Date of Award

2026

Document Type

MA Project - Restricted Access (SIA Only) - With Distinction

Project Type

MA Project - Business Plan

Degree Name

Master of Arts (MA)

Department

Art Business

First Advisor

Brendan Burns

Second Advisor

Lawrence Motz

Abstract

This thesis explores the expanding role of third-party guarantees in the contemporary auction market and the uneven conditions under which they operate.  Over the past decade, guarantees have become central to how major sales are secured and priced, yet the system surrounding them remains highly selective and difficult to access. Mid-tier auction houses, in particular, face structural disadvantages, as guarantees are typically offered only to a narrow circle of wealthy collectors and long-established dealers. To understand these dynamics, the study draws on market data, case analyses, and relevant regulatory frameworks, highlighting the frictions that prevent guarantees from functioning as transparent or widely investable instruments.  In response to these limitations, the thesis proposes Artstake, a fractional model designed to broaden participation and distribute risk more evenly. By treating guarantees as financial products rather than privileges tied to personal networks, Artstake offers a potential path toward greater liquidity, competition, and institutional resilience within the mid-market segment.

Distinction

1

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Available for download on Thursday, February 01, 2029

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