First investment fund targeting works of art in Romania gets Securities Commission's green light

The Romanian National Securities Commission has given the green light for the Certinvest Romanian Art closed investment fund, which is the first such fund in Romania. Managed by Certinvest company, the fund aims to raise EUR 5 million from wealthy investors and place the amounts on the local art market. The fund will operate as a closed investment tool that will control two companies which will make acquisitions of works of art. The art market in Romania registered last year an increase of 124 percent to an estimated value of EUR 7 million. In Romania there are about 200 active investors in art. Irina Popescu, irina.popescu@romania-insider.com