My Conversation with Funmi

I’ve learned something interesting in the last nine months. It is straightforward. You have great ideas, and you build great products based on them, only for the market to interpret and use them in ways you could never have imagined during the product development stage.

I had the pleasure of discussing ARTSPLIT with a 21-year-old who thought the concept of art splitting was brilliant. She was impressed by me, and to be honest, I appreciated the compliment. However, after twenty minutes, I realised that the only genius in the room was this kid. She gave me some great ideas for what she sees ARTSPLIT as, as well as three cool ways to use it. Today I’m going to share one, and then I’ll share the other two.

“Buy low, sell high,” she said. Isn’t it simple? Yes, but it was brilliant in its simplicity.

We’ve noticed over the last three months that subscribers buy low during auctions in the primary market and expect to sell ten times (10x) the purchase price the next day in the secondary market. Some will charge 100x for it. When we noticed this trend, we labeled it “greed.” The team brainstormed ways to narrow the “offer band.” Military mentality is almost identical to the fiat mentality that we as a people always use to solve all of our problems. I thought it was appropriate until I met this kid. She took advantage of this human tendency.

She placed the lowest bids during the auction and won, but immediately sold it on the open market the next day for 10% more. Other customers quickly bought, and she had enough cash for the next round of an auction. Within two weeks, she was buying and selling artwork at a 10% profit margin. Assuming her turnaround time was one month, she had a “dollar” annualised return of (10% * 12 months) 120%.

When she told me she’d been doing this since we started ARTSPLIT four months ago, I asked, “What’s your name?” “My name is Funmi,” she replied.

“Hi Funmi, would you like to come work with me at Artsplit?” I said, a classic opportunist.

ARTSPLIT enables you to build a portfolio of various dollar-denominated assets. Click here to download it, create an account, fund it, and begin bidding. Please provide your feedback privately after you have used it.