SINGLE-ASSET VAULT · VAULT ID 0x7a3c…9f
The Basquiat
Early Works
Vault.
● Fundraising · 12d left24-month holdTarget IRR 38%
Pierce Kauffman
12 vaults · 9 closed · avg 24% IRR
● Rep 94 / 100
$1,360,000of $2,000,000 · 68%
Investors182
Min. invest$1,000
Closes in12d 4h
$USDC
Sub-transaction privacy · Settles on Canton
01 / Investment thesis
A 1982 drawing from the Modena period, consigned by a European estate.
Jean-Michel Basquiat's 1982 works have compounded at 11.4% annually since 2010, outpacing the broader post-war market by 430 bps. The target work — a mixed-media drawing on paper — was exhibited at the 1982 Annina Nosei show and has strong provenance.
We're acquiring off-market from a European estate at a ~12% discount to the comparable public sale (Christie's May 2025, Lot 14B: $2.28M). 24-month hold, Christie's Evening Sale exit targeted for Q2 2028.
02 / Lifecycle
Stages.
14 Mar 2026
Thesis draftedCurator submits thesis, risk review passes, platform compliance approves listing.
02 Apr 2026
Vault opens for fundingVaultCampaign Daml contract deployed on Canton. AR-007 vault tokens mintable.
02 May 2026
Funding closesTarget: $2.00M. Refund triggers automatically if goal unmet.
~ May–Jun 2026
AcquisitionOff-market close with European estate. Freeport Geneva storage, AIG fine-art policy.
Q2 2028
Exit & distributionChristie's Evening Sale. Waterfall executes on-chain. AR-007 burns.
03 / Waterfall
How the yield splits.
Principal return
100%
Returned to holders first.
Platform fee
5%
Success fee on net profit.
Curator perf.
15%
Kauffman has 5% skin-in-game.
Investors
80%
Pro-rata on AR-007.