UNMASKED #1

Sales Report Q2 2019

Dear Readers,

When we launched our fund in 2012, we promissed to bring unparalled transparency to our process and results and to raise the bar of

preofessionalism in the hopes that it would encourage new participants to enter the art market, specifically long term institutional investors such

as pension funds. Now that we’ve entered our selling phase we wish to stand-up to our promise and are pleased to share this new quarterly

report which will shed true light about the reurns and volatility of art investment.

Unlike any other art collector, art fund or gallery, we will share ALL our successes and failures. There is no modeling involved and no

assumptions - only facts.

In March 2019 we started our orderly liquidation period, stepping up our sales efforts which become the focus of our activity until all works are

sold. Q2 2019 marks the first full quarter of sales activity, producing 26 sales for a total of $1.58 million, generating a Gross IRR of 9.64% and 2

new world auction records. As you can see in the table below, since inception our sales record comprises 107 works for $9.68 million, a Gross

Internal Rates of Return (IRR*) of 14.84% and 17 world auction records:

In the following pages, we provide more detail on a work by work basis. Information includes acquisition and sale dates, prices, and IRR* based

on our cash-flows. Note that the artworks sold at auction actually exchaned hands at an additional 25% buyer premium. The report serves as

a real gauge of market performance for contemporary artists practicing today all over the developing world - a scorecard for the artists, their

galleries, our investors and ourselves as managers.

We also disclose sales channels. Our preference is to sell privately, usually via our gallery partners, but also directly to collectors or through

other dealers. The fact we were a fund with a given life span was disclosed to all galleries at the time of acquisition. We have for the past year

been reaching out to these same galleries to ensure they are all aware that we are now sellers. In some cases, galleries have taken an active

role helping us place works, whereas in others galleries have simply been uninterested, preferring to sell work that is in inventory. In any case,

their choices have repercussions for the secondary market for the artists they represent and ultimately for the galleries themselves.

Please write back with your feedback on this report to office@art-vantage.com

*IRR is Gross of management and performance fees and holding costs (insurance, storage, etc..). The sale price excludes any third party

commissions (Gallery/dealer markups & auction house commissions).

2011 2012 2013 2014 2015 2016 2017 2018 2019 - Q1 2019 - Q2 2019 - YTD Since Inception

Works sold (#) 1 6 8 5 7 14 18 7 15 26 41 107

Net sales proceeds $41,797 $565,578 $1,936,649 $1,686,429 $659,936 $647,207 $1,564,452 $233,403 $774,886 $1,568,552 $2,343,437 $9,678,887

Cost of works sold ($23,500) ($394,004) ($1,114,574) ($1,238,150) ($501,248) ($330,177) ($1,189,172) ($138,132) $515,591 $881,855 $1,397,445 $(6,326,402)

Profit $18,297 $171,575 $822,075 $448,279 $158,687 $317,030 $375,280 $95,271 $259,295 $686,697 $945,992 $3,352,485

Profit % 77.86% 43.55% 73.76% 36.21% 31.66% 96.02% 31.56% 68.97% 50.29% 77.87% 67.69% 52.99%

Annualized Return (IRR) 115.95% 261.87% 30.94% 18.89% 10.00% 19.83% 6.74% 12.19% 7.43% 9.64% 8.91% 14.84%

Book Value at sale $25,104 $475,206 $1,541,678 $1,563,780 $582,305 $551,662 $1,606,268 $161,355 $662,395 $1,335,534 $1,997,929 $8,505,286

Premium to book value 66.49% 19.02% 25.62% 7.84% 13.33% 17.32% -2.60% 44.65% 16.98% 17.45% 17.29% 13.80%

Auction records set 1 4 2 3 5 2 7 17

El Anatsui, Adinsibuli Stood Tall, 1995Tropical hardwoods, pigment, metal, 239 x 40 x 37 cm.

Acquired: $150,000 October Gallery, Nov 15

Sold: $300,000 Goodman Gallery, Jul 19

Private sale via gallery

Buen Calubayan, Instructions on Viewing the Landscape, 2002-2015

3 Oil paintings, metal engraving, laser print, offset

print, and handwritten notes, 121.9 x 1524 cm.

Acquired: $27,000 Arndt Berlin, Apr 16

Sold: $73,349 Salcedo Auctions, Jul 19

36.01% Auction

Rodel Tapaya, Baston ni Kabunian, Bilang Pero di Mabilang, 2010Acrylic on canvas, 304.8 x 609.6 cm.

Acquired : $30,000 Caprice Horn, Apr 11

Sold: $328,666 Salcedo Auctions, Jul 19

World Auction Record33.64%

William Kentridge, Anti-Entropy, 2011

Charcoal, colored pencil and poster paint on brown

pattern-makers paper (2 pieces), 286 x 373 x 6 cm.

Acquired: $250,000 Goodman Gallery, Jul 11

Sold: $424,000 Phillips London, Aug 19

6.75% Auction

20.83%

Jigger Cruz, Poor Sunset Boulevard, 2015 Oil on canvas and wood, 120.7 x 194.3 x 7.6 cm.

Acquired: $44,000 Albertz Benda, Apr 16

Sold: $71,956 Salcedo Auctions, Jul 19

Auction16.34%

Artworks Arranged by Sale Price, with IRR and sale method

Vik Muniz, Man and Puppet, after Edgar Degas, 2013Digital C-Print, 268.5 x 180.3 cm.

Acquired: $43,000 Tel Aviv Museum of Art, Sep 14

Sold: $31,250 Phillips London, Aug 19

-6.33% Auction

9.51% AuctionLeslie de Chavez, Malevolent Reality, 2006Oil on canvas, dia: 195 cm.

