault, the physical programme — are funded from box revenue, not from the token. The Reserve’s wallet is public. Watch it fill, watch it spend, see what it bought.
The Reserve allocation is studio policy, executed by us manually and published here for scrutiny. It is not a contractual obligation to any holder.
§ HONESTY
The funds are a spending commitment, not a promise of returns. Owning $FRACTS does not give you ownership of works the Reserve buys — the vault holds them and the certificates fractionalise them. Auction outcomes are uncertain: we may be outbid, and a fund may roll to the next lot. Every attempt, successful or not, is published here.
§ THE LEDGER
No acquisitions yet. The first fund is filling.