Acquired: $20,000 Arario Gallery, Feb 16

Sold: $27,227 Salcedo Auctions, Jul 19

1.03% AuctionXu Zhen (MadeIn Company), Galileo’s Bird, 2012Mixed media on canvas, 268 x 180 x 20 cm.

Acquired: $35,750 Long March, Jan 13

Sold: $38,220 Phillips HK, Jun 19

6.57% Direct Private Sale to Gallery

Petrit Halilaj, Several birds fly away when they understand it (Panel I-XII), 2013Color drawings on 12 panels, each drawn on 9 inventory sheets, Each panel: 68.4 x 70.2 cm.

Acquired:$19,915 Chert Gallery, Feb 15

Sold: $26,514 Direct Private Sale, Aug 19

Jose Santos III, Higher Ground 3, 2014Resinated fabric and boxes, 274.32 x 40.64 x 40.64 cm.

Acquired: $10,000 Pearl Lam, Feb 15

Sold: $25,282 Salcedo Auctions, July 19

Auction23.19%

Zhang Huan, Memory Door (Miss), 2008

Silkscreen mounted on canvas on carved antique

door, 135.9 x 332.9 x 17.1 cm.

Acquired: $32,059 Phillips London, Dec 14

Sold: $25,000 Phillips London, Aug 19

-4.37% Auction

3.08% AuctionShilpa Gupta, 01:14.9, 2012

Hand wound thread, a vitrine and a label,

153.67 x 55.88 x 50.8 cm.

Acquired: $18,000 Chemould Gallery, Mar 12

Sold: $22,500 Phillips London, Aug 19

-5.42% Direct Private Sale (post auction)

Ivanov Pravdoliub, Loaded, 2010

Installation, 20 suitcases intervention, Variable

aaprox. 100 cm

Acquired: $32,532 Sariev Gallery, Dec 11

Sold: $21,250 Direct Private Sale, Aug 19

Yang Fudong, Yeijang/The Nightman Cometh 1, 2011Black and white inket print, 120 x 180 cm.

Acquired: $21,638 Marian Goodman Gallery, Oct 14

Sold: $21,250, Phillips London, Aug 19

-0.38% Auction

6.57% Direct Private Sale to Gallery

Petrit Halilaj, I don’t have a Room, I don’t have a Mind. Nevermind!, 2014

Various cushions, different colors and sizes, canary

costume, documentation of videos, Approx: 200 cm.

Acquired: $13,542 Chert Gallery, Feb 15

Sold: $18,031 Private Sale, Aug 19

Jagannath Panda, The Migrant, 2010Acrylic, fabric, glue on canvas with wood, 244 x 162 cm.

Acquired: $44,492 Gallery Nature, Sep 11

Sold: $25,000 Phillips London, Aug 19

Auction-7.07%

7.63% AuctionJigger Cruz, Metaphorical Suffocation, 2014Oil painting and resin, 132 x 53 x 25 cm.

Acquired: $12,500 Arndt Gallery, Nov 14

Sold: $17,578 Salcedo Auctions, Jul 19

5.90% AuctionLiu Xiaodong, Green Pub 2, 2013

Acrylic on C-print, 40.5 x 50.5 cm.

Acquired: $12,000 Lisson Gallery, Nov 13

Sold: $16,562 Phillips HK, Jun 19

3.83% Direct Private Sale (post auction)

Nalini Malani, Time, 2009

Acrylic, ink & enamel reverse painting on

acrylic sheet,dia: 50.8 cm.

Acquired: $6,370 Chemould Gallery, Feb 11

Sold: $8,789 Direct Private Sale, Aug 19

-2.43% Direct Private Sale (post auction)

Thukral & Tagra, Kingdom Come I, 2011

Acrylic, oil canvas stretched on foam, 40.5 x 50.5 cm.

Acquired: $20,000 Gallery Nature Morte, Feb 11

Sold: $16,250 Private Sale, Aug 19

3.83% Direct Private Sale (post auction)

Nalini Malani, Warriors & Greenworm, 2009

Acrylic, ink & enamel reverse painting on

acrylic sheet,dia: 50.8 cm.

Acquired: $6,370 Chemould Gallery, Feb 11

Sold: $8,789 Direct Private Sale, Aug 19

Gonçalo Mabunda, O Throno em Dois Tempos, 2015

Metal and recycled weapons: 88 x 102.5 cm.

Acquired: $6,238 Veritas Auction, May 16

Sold: $5,000 Bonhams New York, Jun 19

-6.58% Auction

6.55% Direct Private Sale to Gallery

48.08% Auction

28.30% Auction

Petrit Halilaj, Cleopatra Lamp, 2013-14

Electric motor, iron arm, light bulb, electric wire: 50

x 40 x 40 cm. dia: 130 cm.

Acquired: $3,985 Chert Gallery, Feb 15

Sold: $5,302 Private Sale, Jul 19

Winner Jumalon, Duet II, 2016

Oil on canvas, 100 x 80 cm.

Acquired: $2,124 TD Residency, Sep 16

Sold: $6,445 Salcedo Auctions, Jul 19

Winner Jumalon, Able, 2016

Oil on canvas, 80 x 100 cm.

Acquire: $2,124 TD Residency, Sep 16

Sold: $4,297 Salcedo Auctions, Jul 19

Liu Dao (Island 6) est.2006, Biomimesis, 2011

RGB LED display, paper collage , stainless steel

structure, 112 x 157 x 34 cm.

Acquired: $18,750 Red Gate Gallery Jul 11

Sold: $510 Sotheby’s HK, May 19

Auction-36.70%